Best Monthly Investment Plans For Fixed Income In 2024

By Okbima 09 Oct 2024 35838
monthly investment plan

Ensuring a stable financial future is more important than ever. A great way to achieve this is through monthly investment plans that provide a regular income. Whether you're planning for retirement or looking for a way to meet monthly expenses, a well-chosen investment plan can be a financial lifesaver. Let's explore some of the best monthly investment plans in India, their features, and why they could be a great fit for your financial needs.

 

List Of Best Monthly Investment Plans For Fixed Income In 2024

Here’s a curated list of the best investment options for generating monthly income in 2024 that you might want to explore.

Plans Name

Entry Age

Maximum Maturity Age

Policy Term

Unique Features

ICICI Pru Guaranteed Income For Tomorrow

Min- 4 years Max- 57 years

65 years

8 to 14 years

Joint life option to secure income for both you and your spouse

Flexible payout options to suit your needs

Receiving income immediately or delay it for 1 to 10 years, as needed

Max Life Guaranteed Lifetime Income Plan

Min- 0 years Max- 80 years

-

Single Life: till the death of the annuitant

Joint life: till the death of the second survivor

Joint life option to provide income for you and your spouse

Flexible payout choices available

Receiving income immediately or delay it for 1 to 10 years, as needed

HDFC Life Super Income Plan

Min- 18 years Max- 59 years

75 years

15 to 27 years

Receive regular income for 8 to 15 years

Insurance cover throughout the policy term

Available with Short Medical Questionnaire (SMQ) based underwriting

Bajaj Allianz Life Guaranteed Pension Goal

Min- 30 years Max- 85 years

-

Life Annuity

Life annuity with ROP

A wide range of annuity options

Return of the purchase price

Guaranteed income for life

Tata AIA Guaranteed Monthly Income Plan

Min- 6 years Max- 60 years

80 years

5 to 12 years

Monthly income for 10, 16, or 24 years

Monthly Income at 8.35% to 13.03% per annum of total premiums paid

Choose a policy term of 5, 8, or 12 years

ABSLI Monthly Income Plan

Min- 18 years Max- 55 years

80 years

20/37 years

Option for level or increasing income benefits

Built-in accidental death cover

Lump sum bonuses at maturity

 

Find the perfect monthly income plan – Get Expert Advice!

 

What Is A Monthly Income Investment Plan?

A monthly income investment plan is a financial product that provides a consistent income to the policyholder, making it an ideal option for those looking to cover regular expenses or plan for retirement. These plans offer benefits like:

  • Regular monthly payouts
  • Potential for growth over time
  • Tax-saving benefits
  • Professional fund management
  • Flexibility in investment amount

 

Types Of Investment Plans And Schemes For Monthly Income

There are different types of plans that provide you with a regular monthly income. Let’s look at these options so you can find the one that works best for you.

1. Annuity Plans or Retirement Plans 

As the name suggests, annuity plans are designed to provide a guaranteed monthly income for a set period after you retire.

Plan Names

Entry Age

Policy Term

Unique Features

HDFC Life Systematic Retirement Plan

Min- 45 years Max- 75 years

Whole life

Choose to delay annuity payments by selecting a deferment period

Guaranteed income for life after paying premiums for a limited time

Option to return the total premiums paid upon death

Max Life Guaranteed Lifetime Income Plan

Min- 0 years Max- 80 years

Single Life: till the death of the annuitant

Joint life: till the death of the second survivor

Joint life option to provide income for both you and your spouse

Flexible payout choices to suit your needs

Start receiving income straight away or defer it for 1 to 10 years, as needed

ICICI Pru Guaranteed Pension Plan Flexi

Min- 40 years Max- 70 years

5 to 15 years

Guaranteed annuity for life with the option to return premiums paid

Ability to ‘Top-up’ your plan when you have extra funds to save

Wide range of options to decide how long you want to pay premiums

 

2. Senior Citizen Savings Scheme (SCSS)

Perfect for retirees, the Senior Citizen Savings Scheme (SCSS) is a government initiative designed for individuals over 60 years of age. This is the best monthly income scheme that ensures a guaranteed income, making it a reliable option for senior citizens.

