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Investment Plans 2986 views January 28, 2020
Pension plans are investment plans which help to allocate the savings to accumulate into a corpus over a specified period of time and it also provides with a steady and regular source of income after your retirement. Pension Plans provides financial security to the senior citizens so that they do not have to compromise on their living standards. The senior citizens require a steady source of income after retirement. In that case, pension plans can help them to receive regular income from an Immediate Annuity Plan.
Table of Contents
In the Immediate Annuity Plan, the pension starts immediately after you opt for a plan. You will have to deposit a lump-sum amount or a purchase price and the pension of the plan will start immediately on the basis of the amount invested by you. It offers to choose from a range of annuity options available to you. Also, the premium paid to you is exempted as per the Income Tax Act. In Immediate Annuity Plan, the nominee will be entitled to get the money as per the selected option in case of death of the insured.
The following Immediate Annuity Plans are some of the good pension plans for senior citizens:
SBI Life Annuity Plus has a single premium pay-out option and it offers a comprehensive annuity range. It assures a regular annuity for rest of your life. SBI Life Annuity Plus has following features:
ICICI Pru Immediate Annuity Plan provides you with the benefit to choose to make a one-time payment and also choose from the 5 different annuity payout options. This plan provides 4 mode of pay-outs which includes monthly, half-yearly, quarterly or yearly. ICICI Pru Immediate Annuity has the following features:
HDFC Life New Immediate Annuity Plan is non-linked annuity plan which offers various annuity options and also provides an opportunity to live on your terms even after your retirement. HDFC Life New Immediate Annuity Plan has the following features:
Reliance Immediate Annuity Plan offers you a retirement plan which helps to build a corpus post-retirement to enable you to so live your life happily to the fullest. Reliance Immediate Annuity Plan has the following features:
Birla Sun Life Immediate Annuity Plan is a traditional and non-participating plan which requires a single premium payment option. It provides regular and steady income after your retirement. Birla Sun Life Immediate Annuity Plan has the following features:
Conclusion
Hence the senior citizens who want to receive guarantees regular income from the lump-sum amount they have in hand and want to invest it in a safe and guaranteed payment plan then immediate annuity pension plans are the best for them. Pension Plans for senior citizen helps to make a better and informed decision and plan their future after retirement.