|Pension Plan||Min-Max Entry Age||Vesting Age||Policy Term||Minimum Premium||Sum Assured||Premium Paying term||Premium Paying Frequency|
|Reliance Nippon Life Smart Pension Plan||18-65 years||45-75 years||Single premium: 10 years Regular premium: 15 years- 30 years||Regular pay annual mode: Rs. 36,000 for 15-19 years term Regular pay annual mode: Rs. 20,000 for term above 20 years Limited Pay annual mode: Rs. 48,000 for 15-19 years term Limited pay annual mode: Rs. 24,000 for term above 20 years||--||10-30 years||Annual, Half-yearly, Quarterly, Monthly and Single|
|HDFC Life Personal Pension Plus||18-65 years||55-75 years||10-40 years||Annual: Rs. 24,000 Half-Yearly: Rs. 12,000 Quarterly: Rs. 6000 Monthly: Rs. 2000||The minimum sum assured on vesting: Rs. 2, 04,841||Equal to policy term||Annual, Half-yearly, Quarterly, Monthly|
|SBI Life Saral Pension Plan||18-65 years||40-70 years||For single premium: 5-40 years For regular premium: 10-40 years||Rs. 7,500 per annum||Rs. 1,00,000||Equal to policy term||Single, Annual, Half-yearly, Quarterly, Monthly|
|Bajaj Allianz Retire Rich||30-73 years||37-80 years||30 years Deferment periods available: 7 years to 30 years (both inclusive) only||Single Premium 7 to 10 years: Rs. 1,00,000 11 years and above: Rs. 50,000 Regular Premium Less than 7 years: Rs. 50,000 p.a 7 to 10 years: Rs. 25,000 p.a 11 years & above: Rs. 15,000 p.a||--||Up to the Policy Term chosen||Regular/ Limited Premium Payment option|
|Reliance Nippon Life Immediate Annuity Plan||20-80 years||NA||NA||NA||As per underwriting||NA||Monthly, Quarterly, Half-yearly and Annually|
|HDFC Life Guaranteed Pension Plan||35-65 years||55-75 years||10-20 years||Annual: Rs. 24,000 Half-Yearly: Rs. 12,000 Quarterly: Rs. 6000 Monthly: Rs. 2000||The minimum sum assured on vesting: Rs. 81,145||5, 7 and 10 years||Annual, Half-yearly, Quarterly, Monthly|
|BSLI Empower Pension Plan||25 – 70 years||maximum vesting age of 80 years||5 – 30 years subject to maximum vesting age of 80 years||Minimum Rs. 18,000 p.a. if paid annually Minimum Rs. 24,000 p.a. if paid semi-annually Minimum Rs. 30,000 p.a. if paid quarterly; or Minimum Rs. 36,000 p.a. if monthly||--||Regular Pay||Annual, Half-yearly, Quarterly, Monthly|
|LIC Jeevan Nidhi||20-60 years||55-65 years||5-35 years||NA||Rs.1,00,000 under Regular Premium policies Rs.1, 50,000 under Single Premium policies||--||Yearly, half-yearly, quarterly or monthly|
|LIC Jeevan Akshay-VI||30-85||NA||NA||NA||Rs. 500 per month||NA|
|Aegon Life Insta Pension Plan||50-75 years||NA||NA||Minimum - Rs. 1,00,000 Maximum - No limit||NA||Single Premium||NA|
A: Pension plans are also known as retirement plans where one allocates a part of the savings which then accumulate over a period of time offering steady income stream post retirement. Pension plans offer the dual benefit of life insurance along with investment benefits offering maturity benefits for the policyholder. In the event of unfortunate demise of the policyholder during policy tenure, a pension plan offers the beneficiary a sum assured along with accumulated bonuses.
Retirement plans or pension plans offer the policyholder regular payouts post their working years. These regular payouts given by the pension plan can be used towards financial well being and management of day to day expenses. Such payouts given by pension plans are known as annuity. Annuity can be availed either every month, every quarter, half yearly or annually as per the selected pension plan and the financial needs of the policyholder.
Annuity is broadly classified as deferred annuity and immediate annuity depending on how soon or late the annuity begins in a pension plan. A deferred annuity plan allows for time for a financial corpus to get accumulated with regular premium payments. Once the policy term is over, the plan offers annuity payouts as per the timeline preferred by the policyholder. In an immediate annuity plan, the annuity payouts start immediately as the policyholder needs to deposit a lump sum amount with the pension plan to avail the regular immediate annuity.
A: Pension plans offer a dual benefit of life insurance along with investment option for the sunset years of life. With a pension plan you can make sure you have some sort of a pension income to take care of the day to day financial needs and maintain your standard of life even after your active working years. With the rise in inflation, a normal savings account of saved money may not be sufficient for your later years and pension plans offer a great way to ensure financial freedom in the sunset years.
A: A provident fund account is a good way to ensure adequate savings but that alone may not be sufficient to cater for the financial needs of the future. Rising inflation, growing medical needs and rising medical costs all can add up a substantial amount and a pension plan can ensure the annuity paid out is regular to tackle any of such expenses.
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