A type of investment vehicle that provides a specified monthly payment to the investor. This monthly payment is intended to be a stable form of income and is therefore typically suited for retired persons or senior citizens without other substantial sources of monthly income.

It is a term generally used to describe the state of having sufficient personal wealth to live, without having to work actively for basic necessities. For financially independent people, their assets generate income that is greater than their expenses.

“Monthly Income Plan” a participating plan which guarantees you a monthly regular income for you and your family when you are there and even if you are not there for 15 years or till end of the policy term. Moreover you choose the monthly income that you want and we guarantee you that amount.

You should look at a monthly income plan if:

• You want to fulfill your long pending desires with additional source of income.
• You want a source of guaranteed monthly income for your family if something unfortunate were to happen to you.
• You want to gift your parents a guaranteed monthly income for their retirement.

An investment vehicle whereby an investor receives a set monthly payment typically used by that individual as a source of income. These types of plans are helpful for retirees in that they ensure that the investor will receive a regular income without the need to make sporadic or random withdrawals from their retirement savings in order to pay for their living expenses.

A monthly income plan can be thought of as a budget for a retirement income. Rather than reaching retirement and spending your nest egg by making random withdrawals of varying amounts, a monthly income plan can ensure you receive a stable amount of funds each month to spend, which limits the risk of over-spending. In this regard, an MIP is similar in many ways to an annuity.