A pension plan is the retirement amount, which an individual gets from their insurance companies on a regular basis or in the form of a lump sum. There are various types of such plans available in the country offered by various companies. However, increased choices may confuse and person and make it difficult for individuals to choose one which works the best. Through regular investments, it is possible to develop a sizable corpus, which on maturity gives a regular monthly income for taking care of your post employment years. The sum you gain is can be termed as either the annuity or pension.Read more
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According to some people, regular life insurance plans are mostly associated with low returns. One way to deal with this and get an increased income source in post retirement years is through ULIP investments. Here besides investments in government securities and bonds there is a portion of investment done in the stock market. This may help in getting higher returns than regular plans. However, when one is doing a long term planning in keeping with the post retirement years it is also necessary to know about the expenses related to ULIP.
You need to pay a fund management charge and this impact your final returns significantly. Another point to consider is equity allocations overall. Whenever any emergencies occur, these plans give you a chance to liquidate ULIP and get funds. Capital guarantee variations introduced recently promise to give back the total amounts paid in premiums along with the maturity benefits.
As the name suggests, deferred annuity means that in keeping with the wishes of the investor the pension payment does not start automatically on maturity but remains deferred for some time. This is ideal for people who keep working even after the conventional retirement age of sixty and plan to do so for some additional years before leaving employment.
Immediate plans are opposite the deferred, where the payment of pension amounts starts as soon as the policy term ends. Money accumulated over the years through sum assured, bonuses, and guaranteed additions. Insurance company invests this for the generation of a regular income for the policyholder in coming times. In such cases, you do not need to pay a regular premium but instead a onetime lump sum. This kind of plan can be further divided in three different types.
How does the pension plan vary from regular life insurance?
The main aim of pension plans is to infuse the post retirement period of an individual with dignity and confidence, not only through building up of a lump sum but also regular monthly payments.
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