1. What is a pension plan?
A pension plan is a smart retirement planning tool that enables you to maintain your standard of living post retirement. By investing in a retirement pension plan, the policyholder is entitled to receive monthly payouts in the form of pension after his/her premium payment term is over.
2. What are the types of pension plans in India?
The different types of pension plans are:
- Deferred Annuity
- Immediate Annuity
3. How to calculate retirement corpus in India?
Calculate the sum you need to ensure a well planned lifestyle in your golden years. Just follow 3 simple steps to know your retirement number! Click Here. The calculator takes into account your life expectancy, interest rate, inflation and your current expenses to suggest your retirement number.
4. How to invest retirement corpus?
As your date of retirement is approaching, you need to arrange for guaranteed regular income for the rest of your life. Invest one lump sum amount in buying an annuity plan and start receiving regular income for the rest of your life. You can invest your retirement savings in the Exide Life New Immediate Annuity with Return of Purchase Price, a Single Premium plan that gives you a guaranteed income throughout your retired life. On death of the annuitant the entire Purchase Price will be paid to the nominee or legal heirs as death benefit.
5. How does a pension plan work?
A typical pension plan, also known as retirement pension plan, has two phases - accumulation and annuity. During the accumulation phase of the pension plan you pay the premiums for the plan’s tenure. During the annuity phase, your investment fetches returns and you start getting pension.
