Pension Plans
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Pension plans are financial instruments designed to provide a steady income stream to individuals post-retirement, ensuring financial security during their non-working years. These plans are particularly beneficial for those seeking stability, independence, and peace of mind in their golden years. With various options tailored to suit different needs, pension plans have become an essential component of retirement planning.
Monthly Fixed Income Plans
Monthly fixed-income pension plans are specifically tailored to provide a stable and predictable income. These plans are ideal for individuals who prioritize consistency over potentially higher but volatile returns. By contributing to such plans during their working years, retirees can ensure a reliable income stream to cover essential expenses.
One-Time Investment Pension Plans for Senior Citizens
Senior citizens who have accumulated substantial savings can opt for one-time investment pension plans. These plans require a lump sum deposit, which is then converted into regular payouts. Such schemes often come with the following benefits:
- Immediate Annuity: Payouts begin almost immediately after the initial investment, providing instant financial relief.
- Guaranteed higher returns for seniors: There are many plans which offer higher interest rates or returns for senior citizens, maximizing their savings.
- No Hassle of Periodic Contributions: With a single deposit, these plans eliminate the need for managing regular payments, simplifying the investment process.
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Pension Plans: Buy monthly income 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.
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.
Pension plans minimum Premium payment
Minimum premium of Rs 48,000 per annum, with no maximum limit.
Accrued Bonus
You get an accrued bonus so that you make the most of your wealth.
Tax Benefit
Avail dual tax benefits, u/s 80C & 10 (10D) of the 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: The 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: A duly filled-in proposal form is required.
- Medical Tests: Some companies may require a medical checkup 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!
Contact us for Pension plans
Call 9886568000 for a detailed presentation on all pension plans and their benefits.
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