What is Pension Life Insurance Plan?
Are you dreaming about your joyful and relax retirement life? Have you earned enough funds to execute and enjoy all your retirement plans? It’s the biggest challenge today to get regular income when you stop working i.e. you get retired from your professional life. Standard of living has increased drastically and so as to cost to live it. So how you can live with the same standards if you stop earning? Relax! Pension Life Insurance Plans will take care of your regular income even in absence of your job or business. These plans build a heavy corpus for your retirement as a result of your small regular investments over a longer period.
Benefits of Pension Life Insurance Plans
Everyone wish to live longer and enjoyable retirement life. Just living longer will not allow you to enjoy longer, you need to save wisely to secure your retired life. Invest smartly using Retirement plans which have following fantastic benefits:
- Disciplined and regular investments make you sure about enough retirement savings.
- Using small investments over longer period, it helps you create adequate corpus for your retirement plans.
- Keep earning salary without going to work as your small savings will work for your retirement.
- Just like securing your family’s future with the help of life insurance, retirement plans helps you to secure your retirement income to let you enjoy fully.
- Retirement plans are liable for tax benefits under section 80CCC of the Income Tax Act, 1961.
- As you live longer, your PF and Gratuity are not enough to fulfill your retirement dreams, but retirement plans will surely allow you to live your dreams.
- Remain independent throughout your life.
Types of Pension Life Insurance Plans
This type of plan allows policy holder to gain benefits using regular premiums or single premium over policy term. One can also avail tax benefit as no tax is levied until you withdraw your savings.
With Cover pension plans assures lump sum amount to the beneficiaries on the death of policyholder, whereas without cover assures beneficiary investment premiums paid till death.
There exists various annuity pension plans like
- 1. Immediate Annuity in which pension starts immediately once annuitant deposits lump sum amount,
- 2. Annuity Certain in which benefits are paid for certain years as per policy terms and
- 3. Life Annuity in which pension is paid till the death of annuitant.
