Annuity plan, also referred to as a pension plan is an investment option wherein you can make lump sum or period payments to get guaranteed lifelong income or income post retirement. Annuity plans are a great financial tool for planning your retirement. With an annuity plan, you can invest a lump sum amount and enjoy a steady income and secure the golden years of your life in a stress free manner.
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How does an annuity plan work?
- Start by making a lump sum payment
- You can start receiving income immediately or after a period of time as mentioned in the policy
- The income payout is determined by a number of factors including investment amount, type of annuity plan, etc.
- Income payouts are generally made for entire life
Features of annuity plan
Given below are features of annuity plan
- Safe investment tool
- Offers regular income post retirement
- Tax benefits under section 80C
- No cap on the investment amount
- Offers financial security in your retirement years
Best plans available with us
- HDFC Life New immediate Annuity Plan
- ICICI Pru GPP- immediate Annuity
- TATA AIA immediate Annuity
- LIC - Jeevan Akshay 7
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