Retirement plans are commonly known as pension plans. Retirement plans can help an individual to build a corpus to fulfil their financial requirements and financial goals post retirement. Retirement plans are a type of life insurance plan and these plans can help an individual to create a regular flow of income post retirement. Most retirement plans offer a maturity benefit at the end of the policy tenure in case the life assured survives the entire policy tenure. Retirement plan can help an individual fulfill his/her post retirement goals such as buying a home, funding your child’s marriage, funding medical emergencies, going on dream vacation etc.
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What is a Retirement Plan?
Types of Retirement Plans
Following are different types of retirement plans:
- Immediate Annuity Plans: Under immediate annuity plans, you will start receiving pension as soon as you start investing in the retirement plan. The pension begins as soon as you provide a lump-sum for your retirement plan.
- Deferred Annuity Plans: Under deferred annuity plans you may receive pension over a chosen period of time, after the premium payment term for your retirement plan is completed.
- National Pension Scheme(NPS): National Pension Scheme is introduced by the government of India, this scheme allows you to invest regularly in equity and debt funds that help you generate returns on investment. Under NPS you can withdraw 60% as lump sum and use the rest to purchase annuity.
Benefits of Retirement Plans
Following are benefits that come along with a retirement plan -
- Discipline Savings: Retirement plans help you save your wealth for a long term. These plans create a disciplined habit of savings that help you create a corpus for yourself that you can utilise post your retirement. You can choose your premium payment term and frequency which will help you generate a corpus for a steady flow of income post your retirement.
- Guaranteed Income Post Retirement: Retirement plans provide guaranteed income in your post retirement phase of life, the income can be a maturity benefit or installments at regular intervals. You may receive regular and fixed income once you retire or you may receive income as soon as you start investing in a retirement plan. Under retirement plans you get the benefit of guaranteed income post your retirement. This type of plan ensures your financial independence in your post retirement phase.
- Life Cover: Retirement plans are a type of life insurance plans, these plans provide life coverage and provide financial protection to your family in case of your unfortunate demise during the policy tenure. In case of your untimely death during the policy tenure, your family will receive a death benefit.
- Tax Benefits: Under retirement plans you can avail tax benefits as premium paid towards retirement plans qualify for tax exemptions under Section 80C of the Income Tax Ac, 1961. Death and Maturity Benefits payable under retirement plans are also eligible for tax exemptions under the Income Tax Act, 1961.
- Compounding Benefits: Compounding refers to making earnings on your invested money. Under retirement plans you avail the benefit of compounding, you can grow your corpus by compounding. The longer you keep investing in retirement plans, the better your returns will be.
Why Choose InsuranceDekho?
Our team is dedicated to provide you a seamless experience while purchasing a retirement plan, below mentioned are some reasons why you consider InsuranceDekho when you want to purchase a retirement plan:
- Instant Policy Issuance: At InsuranceDekho you can purchase a policy within minutes, you just need to enter your personal information, browse and select a retirement plan, submit documents and the policy shall be issued instantly after the payment.
- Robust Customer Assistance: Customer Assistance team at InsuranceDekho is available 7 days of the week. Our customer care team strives to solve every query and provide you with best available solutions for your doubts.
- Availability of Best Plans: At InsuranceDekho we have collaborated with top life insurance companies in India that offer retirement plans. These companies provide the best retirement plans available in India. You can browse through multiple retirement plans and select a plan that best suits your requirement.
How To Buy Retirement Plans With InsuranceDekho?
You can compare and purchase purchase retirement plans easily at InsuranceDekho by following these simple steps:
- Fill In Your Details: Fill in your personal details such as name, date of birth, gender, mobile number etc. and click on ‘View Instant Quotes’ to browse available quotes.
- Compare Different Retirement Plans: On the basis of the information provided by you, different retirement plans will be displayed, you can compare the available plans and select the one that fulfills your requirement.
- Submit Documents: You must submit documents for policy issuance. The documents can be Photo ID proof, Address proof, passport size photos, salary slips and medical records.
- Make The Payment: After choosing a plan, sum assured and the policy tenure you can proceed to make payment for the premium. You can choose to pay via netbanking, debit/credit card or any e-wallet.
FAQ About Pension Plan
What are the different types of annuities under a retirement plan?
Different types of annuities under a retirement plan are Deferred Annuity, Immediate Annuity, Fixed Annuity and Lump Sum Annuity.
What is the minimum and maximum entry age for retirement plans?
The minimum entry age for retirement plans is 18 years and for most retirement plans the maximum entry age is 65 years.
What is meant by Annuity?
Annuity is instalments that you receive at regular intervals post your retirement. Annuity can be availed on a monthly, quarterly, half-yearly or on a yearly basis.
What are the key features of a retirement plan?
Some key features of a retirement plan are availability of different types of annuities, allows risk-free investments, offers compounding benefits, guaranteed income post retirement, and offers tax benefits.
Why should I purchase a retirement plan?
Retirement plans help you grow your corpus for a financial independent post retirement phase of your life. Along with guaranteed income during retirement this plan also offers a death benefit in case of your unfortunate death during the policy tenure.
Are partial withdrawals allowed under retirement plans?
Some retirement plans allow partial withdrawals after a certain time period during the policy term.
What are the factors to consider while purchasing a retirement plan?
You should consider your monthly expenses, inflation, life expectancy, medical expenses and debts before purchasing a retirement plan.
How is pension determined?
Pension is determined on the basis of gender, savings, age and mode of annuity chosen.
What are the different types of retirement plans?
Different types of retirement plans are Immediate annuity, Deferred annuity and National Pension Scheme(NPS).
Can I have multiple retirement plans?
Yes, you can invest in multiple retirement plans. However, in the case of the National Pension Scheme, one person cannot have more than one.