Enjoy your golden years with our retirement insurance plans

A pension plan or a retirement plan are insurance products designed with double benefits of the best saving plan along with an investment scheme to cover retirement financial need.

Unit-linked retirement plan or Pension ULIP plans are market-linked pension products offered by life insurance companies. They are suitable for individuals looking for a long-term retirement plan that doubles up as an investment.

Yes, a retirement plan acts as an additional financially security secure your retirement needs. The growth of inflation has been at a rapid rate, so your PF account might not be sufficient to cover your complete expenses in the future.

Retirement plan offers dual benefits of savings and investments for your retirement needs. Equity exposure in pension plans can go up to 75 percent. In pension plans, you can select fund according to your requirements with both capital safety and appreciation of investments.

With increasing costs of lifestyle, medicines, and healthcare, the amount required for ensuring a financially independent retirement, becomes quite huge. Retirement planning becomes a crucial part of the earning years. Starting early on the journey will help you build a significant corpus (lump sum amount) for meeting your future needs.

Retirement planning can be summarised as save and invest as much as you can. Remember that planning for the future is a mixture of both fiscal and investment prudence. Using a retirement calculator is an easy way to decide on the retirement fund.
Calculating the pension fund using retirement calculator are beneficial for several reasons:
• It helps you calculate how much you need to save each month to retire with a large sum at the end of one’s professional career.
• A retirement benefits calculator will also help you determine the precise investment opportunities which you must take advantage of.
• Compare the various retirement options and plans that most competent financial organisations provide. Nowadays, even listed entities have their own retirement planning sections.
• It helps you identify the various retirement planning strategies which exist and helps you review and compare them too. • If you have any high value plans post-retirement, our calculator will help you save accordingly for such exigencies and planned spending sessions.
• Lastly, an online retirement calculator is useful when you are short on time and you need to take decisions on such important aspects as future investment options.

Along with future security and insurance protection, investing in a retirement pension plan also qualifies for some tax benefits under Section 80CCC. Following are the tax benefits provided by pension plan-
• Immediate annuity is a guaranteed pension plan with tax benefit on the premium payments. All the premium payments under this plan are fully taxable once you have received the principal amount in full.
• The tax benefit of a deferred annuity is that it lets your income grow tax-free during the Accumulation Phase. This means you will not have to pay any taxes on the money that accumulates during the time of premium payment.

Some retirement plan provides flexible death benefits along with pay-out options. Immediate annuity plan and easy pension plan by Edelweiss Tokio offers death and survival benefit.

No, retirement or pension plan does not end after the policyholder's death. Depending upon the type of pension plan selected, either the spouse or a chosen nominee is entitled to the pension after the policy holder's death.

A participating plan enables the policyholder to share the profits of the insurance company in the form of bonuses or dividends. In a non-participating plan, the profits are not shared, and no dividends are paid to the policyholder. Both these types of plans provide guaranteed life cover.

Yes. A person can have multiple pension plans with private banks and other commercial pension plan policy providers.