Pension Plans: Income after Retirement
Pension Plans: Income after Retirement
Pension Plans as the name suggests are offered by various insurance companies to provide the policy holder a regular income after the retirement from the service. It allows them to plan their retirements effectively in their golden years. There is a famous saying that, by the time your hair is silver, you should have gold in your pocket.
This not only provides the benefits on retirement but also the Tax saving benefits are lucrative enough to invest in one. So we can say that Pension Plans provide security from an unforeseen event in the later part of life.
Pension Plans are available with both cover of life insurance and also without the cover of life insurance also. If the policyholder dies in the term, the beneficiary gets the amount in case of an eventuality
Without cover plans pension plans, gives the investment back to the nominees in the event of eventuality. There is no sum assured in this case.
'Immediate annuity' and 'Deferred annuity' plans
Pension plans can be classified as immediate annuity plans where the income begins within one year after paying the lumpsum premium. This paid premium can also be termed as purchase price. Currently in India LIC's Jeevan Akshay provides this plan to the consumers. More information and policies can be found at policybazaar.com
In case of deferred annuity plans, the pension does not begin immediately. The time period for which the payments are deferred is decided by the policy holder only.
With the arrival of Computer Literacy and Internet boom in the market, It is now easier to research about these plans. Policybazaar.com has all the online research data collated for the users. Moreover, by submitting the required information and with the help of few clicks, the user can get instant quotes for the various plans available, Needless to say that the information, Terms and conditions of the plans, assured sums, benefits can be compared online and a user can choose the best plan as per the income.
As ULIP provides better investment returns, now the Pension plans are connected with these ULIPs to provide maximum returns. The calculators on the policybazaar.com allow you to calculate the benefits and returns along with the bonuses for various plans. For eg: LIC now provides two choice debt fund and mixed fund. As per Debt Fund 60% of money is invested in government securities whereas 40% is invested in market. As per Mixed Fund plan, 45% is invested in market and 15-35 percent is invested into equities.
The main LIC policies which can also be reviewed on Policybazaar.com are:
Jeevan Nidhi: This plan comes under Deferred Annuity. The accumulated amount includes the sum assured, interest and bonuses.
Jeevan Akshay. It's an instant pension plan which can be purchased by paying through the payment of lump sum amount. It confirms the payment for the entire life time. The payment mode is monthly or quarterly or annually.
Jeevan Dhara / Jeevan Suraksha: This policy allows the policy holder to decide the selected term for a regular income. The premiums can be paid monthly, quarterly or annually also. On maturity the policy holder can encash 25% of the amount as a tax free component.
More information regarding these plans can be found at policybazaar.com which is one stop shop for any policy need available 24X7. So you can get insured anytime and anyplace.
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