RETIREMENT SUPPORT - PENSION PLANS : All types of Retirement !

RETIREMENT SUPPORT - PENSION PLANS : All types of Retirement !
RETIREMENT SUPPORT - PENSION PLANS : All types of Retirement !


Retirement or retirement is the important phase of the life of each person; It takes aiming in all its executive life that when he retires at this stage of his life, the only change is his daily routine, and no one in his life style Change.

 In clear words, every person wants to save and invest so much during his working life so that in his retired life the income from his savings and investments is so much that he does not have to change his lifestyle. An important tool for achieving this goal is a pension plan.


 Pension Plan is an important means of obtaining financial stability after your retirement.
There are two designated parties in the pension plan in India.
  • The first side is of insurance. It involves your life insurance, that means if you die during the pension plan, then the nominee of the person gets the amount already fixed.                                     
  • The other side of the pension plan is an investment plan which is a more active party. In simple terms, in the pension plan, after a certain interval, you invest a certain amount of time during your executive life and with this benefit you will get a lump sum or monthly / half yearly / annual income after maturity of your retirement or plan. As you get back The interval in which the amount is received is called Nuti. Monthly, half yearly, annual or any other period as may be prescribed.
A large number of working people take advantage of the provident fund in India, but experts believe that after getting the Provident Fund, it is very important to have a pension plan because of which the continuous devaluation of the currency and the average age of the person is considered.
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 In India, a large population is salable, that is, their lifestyle is based on a fixed income in a fixed interval, pension plans provide such a facility after their retirement. Pension plans also work to make you financially independent, you do not have to depend on someone else after retirement.                                 
An important reason of interest in the Pension Plan of a large population in India is the bene fit of this tax. Under Section 80C, Section 80CCC has been kept aside for the amount of pension paid up to Rs 100000 for the pension plan premium.

Not only that, only two-thirds of the income from these pension plans can be income tax. For all these reasons it is clear that pension plans are not only beneficial after retirement, but also save tax during your work life.

TYPES OF PENSION PLANS

Pension plans can be broadly shared on the following basis.

NATIONAL PENSION SCHEME

National Pension Scheme is a scheme brought by the Government of India, in which the capital invested by you will be invested in debt and equity markets on the basis of your choice. This scheme gives you the freedom that 60% of the amount can be taken out of your retirement (without tax) and the remaining amount is used to buy the NYT.
Government Institution Pension Fund Regulatory and Development Authority (PFRDA) has authorised three public sector companies and eight private sector companies as pension fund managers under the National Pension Scheme.
The complete list of these companies is here -

Deafredduty

Under this kind of pension scheme, you can either deposit a lump sum premium or you can choose to deposit the funds in a fixed interval.

This type of pension plan has a fixed period and after the end of that period, you start receiving pension in a fixed interval. One of the main attractions of this kind of pension plan is that you do not have to pay income up to one lakh rupees per day till the day of withdrawal on the amount invested on it.

Another benefit of this type of pension plan is that in such a pension plan, you can choose whether you will make a deposit in your fund either in lump sum or else it will contribute to this fund in a fixed interval.

IMMEDIATE ANNOUNCEMENT

In this type of pension plan, you deposit a lump sum amount and the sooner you get the money, the sooner you get pension from this pension plan starts, the amount of pension you received will be invested by you. Depends on the capital.


Such pension plans give you the freedom to choose your own duty and invest a lump sum on the basis of it. According to the Income Tax Act, premium of such pension plans has been exempted from income tax.


After the death of the policy holder, the person nominated by him is entitled to the amount received from him. This type of pension plan does not include life insurance.

GUARANTEED PERIOD NYT

In this type of pension plan the period of annuity is fixed, for example 5 years, 10 years, 15 years, 20 years etc. If the policyholder dies during the tenure of this pension plan, then even this fixed period is active ie the nominated person can get this amount after the already fixed period.

PENSION PLAN WITHOUT LIFE COVER

A pension plan does not include a life insured side, an example of an Immaidiet Plant. The amount invested in this type of pension plan is slightly lower than the normal plan. In the event of death of policy holder, the amount of fund is provided to the nominee.

SURETY

Fixed Annuity Plan, as the name implies, is for a fixed term, ie, when starting a pension plan, it is decided that how long will the NT be provided. In the event of death of policy holder, the amount of fund is provided to his nominee for a period of fixed interest.

LIFELONG  DESIRE

This type of pension plan is given to you independently whether you want to include your spouse in this plan.


 If the life partner of the policyholder is part of this plan, then after his death, his life partner will continue to get the annuity amount till his death, but if the life partner is not part of this plan, then after getting the death of the policyholder, Will go.

