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.
Minimum premium of Rs 48,000 per annum with no maximum limit.
You get accrued bonus so that you make the most of your wealth.
Avail dual tax benefits u/s 80C & 10 (10D) of Income Tax Act, 1961.
You get guaranteed returns even during market uncertainties.
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.
In an immediate annuity scheme, pension begins immediately. One has to deposit a lump-sum amount and pension will start instantly, basedon the lump-sum amountinvested by the policyholder.
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.
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.
As per this annuity option, annuity is given to the life assured for certain periods like 5,10,15 or 20 years, whether or not he survives that duration.
As per this annuity option, 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.
New Pension scheme has been introduced by the government for people looking to build up pension amount. You can put savings in the new pension scheme which will be invested in equity as per your preference.
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.
Age Proof --> Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Any one)
Identity Proof --> Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship
Address Proof --> Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address
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.
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