India’S Best Pension Plans
Pension means “a fixed sum paid regularly, especially to a person retired from work.” Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. In India a person’s gets two types of retirement plan: immediate annuities and deferred annuities. Choose best pension plans for your retirement day. Mostly pension plans choose by non-government employee, because after retirement they do not get pension from company. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
Best pension plans offered by insurance companies. A pension plan or an annuity is an investment that is made either in a single lump sum payment or through installments paid over a certain number of years, in return for a specific sum that is received every year, every half-year or every month, either for life or for a fixed number of years. A person putting money in an instant annuity is assured of a regular payment from the insurance company. This payment can be monthly, quarterly, half-yearly or annually, depending upon the way the individual taking the policy wants it to be structured. Immediate annuity thus ensures that the policyholder gets a regular pension.
Pension plans are perfect investment gadget for a person who after retiring from service has received a large sum as superannuation benefit. One can pay for a pension plan either through an annuity or through installments that are annual in most cases.
Pension plans provides 100% of coverage in case of death due to accident; loss of more than one limb or sight in both the eyes or in case of loss of one limb and loss of sight in one eye; 50% coverage in case of loss of one limb or sight in one eye. It provides a cover in the event of life insured being diagnosed as suffering from any of four illnesses specified under the Critical Illness Rider.
LIC Jeevan suraksha:
- annuity payable for remainder of life
- annuity payable for life with guaranteed period of 5, 10, 15 or 20 years
- Joint life and last survivor annuity to the annuitant and his/ her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant
- Life annuity with a return of purchase price on death of the annuitant
- Life annuity increasing at a simple rate of 3% per annum,
ICICI life pension plan stage:
- This plan invests 100% of your money in the portfolio of your choice.
- min - max entry age 18-70 yr
- max cover ceasing age:- 80 yr
- min premium :- 15k p/a .
Questions and Answers
It is important to plan for your post-retirement life if you wish to retain your financial independence and maintain a comfortable standard of living even when you are no longer earning. Now retirement planning can be done with a single click and with the advice of a registered mutual fund advisor by Association of mutual funds in India (AMFI).
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