KEY POINTS TO REMEMBER BEFORE BUYING PENSION PLAN 

INFLATION

Prior to investing in any pension plan it is very important to keep in mind that the pension plan has the ability to outflow the inflation, which means that the rate of return of that pension plan is more than the rate of inflation of that year.

To complete this condition, examine all the information about each pension plan and see its historical performance so that you can know that this pension plan had given more benefit than the inflation of that year or less after doing all this. Choose the right pension plan.

COMPLEMENTARY

The pension plan is definitely an important tool to get financial freedom, but its place should be in the form of a supplement, i.e. you should pay attention to your savings, not solely dependent on the pension plan.


 First of all calculate your savings, then choose a pension plan that works as a supplement to your savings and make you available so that you do not need to change your lifestyle after retirement.

SPOUSE

Before choosing any pension plan, check that the pension plan covers your spouse or not, in the event of your death, your pension should be paid to your spouse if this is not the case. Get it fixed

ADDITIONAL BENEFITS

Before choosing a pension plan, also note that there is additional benefit from them. For example, some pension plans are such that in the event of your death, you give your spouse some percentage more than the original amount, while some pension plans Such are those who work to protect you from a lot of income tax.

 Some pension plans are such that they provide additional returns as loyalty due to your continued persistence with them. All these should be examined before the election of pension plans.

FLEXIBILITY

Prior to the election of a pension plan, it should be seen how flexible the pension plan is, for example, suppose you are not salaried.


 For this reason, you can not fill the premium in a fixed interval. In such a situation, if the pension plan provides you with the facility of paying one-time premium, then it will be better if you are in a position to pay the premium, and if you are not in a position to pay a lump sum, then the facility of paying premium at a fixed interval is better for you. Will be. Such flexible pension plans are considered better.

THE AGE

Before taking any pension plan, make sure you decide which age you want to retire and at what time you will be required to maintain your lifestyle, then choose a pension plan on this basis and as soon as possible Start investing in as soon as possible.

THERE ARE CURRENTLY 10 BEST PENSION PLANS IN INDIA:

A. LIC LIFE RENEWABLE PLAN 6:

LIC Life Renewable Plan 6 is a kind of Immediate Investment Plan, which means it can be purchased by paying a lump sum amount and the pension starts immediately after paying premium. Important points of this pension plan

IMPORTANT POINTS FOR PENSION PLAN 

  • One-time payment of premium.
  • Pension can be received monthly, quarterly, half yearly or annually.
  • No medical exam is required to avail this plan
  • Minimum purchase price of Rs 1 lakh for offline distribution channels and Rs 50 lakh for online distribution channels.
  • There is no maximum limit for purchase price, nt etc.
  • Minimum entry age is 30 years and maximum is 85 years.
  • Age proof is mandatory.
  • Premium is exempt from income tax.

B. LIC LIFE FUND PLAN:

Premiums collected during the policy period under the LIC Life fund plan are used to issue a pension after the expiry of the premium term for the policy holder.

IMPORTANT POINTS FOR PENSION PLAN

  • The premium paid is exempted under Section 80CCCC of the Income Tax Act.
  • For the first 5 years, the policy holder will be guaranteed an additional fund of Rs. 50 per thousand per annum.
  • On the one-time premium payment, a sum assured of Rs 100000 is given, while the regular premium holder is given a sum assured of one lakh 50 thousand.
  • There is no maximum limit for the assurance amount.
  • The same can last from 5 to 35 years.

C. SBI LIFE SIMPLE PENSION PLAN:

SBI Life Simple Pension Plan is a traditional pension plan that protects the policyholder from the ups and downs of the market.

IMPORTANT POINTS FOR PENSION PLAN

  • Guaranteed bonus for first 5 years.
  • The policyholder is assured of giving bonuses on the maturity of the plan.
  • Higher loan term 10 - up to 40 years.
  • Paying minimum premium of Rs. 7,500 per year without any ceiling.
  • Minimum entry age is 18 years and maximum is 65 years.
  • Minimum Maturity Age 40 years and Max Age 70 years.
  • The minimum insured amount is Rs 1 lakh, in which there is no maximum limit.

D. HDFC LIFE - CLICK 2 RETIRE:

HDFC Life - Click 2 Retire Plan is an online unit linked plan: which provides a better return for the policyholder at a minimal fee, which can help him in achieving financial independence after his retirement.

