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Pension Plans

Pension plans also known as retirement plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement. Even if a person has a good amount of savings, a retirement plan is nevertheless crucial. Savings get exhausted very fast and are sometimes used in emergencies, so selecting the best pension scheme helps you secure your cash flow for meeting basic daily needs post retirement. When you continuously invest in retirement plans, the amount grows manifold due to the compounding effect which makes a lot of difference to your final savings corpus. A right pension scheme lets you plan for retirement in a phased manner. So it is advisable to choose a best retirement plan that can act as a savior in your golden years.

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
Free Insurance Consultation
Online Insurance Glossary
Bias for long-term customer relationships
Responsive service
Caring mindset at all customer touch points
Continuous improvement in customer processes

Best Pension Plans in India 2016

1. Reliance smart Pension plan

2. Bajaj Allianz Retire Rich

3. HDFC Life Pension Super Plus

4. Aegon Life Guaranteed Income Advantage Insurance Plan

5. BSLI Empower Pension – SP Plan

6. LIC JeevanAkshay VI

7. LIC New JeevanNidhi

8. HDFC Life Personal Pension Plus

9. Reliance Immediate Annuity plan

10. HDFC Life Guaranteed Pension Plan

11. Bajaj Allianz Retire Rich

12. HDFC Life Assured Pension Plan – ULIP Retirement Plans

13. SBI Life - Saral Pension

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
Free Insurance Consultation
Online Insurance Glossary
Bias for long-term customer relationships
Responsive service
Caring mindset at all customer touch points
Continuous improvement in customer processes

Types of Pension Plans in India

Retirement plans are way better investment plans that ensure secure life after retirement. These plans have multiple classifications, based on the plan structure and benefits.These plans can be further divided-

1. Deferred Annuity
2. Immediate Annuity
3. Annuity Certain
4. With Cover and Without Cover Pension Plans
5. Guaranteed Period Annuity
6. Life Annuity
7. National Pension Scheme (NPS)
8. Pension Funds

1. Deferred Annuity: A deferred pension scheme allows you to accumulate a corpus through regular premiums or single premium over a policy term. After the policy term is over, the pension will begin. The advantages of deferred pension plans are immense and these include tax benefits that are associated with this pension scheme. No tax is levied on the money that an individual invests in the plan unless he withdraws it. As deferred pension scheme can be bought by making the one-time payment or by making regular contributions towards it, therefore, the plan suits to all types of investors: those who want to invest systematically and those who have a chunk of money to invest.

2. Immediate Annuity: In an immediate annuity scheme, pension begins immediately. One has to deposit a lump-sum amount and pension will start instantly,based on the lump-sum amount invested by the policyholder. A range of the annuity options is available to choose from.Moreover, the premiums paid are exempted for tax, as per Income Tax Act, 1961.After the death of a policyholder, his nominee will be entitled to get money.

3. With Cover and Without Cover Pension Plans:The "with cover" pension plans have life cover component in the plan. This implies that on the death of the policyholder, a lump sum amount is paid to the family members. However, the cover amount is not very high since a large part of premium is diverted towards growing the corpus rather than covering for life risk. The "without cover" pension plan implies that there is no life cover. In the event of unfortunate death of the policyholder, the nominee will get the corpus (till the date of the death). Currently, deferred pension plans are "with cover" and immediate annuity plans are "without cover".

4. Annuity Certain:As per this clause, the annuity is paid to the annuitant for a specific number of years. The annuitant can choose the period and if he dies before exhausting all payments, the annuity will be paid to the beneficiary.

5. Guaranteed Period Annuity:As per this annuity option, annuity is given to the life assured for certain periods like 5,10,15 or 20 years, whether or not he survives that duration.

6. Life Annuity:As per this annuity option, pension amount will be paid to the annuitant until death. After choosing the “with spouse” option, the amount of pension will be given to the spouse of the policyholder, in case of the death of the annuitant.

7. National Pension Scheme (NPS):New Pension scheme has been introduced by the government for people looking to build up pension amount. You can put savings in the new pension scheme which will be invested in equity and debt market as per your preference. You can withdraw 60% of the amount at retirement and rest 40% must be used to purchase the annuity. The maturity amount is not tax-free.

8. Pension Funds:In a way, investing in a pension plan is a good option indeed. As these plans remain in force for a long time, they offer comparatively better returns at maturity. Pension Fund Regulatory and Development Authority (PFRDA), the government body has allowed 6 companies as fund managers.

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
Free Insurance Consultation
Online Insurance Glossary
Bias for long-term customer relationships
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Continuous improvement in customer processes

Testimonials

Few of our clients & their testimonials

See what our clients have to say about our services at Deal4Insurance.com and read through some testimonials that they have given.

Excellent service Deal4Insurance.com, compared and purchased health insurance for my parents in about 5 minutes. Nice layout and very simple. Cheers! "

-Prashant Sultania IT Professional, Bangalore

"I consider myself lucky to come through Deal4Insurance.com, really easy to buy an insurance policy on it. I bought Health insurance for me and my wife in just few minutes time. Very easy to use. "

- Neeraj Marketing, Haryana

"I was panicking when I realised travel agent didn’t provide the insurance for the trip just before the travel day . I found Deal4Insurance.com was quite helpful and got sorted instantly over a phone call. Great Service. "

-Sumanta Paul IT Professional, Mumbai

I did my vehicle insurance through Deal4Insurance.com earlier, so when the insurance of vehicle fleet expired I contacted them. They did a great a service to renewing them immediately without much hassle.

- Chandan Sharma Aum Express, Delhi

I met with an accident last month with my i20, contacted Deal4Insurance.com and they helped me through towing and cashless repairment. I was quite impressed by the professional approach and speedy service.

- Apurba Barman Impulse, Kolkata

Company informations

Reliant Concepts
G1, Abhinash Mansion,
Joshi Road, Karol Bagh,
New Delhi - 110005, India

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+91-9899899058
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