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Pension plans or retirement plans are a kind of investment plan, in which you can save a part of your savings for a long term in order to have a secured financial future. Although an individual features a good amount of savings, a pension account is nevertheless crucial.
Your savings gets exhausted very fast in day to day expenses and their can be times that you have no savings left for your emergengies, then it becomes very essential for you to have a investment plan. Savings get exhausted very fast and are sometimes used in emergencies, thus it is very important to choose the best pension scheme so that you secure your cash flow for meeting basic daily needs post-retirement.
What are Retirement Plans?
Retirement plans or pension plans are specifically designed investment plan, which helps you to create a financial cushion in a long-term so that you can ensure to have a financially sound future after retirement. In a retirement plan, the insured needs to contribute a specific amount on a regular basis until the time of retirement. The accumulated amount is given back to the insured as pension or annuity at regular intervals of time. The pension plans not only secures the financial future of the individual after retirement but also help an individual to deal with the eventualities post-retirement.
Types of Pension Plans in India
Pension plans can be divided into 8 categories:
- Deferred Annuity
- Immediate Annuity
- Annuity Certain
- With Cover and Without Cover Pension Plans
- Guaranteed Period Annuity
- Life Annuity
- National Pension Scheme (NPS)
- Pension Funds
- Whole Life ULIPs