IMPORTANT POINTS FOR PENSION PLAN

  • Additional benefits from the market along with guaranteed benefits.
  • Minimum entry age and maximum admission age 65 years.
  • Minimum 45 years and maximum 75 years duration.
  • In the event of death of policy holder, the person nominated by him will receive 5% more than the original fund.
  • Tax Benefits under Section 80C of Income Tax Act, 1961 and Section 10 (10A).

E. HDFC LIFE - ASSURED PENSION PLAN:

HDFC Life - Assured Pension Plan is a Unit Linked Plan.

IMPORTANT POINTS FOR PENSION PLAN

  • Extra benefit from the market along with maturity amount.
  • After 11 years, the loyalty amount will be added in every year.
  • Minimum entry age of 18 years, and minimum maturity of 45 years.
  • One-time premium payment facility.
  • In the event of death of policy holder, the person nominated by him will receive 5% more than the original fund.
  • Tax Benefits under Income Tax Act 1961 Section 80C and Section 10 (10D).

F. ICICI PRU - EASY RETIREMENT:

Under this plan, the policy holder receives regular income at fixed intervals after the retirement of his regular income after retirement. This policy is known for providing better returns in the long run, as well as working to save the market volatility and instability.

IMPORTANT POINTS FOR PENSION PLAN

  • No maximum limit and minimum premium of Rs. 48,000 per year.
  • Monthly, half-yearly and yearly payments.
  • 18 years old admission age and maximum 70 years.
  • Maturity age is 45 years and maximum 80 years.
  • Period between 10 to 30 years.

G. RELIANCE-SMART PENSION:

Reliance Smart Pension Plan is a Unit Linked Plan, which helps the policyholder save in a systematic way to generate regular income after making a lump sum after retirement.

IMPORTANT POINTS FOR PENSION PLAN

  • The policy term ranges from 10 to 30 years.
  • Double Benefit of Equity Partnership and Capital Guarantee.
  • Guaranteed Loyalty Additions are received.
  • Minimum age 45 years and maximum age 75 years.
  • Income Tax Benefits under Section 80C and Section 10 (10A) Tax Act 1961 of Income Tax.

H. BAJAJ ALLIANZ - PENSION GUARANTEE:

It is a kind of Immediate Annuity plan which guarantees the policy holder pension till his retirement after his retirement. There are several types of Immediate Plan available under this scheme.

IMPORTANT POINTS FOR PENSION PLAN

  • 6 sort options
  • Minimum entry age of 37 years and maximum age of 80 years.
  • ₹ 25000 minimum premium and no maximum limit.
  • Minimum instalment of NT $ 1000.
  • Option to include a spouse in the plan.


I. MAX LIFE GUARANTEE LIFETIME INCOME PLAN:

This is a kind of non-unit linked plan which assures the policy holder of providing fixed income after his retirement.

IMPORTANT POINTS FOR PENSION PLAN

  • As long as you and your spouse are alive, the option of getting a lifetime payment
  • The purchase price of the policy is returned to the nominee after the death of the policyholder.
  • Pension Monthly, Quarterly, Half Yearly or Annual
  • Four alternative options.
  • Option to choose a one-time lump sum for premium purchase

J. BIRLA SUN LIFE EMPOWER PENSION:

This is a type of unit linked plan that provides regular income after the retirement to the policy holder.

IMPORTANT POINT OF PENSION PLAN :

  • Policy duration ranges from 5 to 30 years.
  • Minimum entry age is 25 years and maximum age is 70 years.
  • You can choose your own premium amount yourself.
  • You have complete freedom to choose your risk profile.

BENEFITS OF PENSION PLAN:

  1. Pension plans are considered more secure than other investments.
  2. The pension plan is considered to be the best on the basis of long-term savings.
  3. The pension plan gives you the freedom that you want to earn income after retirement, either in lump sum or at regular intervals.
  4. Pension plans also give you the freedom that you choose for yourself how long you want to get a pension after retirement for a certain period or a lifetime.
  5. One of the main features of the pension plan is that it mostly comes with lifetime life insurance i.e. you do not need to provide life insurance separately.
  6. Many pension plans also give you the freedom that you can withdraw the sum together during an emergency.
  7. Pension plans give at least a lot of returns so that they get the effect of inflation.
  8. Pension plans work in many ways to save your income tax.

DISADVANTAGES OF PENSION PLAN:

  1. One of the main problems of pension plans is that the amount of premium up to one lakh is exempt from income tax.
  2. In the amount of duty you will have to pay income tax.
  3. The biggest problem of pension plan is that if you do not invest in the early stages of the age, then this plan becomes difficult for you, therefore it is advisable to start investing in a pension plan as soon as possible.

We hope that the information given by you will be beneficial in your economic freedom goal.


thanks for the time .

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