Max Life Insurance launches 'Smart Wealth Advantage Guarantee Plan' — Key features and benefits here

"We have done extensive research with customers and sellers to identify key opportunity areas like flexibility, liquidity and the need for enhanced protection that are all addressed through this unique proposition. We have also enabled a unique benefit structure where a customer can choose to get guaranteed income starting the first-month post-premium payment," he said.

A guaranteed plan is a life insurance plan that offers pure protection and assured maturity returns.

These plans are offered by the insurance companies in which policyholders need to pay a fixed premium on a monthly or yearly basis during the plan's tenure.

After the policy matures, they start receiving guaranteed returns on your investments.

Having a balanced and diversified approach to savings and investment is very critical, said Viswanand.

"The guaranteed plans from life insurance companies offer a unique opportunity to lock in attractive guarantees over long durations. This not only ensures long-term guaranteed wealth creation but also helps diversify your investment portfolio and act as a safety net against the volatility of stock markets," he said.

Additionally, these plans provide financial stability and offer convenient and flexible options to earn regular income.

In addition to the advantage of assured income or lump sum payouts, they also offer comprehensive financial protection against the risk of death, disease and disability, thus making them a holistic addition to one’s investment portfolio.