Key Features:

  • Minimum investment: ₹1,000, Maximum: ₹30 lakhs
  • Annual interest rate: 8.2%
  • Tax benefits under Section 80C
  • 5-year tenure with premature withdrawal option

 

3. Post Office Monthly Income Scheme (POMIS)

Another government-backed plan, Post Office Monthly Income Scheme provides financial security for those looking for steady monthly returns.

Key Features:

  • Annual interest rate: 7.4%
  • Maximum investment: ₹9 lakhs (Single account) or ₹15 lakhs (Joint account)
  • Guaranteed returns with government backing
  • Nomination benefits available

 

4. Government Bonds

Government bonds are secure investment options issued by the government, offering fixed interest rates and long-term income security, and this is one of the best investment plan for monthly income.

Key Features:

  • Interest rate: 7% annually
  • Tenure: 5 to 40 years
  • Fixed and floating rate options
  • Safe, government-backed investment

 

5. Systematic Withdrawal Plans (SWPs)

SWPs are investment strategies offered by mutual funds and other financial products, allowing you to withdraw a fixed amount at regular intervals.

Key Features:

  • Flexible withdrawal amounts
  • Tax benefits on capital gains
  • Professional management of funds
  • Capital appreciation over time

 

Get expert advice in choosing your monthly income plan – Talk To Us!

 

Factors To Consider Before Investing In Monthly Income Plan

Before investing, it's essential to keep a few key factors in mind to ensure the plan aligns with your financial goals:

  • Assess Your Financial Goals: Understand your short-term and long-term financial objectives to choose the right plan.
  • Check Payout Options: Ensure the payout options match your lifestyle and financial needs.
  • Understand the Risks: Evaluate the risk involved compared to the potential returns.
  • Tax Benefits: Make sure the plan offers tax-saving options, which can significantly increase your overall returns.
  • Current Lifestyle and Income: Your lifestyle expenses should be a critical factor when selecting a monthly income plan, especially if you're planning for retirement.

 

Why Choose OkBima For Your Monthly Income Investment Plan?

At OkBima, our mission is to help you secure both your present and future by offering the best monthly investment plans that meet your needs. Here's why you should choose us:

  • Compare Plans Easily: We offer a user-friendly platform where you can compare over 200+ investment products from trustworthy firms across India.
  • Expert Guidance: Our team provides fair and honest advice, ensuring you get the best plan that suits your financial goals.
  • Seamless Experience: Our hassle-free process and responsive customer service ensure you get the support you need, when you need it.

 

Summing It Up…

A monthly income investment plan is an excellent way to secure financial stability, especially for those planning their retirement. With options like the Senior Citizen Saving Scheme, Post Office Monthly Income Scheme, and Government Bonds, you can choose a plan that best suits your needs and lifestyle.

At OkBima, we are committed to helping you make the best choice for your future. Contact us today, and one of our experts will guide you in selecting the best monthly income plan tailored to your financial goals.

FAQs

A monthly income investment plan is a financial product designed to provide a steady stream of income, typically on a monthly basis, helping individuals meet their regular financial needs.

Some of the best plans include Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS), Government Bonds, and Systematic Withdrawal Plans (SWPs).

Government-backed schemes like SCSS and POMIS are considered some of the safest monthly income plans due to their guaranteed returns and government assurance.

Some plans like SCSS and SWPs offer partial or premature withdrawal options, but they may come with certain penalties or conditions.

SCSS currently offers one of the highest returns, with an annual interest rate of 8.2%, followed by POMIS at 7.4%. Market-linked plans like SWPs can offer higher returns depending on market conditions.

Yes, some plans like SCSS offer tax benefits under Section 80C of the Income Tax Act. However, other plans may not provide tax relief, so it's important to check the specifics.

You should consider your financial goals, the amount of risk you're willing to take, payout flexibility, and any applicable charges or tax benefits before choosing the best plan for your needs.

Yes, POMIS is a popular and safe option for retirees and others looking for regular income, offering an interest rate of 7.4% with government backing.

Yes, you can diversify your investments by choosing multiple monthly income plans to maximise returns and spread out the risk.

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