Pension Plans

Pension Plans

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Pension Plans

Retirement & Pension Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. Given the high cost of living and rising inflation, Retirement planning has become all the more important.
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Benefits of Pension Plans

There are many benefits to pension plans, which offer several key benefits, including financial security during retirement. First, they ensure a steady income stream for retirees, reducing dependence on personal savings. Contributions to pension plans often come with tax advantages, allowing for deferred taxes until withdrawal, helping individuals grow their savings more efficiently.

To say additionally, pension policies promote disciplined saving, encouraging long-term financial planning. Many employers also contribute to pension schemes, boosting employees’ retirement funds. Furthermore, pensions protect against inflation, with some plans offering cost-of-living adjustments. Overall, pension plans offer peace of mind and reduce financial stress in retirement years.

Minimum Premium

Minimum premium of Rs 48,000 per annum, with no maximum limit.

 

Accrued Bonus

You get accrued bonus so that you make the most of your wealth.

 

Tax Benefit

Avail dual tax benefits, u/s 80C & 10 (10D) of Income Tax Act, 1961.

Guaranteed Returns

You get guaranteed returns even during market uncertainties.

 

Types of Pension Plans in India

Deferred annuity

Allows you to accumulate a corpus through regular premiums or single premium over a policy term. After the policy term is over, the pension will begin.

Immediate Annuity

In an immediate annuity scheme, the pension begins immediately. One has to deposit a lump-sum amount, and the pension will start instantly, based on the lump-sum amount invested by the policyholder.

Annuity Certain

As per this clause, the annuity is paid to the annuitant for a specific number of years. The annuitant can choose the period and if he dies before exhausting all payments, the annuity will be paid to the beneficiary.

With life cover Pension

The “with cover” pension plans have life cover component in the plan. This implies that on the death of the policyholder, a lump sum amount is paid to the family members.

Period Annuity

As per this annuity option, annuity is given to the life assured for certain periods, like 5, 10, 15, or 20 years, whether he survives that duration.

Life Annuity

As per this annuity option, the pension amount will be paid to the annuitant until death. After choosing the “with spouse” option, the amount of pension will be given to the spouse of the policyholder, in case of the death of the annuitant.

National Pension Scheme

A new pension scheme has been introduced by the government for people looking to build up pension amounts. You can put savings in the new pension scheme, which will be invested in equity as per your preference.

Pension Funds

In a way, investing in a pension plan is a good option indeed. As these plans remain in force for a long time, they offer comparatively better returns at maturity.

Documents Required To Buy Pension plans

 

  • Age Proof -> Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc. (anyone)
  • Identity Proof -> Driving License, Passport, Voter ID, PAN Card, Aadhaar Card, which proves one’s citizenship.
  • Address Proof -> electricity bill, telephone Bill, ration card, driving license, and passport should clearly mention the permanent address (anyone).
  • Income Proof -> Income proof specifying the income of the person buying the insurance.
  • Proposal Form: -> Duly filled in proposal form is required.
  • Medical Tests -> Some companies may require medical check-up in order to make sure that the insured does not suffer from any chronic illness.

Concepts & FAQ’s Of Pension Plans

Which plan is best for growing wealth?
To grow wealth, one needs to invest in plans that have traditionally grown well in the past. However, it is also important that you stay invested for a long period of time.
Are returns guaranteed in these plans?
Traditional/endowment plans have guaranteed returns, whereas ULIP’s have market linked returns, but in ULIP’s, if you want secure returns with low risk, you can invest in debt ULIP’s.
Will I require a Demat account?
No, a demat account is not required for investing in these plans. This is a way to invest in the equity/debt market without having a demat account
What all documents are needed?
Aadhaar, PAN and income slip are required for issuance.(ID Proof, Address Proof and Income Proof if required)
Should everyone have a retirement plan?
Of course, yes! A retirement plan or a pension plan is not a luxury, it’s a need! It will help you meet your regular expenses as well as fulfil all your wishes when you are done with the major responsibilities of life.
I am still single. What is the need?
In fact, this is the time you should invest in a retirement plan! Retirement is a phase when you are done with all your major responsibilities in life, and you just want to relax and do all the things you had been dreaming of. But at the time, you don’t want to drain all your savings you’ve gathered all your life at one go. A retirement plan or a pension plan helps you get ready for the leisure days of your life!

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All Insurance Company List

  • Edelweiss Tokio Life Insurance Company Limited
  • HDFC Life Insurance Co. Ltd
  • Max Life Insurance Co. Ltd.
  • ICICI Prudential Life Insurance Co. Ltd
  • Kotak Mahindra Life Insurance Co. Ltd
  • TATA AIA Life Insurance Co. Ltd.
  • Aditya Birla SunLife Insurance Co. Ltd.
  • SBI Life Insurance Co. Ltd.
  • Exide Life Insurance Co. Ltd.
  • Bajaj Allianz Life Insurance Co. Ltd.
  • PNB MetLife India Insurance Co. Ltd,
  • Reliance Nippon Life Insurance Company Limited,
  • Aviva Life Insurance Company India Ltd.
  • Sahara India Life Insurance Co. Ltd.
  • Bharti AXA Life Insurance Company Ltd
  • Future Generali India Life Insurance Company Ltd.
  • IDBI Federal Life Insurance Company Limited
  • Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited,
  • Aegon Life Insurance Company Limited,
  • DHFL Pramerica Life Insurance Co. Ltd.
  • Star Union Dai-Ichi Life Insurance Co. Ltd.
  • IndiaFirst Life Insurance Company Ltd.

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