Why and How to Choose a Retirement Plan?

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Why and How to Choose a Retirement Plan
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What is Pension Plan
Pension plan is exactly offered by life insurance
companies which helps to individuals plan
effectively and carefully for their retirement
age. It gives a regular income to individuals in
their golden time and give chance to live a happy
life with their loved one, it also cover risk in
case of unfortunate event. At very early age it
would be very good if you planned for any Annuity
or pension plan and start invest money in
retirement Plans. The benefits are different for
every insurance company, You need to compare a
single plans of every insurance provider And
choose the best one which suit you.
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Different Pension Plans

• Traditional Plans- In which the plans benefit on
  retirement is
• determined by a set use of formula, it
  does not depend on investment
• returns. The amount of payout is almost
  guaranteed, It also called defined
• benefits (DB). If you are completely risk
  averse, it maybe better go with
• traditional based pension plans.

• ULIP Pension Plan- In which the some part of
  amount paid as premium
• every year and known as long term
  retirement or investment plans. These
• are market-linked pension products which
  are offered by life insurance
• companies. The purpose of these plans is
  provide to health and life cover
• and a minimum guarantee of 4.5 percent.
  If your investment horizon is for
• long years like 10 or more, it may
  suggested to go with the ULIP based
• pension products.

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It guarantee that the Employee will get an
amount of benefits Once he or she retires
It designed to helps Employees save money For
retirement
Why Pension Plan
In case of eventuality Event, the nominee
will Receive the sum assured Amount the bonus
and Addition If any
Up to the one third of Paid premium is tax free
Under the section 80CCC
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Why Pension Plan is Necessary

• Increase in life expectancy
• Shortfall in Employer Funded Pension
• Change of social structures
• Lack of social security system
• Desire to remain contributor
• Rest and relaxation

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Government Retirement Schemes

• Atal Pension Yojana
• Mutual Funds ELSS
• Pradhan Mantri Jan Dhan Yojana
• National Pension Scheme
• Public Provident Fund (PPF)

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Pension Schemes By Others

• Reliance Smart Pension Plan
• HDFC Life Pension Super Plan
• LIC Jeewan Akshay VI
• SBI Life- Saral Pension
• Bajaj Allianz Retire Rich
• BSLI Empower Pension- SP Plan
• LIC New Jeevan Nidhi

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Short Term Savings Options

• Post Offices Deposit
• Government Bonds
• Mutual Funds
• Bank Fixed Deposit

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Long Term Savings Options

• Public Provident Fund (PPF)
• Life Insurance Policies
• Long Term Bank Deposit (FDs, RD,s)
• Investment in Gold

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Which Retirement Plan Is Right
Choose a good savings option is not easy. It will
somehow difficult to choose A best one. There are
lots of provider in market which are selling
retirement Or pension plans also they have many
plans to save. The most pension plans By SBI
Life, Reliance Nippon life, HDFC Life, Bajaj
Allianz Life, Birla Sun Life and LIC India
people liked. You people just need to read each
very carefully Analyze all the plans and choose
the best one. There are lots of financial tool
like pension calculator to calculate the
actual Amount of your income to invest in
retirement plan from today and for how Long time.
These things make easy your life and helps you
for better living Style.
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