Choose the Best Pension Plan for a Secure Future

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Choose the Best Pension Plan for a Secure Future
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What is a Pension Scheme?

• A pension scheme/ retirement plan help you
  anticipate budgetary security for your old age. A
  Pension scheme provides you the benefits of both
  insurance and investment.
• There are various pension plans that help the
  senior citizens foresee financial stability, so
  that they can enjoy the best things in old age.

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How does a Retirement Plan Work?

• A retirement plan works in 2 phases
• Accumulation phase
• During this phase, you pay premiums , the money
  accumulates through the tenure of the plan.
• The accumulated money is then invested in IRDA
  approved securities
• Vesting phase/ annuity phase
• The age at which you choose to start receiving
  pen
• sion /payouts from the kitty.
• You can also withdraw up to 33 of the
  accumulated amount in one go. The rest is paid as
  pension.

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Features of Pension Plans

• Pension plan let you accumulate money over a
  period of time and provide you with steady income
  that helps you secure your cash flow for meeting
  basic daily needs post retirement.
• The pension plans have minimum guarantee,
  generally about 1 of total policy premium. They
  also provide you guaranteed maturity benefits
• You can also withdraw up to 33 of the
  accumulated amount in one go. However the rest of
  the amount is taxable.

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Types of Retirement Plans

• National Pension Scheme (NPS)
• Deferred Annuity
• Immediate Annuity
• With Cover and Without Cover Pension Plans
• Annuity Certain
• Guaranteed Period Annuity
• Life Annuity

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Deferred Immediate Annuity Plans

• Deferred Annuity Such plans let you through
  regular premiums or single premium over a policy
  term. Once the policy term is ended, pension will
  begin.
• Immediate Annuity Such pension plans let you
  deposit a lump sum amount, pension begins
  immediately.

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With Cover and Without Cover Pension Plans

• The "with cover" pension plans implies a lump sum
  amount is paid to the family in case of demise of
  the policy holder
• The "without cover" pension plan dont provide
  any life cover. In case of demise of the
  policyholder, only the corpus built till date is
  paid.

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Annuity Certain Guaranteed Period Annuity

• Annuity Certain In such pension plans annuity is
  paid to the annuitant for specific period chosen
  by the policyholder. In case of demise of the
  policyholder annuity will be paid to beneficiary.
• Guaranteed Period Annuity This pension plan
  implies that annuity is given to the assured for
  certain periods whether or not he survives that
  duration.

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Life Annuity National Pension Scheme

• Life Annuity This pension plan implies that
  pension amount will be paid to the annuitant
  until death. If he has chosen the with spouse
  option, then pension will be paid to spouse after
  his death.
• National Pension Scheme (NPS) Such pension
  schemes let you invest in equity debt. Up to
  60 of amount can be withdrawn at the time of
  retirement with rest 40 annuity must be
  purchased.

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Best Retirement Plan Providers in India

• Aviva India
• HDFC
• SBI
• LIC
• ICICI
• Bajaj Allianz
• Exide Life etc.
• Choose an apt retirement plan for a secured and
  prosperous future.

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• THANKS!