You must have read in your biology class about the phases of life. Every living organism goes through 3 stages in their life; Juvenile phase, Reproductive phase, and Senescent phase. Senescent phase or old age are those golden years of your life that will, for sure, be a part of your life, no matter how much you try to hold it. The way you enjoyed rest phases of your life you would like to do the same in your senescent phase.
Now the question is how you are going to enjoy golden years of your life? With financial stability that can fulfill your requirements post-retirement, you can enjoy that phase of your life. A Pension plan is a right plan for you that will provide you with the financial stability that will take care of your medical treatment costs, offers protection against uncertainties, and take care of other expenses.
Why Pension plans?
Pension plans are important, and it must seem boring today, but this long-term investment will benefit you on a grand level after retirement. Pension plans are as crucial as taking care of your assets, property, health, and the vehicle.
A Pension plan allows you to transfer a part of your income or salary in a fund that will benefit you after retirement. This small portion of your current income will secure your post-retirement life against the financial need such as security or healthcare. No matter how much you are saving today, with rising prices of everyday things, you may face a shortage of money. So, it is crucial to maintain a different fund for future security so that you can enjoy golden years of your life without hassles.
Here are the Pension plans that you can invest in to enjoy hassle-free post-retirement life:
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Max Life Guaranteed Lifetime Income Plan
Guaranteed Lifetime Income Plan from Max Life Insurance is a non-linked annual Pension plan that will assure the flow of income after your retirement. The minimum age to subscribe to this plan is 50 years old, while the maximum age to adhere to this plan is 80 years old.
This policy offers four annuity options from which you can choose from. You can pay a one-time lump-sum amount to purchase the plan. The pension can be received on a yearly, half-yearly, quarterly, or monthly basis. Nominee of the Pension plans will get guaranteed benefits in case of demise of the policyholder, which will tax-free under Section 10 (10D).
LIC Jeevan Akshaya VI Plan
LIC has been a part of the Indian insurance industry for a long time. Their Pension plan offers Jeevan Akshaya VI plan, which is an immediate annuity Pension plan. This policy provides six annuity options so that you can choose best that suits your requirements. The minimum eligible age to subscribe to this plan is 30 years old, while the maximum age to adhere to this plan is 85 years old.
The medical examination is not necessary to avail this plan, although you have to show the document for age proof. If the purchase price of the Pension plan is Rs 2,50,000/- or more then policyholder can enjoy substantial rebate. You have to premium in lump-sum and premium paid is exempt from tax. You can receive your pension either monthly, quarterly. Half-yearly or yearly.
SBI Life Saral Pension plan
Saral Pension plan is the answer if you are looking for plans that protect you against market volatilities and fluctuations. The minimum eligible age to subscribe to this plan is 18 years old, while the maximum age to adhere to this plan is 65 years old. The minimum premium amount is Rs 7,500/-, while there is no limit for maximum. One of the best features of this plan is that they offer guaranteed bonuses for the first 5 years. Also, at maturity, you will get assured bonuses. The minimum and maximum policy term should be 10 years to 40 years, respectively.
Max Life Forever Young Pension plan
Max Life Forever Young Pension plan is a policy if you are looking for a strong master plan after your retirement. It offers guaranteed maturity benefit of 101% on each premium amount paid. The minimum age eligibility to subscribe to this plan is 30 years, while the maximum age is 65 years.
You will get additional benefits such as protective cover for your family against any mishappenings. One can choose their retirement age as this plan is flexible. With Partner Care Rider, you can protect your spouse’s future. At the end of 10th year of the policy term, you will get assured loyalty benefits of 0.50% of fund value.
Cover Your Senescent phase!
These Pension plans offer different benefits; they are unique in their way. Choose one that suits best for you. Enjoy life after retirement with family and friends without worrying about your finances.