Types of Pension Plans

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Types of Pension Plans
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Pension Plans

• Pension plans are schemes by which small amount
  is saved on a monthly basis over a considerable
  period of time so that one can enjoy monthly
  income after retirement.
• Types of Pension Plans
• Immediate Annuity Plans
• Deferred Annuity Plans
• Pension Plans with Life Insurance Cover
• Guaranteed Period Annuity
• Pension Funds
• National Pension Scheme

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Immediate Annuity Plans
Deferred Annuity Plans

• Under this scheme, pension premium is paid in
  lump sum and pension payment starts immediately.
• Based on the requirement, payouts can be made
  weekly, monthly, annually.
• Life insurance companies normally provide this
  scheme.

• During the accumulation phase, regular premiums
  has to be paid.
• After the term of the policy is complete,
  policyholder will start getting pensions
• Here the policy holder can avail the tax benefit.

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Pension Plans with Life Insurance Cover
Guaranteed Period Annuity

• It's a combination of life insurance cover along
  with the annuity payout pension scheme.
• In case of sudden demise of the policy holder, to
  some extent, financial security will be provided
  to policy holders next of kin.
• Tax benefit is applicable under Section 80C of
  the Income Tax Act, 1961.

• Here insurance companies issue payouts
  irrespective of the fact whether the policyholder
  has completed the accumulation phase or not.
• Normally payouts happen at 5th year, 10th year,
  15th year and so on.

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Pension Funds
National Pension Scheme (NPS)

• Hybrid mix of both equity debt investments.
• With the help of equity investment, plan grows
  when the market witnesses boom and loss is
  contained by debt investment, when market
  witnesses bust.

• Here, investments are made in capital market
  investments like government securities.
• Here returns are not guaranteed since this scheme
  relies heavily on market linked investments.
• Tax benefit is applicable under Section 80C but
  subjected to various terms and conditions.

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