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Know About Pensions Plans in India

With accelerating life expectancy, increasing health care cost, nonexistence of social security in India together with disintegrating the joint family system, individuals have become more alert regarding their retirement. They look for different pension plans in India which makes them live their retirement phase comfortably and conveniently.

With so many pension plans available in India, it might become somewhat difficult in selecting the best one. In order to opt for the best pension plan, it is must that you gather precise and comprehensive knowledge about pensions plans and their benefits that they shall give you at times of need. There are mainly two kinds of pension plans in India from which you can opt for the most beneficial one –

Immediate Annuity plans – These pension plans are called immediate annuity plans as they start fetching you annuity from the moment you make a full fledged lump sum amount. Hence forth if an individual wants to get monthly pension and possess lump sum amount, he can purchase an immediate annuity pension plan and start getting pension every month. One of simplest product, this pension plan is not much popular amongst the people in India. Some examples of immediate annuity plans include – HDFC Immediate Annuity, ICICI Pru Immediate Annuity, and LIC Jeevan Akshay etc.

Deferred Annuity Plans – It is noteworthy that amongst different pension plans in India, LIC, and private companies sell the maximum numbers of pension products like deferred pension plan. These kinds of plans have accumulation phase which are inbuilt in it and therefore you initially pay premium for ‘n’ number of years and once the individual retires, they can start getting their pension income. These kinds of pension plans are found everywhere in the market. Examples of these plans include – New Pension Scheme, Bajaj Allianz Swarn Raksha ROC, LIC Jeevan Nidhi and LIC Jeevan Tarang.  

It is highly recommended that an individual must invest in such instrument that doesn’t have any kind of rigidness on what an individual can do with these investments in later stages of life. The pension plans gaze into the coming stages of your life and foresee the monetary stability during your retirement stages. These policies are very beneficial for senior citizens and so individuals planning for their safe and sound future must never give up on excellent things in life. They must gather as much information they can about pension plans and reap as much benefits as they can.

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