Compare Pension Plans Online
Pension plans are designed to save your hard-earned money, so that you receive some extra fund to get more financial stability when you stop working. Online retirement plans gives complete financial security during your post-retirement phase. It gives you a chance to get regular income during your old age. The main purpose of this plan is to develop a strong financial corpus during the policy period so that insured can avail annuity for life with complete freedom.
1. Features of Pension Plans
Today, people are planning for the peaceful retirement life at an early stage so that they don’t have to depend on others to fulfill their basic needs.
Tax Benefits
Under this plan, policyholders can get tax benefits under Section 80C as per Income Tax Act, 1961.
Minimum Guarantee
All retirement policies must have a minimum guarantee. As per IRDA regulations, there should be guaranteed maturity benefits and ‘on-zero returns’ on all premiums.
Tax Benefits
Under this plan, policyholders can get tax benefits under Section 80C as per Income Tax Act, 1961.
Minimum Guarantee
All retirement policies must have a minimum guarantee. As per IRDA regulations, there should be guaranteed maturity benefits and ‘on-zero returns’ on all premiums.
2. Types of Pension Plans Online
After considering the prevailing inflation rate, people may think that investment in a retirement plan is a crucial decision. These insurance products differ in terms of their structure and benefits.
Immediate Annuity
Under this policy, policyholders receive pension immediately. Insured has to deposit lump sum money and then pension will begin instantly. One can avail tax benefits on paid premiums as per Indian Income Tax Act. In case of insured’s death during the policy period, his or her beneficiary will receive this money.
Deferred Annuity
It gives an opportunity to policyholder to accumulate a enough financial corpus through regular premiums over a policy period. Pension will start when the term period is over. It is the best option for those who have sufficient money for investment purpose and those who prefer systematic investment.
Annuity Certain
Under this type, the annuitant will get certain amount of annuity for certain number of years. In case annuitant dies before paying all remaining premiums, then annuity will be paid to the beneficiary.
With/without Cover Retirement Plans
With cover pension plans include life coverage component in the product. Based on this feature, lump sum money is received by the insured’s family in case of policyholder’s death. On the other hand, without cover retirement plan exclude life coverage component.
Guaranteed Period Annuity
Annuity is offered to the life assured for specific years, whether he survives that period or not.
National Pension Scheme
It has been launched by the Indian government for those who want to create sufficient pension amount. Invest your hard earned money in this scheme which will be invested in debt and equity market based on your choices. The maturity amount is completely tax free.
Life Annuity
Amount of pension will be paid to the annuitant until demise as per this annuity option. In case of annuitant’s death, pension amount will be given to the beneficiary.
Pension Funds
It involves low front load charges and hence, this is the best way to accumulate huge financial amount. This fund is created for long term investment and therefore, these schemes perform better.
Immediate Annuity
Under this policy, policyholders receive pension immediately. Insured has to deposit lump sum money and then pension will begin instantly. One can avail tax benefits on paid premiums as per Indian Income Tax Act. In case of insured’s death during the policy period, his or her beneficiary will receive this money.
Deferred Annuity
It gives an opportunity to policyholder to accumulate a enough financial corpus through regular premiums over a policy period. Pension will start when the term period is over. It is the best option for those who have sufficient money for investment purpose and those who prefer systematic investment.
Annuity Certain
Under this type, the annuitant will get certain amount of annuity for certain number of years. In case annuitant dies before paying all remaining premiums, then annuity will be paid to the beneficiary.
With/without Cover Retirement Plans
With cover pension plans include life coverage component in the product. Based on this feature, lump sum money is received by the insured’s family in case of policyholder’s death. On the other hand, without cover retirement plan exclude life coverage component.
Guaranteed Period Annuity
Annuity is offered to the life assured for specific years, whether he survives that period or not.
National Pension Scheme
It has been launched by the Indian government for those who want to create sufficient pension amount. Invest your hard earned money in this scheme which will be invested in debt and equity market based on your choices. The maturity amount is completely tax free.
Life Annuity
Amount of pension will be paid to the annuitant until demise as per this annuity option. In case of annuitant’s death, pension amount will be given to the beneficiary.
Pension Funds
It involves low front load charges and hence, this is the best way to accumulate huge financial amount. This fund is created for long term investment and therefore, these schemes perform better.
3. Suitable for
Retirement plans are good for everyone as it gives flexible investment opportunity as well as protect financial security post retirement.
PolicyBoss.com helps you to buy pension plans online and facilitates you to compare various insurance quotes from leading insurance companies in India. Online comparison of policies is the best way to find the most suitable policy for you.
