Pension Plans

help plan for retirement and offer the security of insurance.

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Basics of Pension Plans

The basic fundamentals of life insurance and pension are different. Where Term-Life insurance covers the risk in case of the death of the earning member, a pension plan is taken to ensure that after a certain age, you can provide for yourself. Yet most pension plans combine the benefits of insurance and pension. Any pension plan has two phases;first is the accumulation phase when you pay towards your annuity. Second is annuitization phase, where you receive regular payments from your annuity that you have created over the time. Looking into your future, you will have to take certain decisions now to get the right pension plan.

 
Consider before taking the decision:
 
Traditional Pension Plans and ULPP
While the traditional endowment plans give guaranteed returns and bonuses if applicable, ULPP or unit linked pension plans bear the market risks. Returns are subject to funds chosen and the market conditions. (If the market is doing well, the returns may be better that traditional plans but if the market is not doing too well, returns may not be too good either).

Immediate Annuity plans and Deferred Annuity plans
Immediate annuity plans, commence within one year of having paid the premium, generally a single premium. Deferred annuity commencesafter the accumulation phase or the deferment phase is over. The premium paid can be regular or single. While immediate annuity plans are more suited for those who have retired and wish to invest the retirement benefits for pension, deferred annuity plans are ideal if you are doing the retirement planning.

Types of pensions
There are 4 basic options to avail the annuity:

i. Lifetime annuity without return of purchase price
ii. Annuity for life with return of the purchase price after the death of insured
iii. Lifetime annuity, guaranteed for a certain number of years and
iv. Joint life/ Last survivor annuity for self and spouse. Weigh the utility and benefits of each type before availing the option.

With Death Benefit and Without Death Benefit Plans
While most traditional plans offer death benefit as a part of the pension plans, in ULPPs you have the option where you can choose to avail death benefit or not. If you opt for a plan with death benefit, your nominee will get the sum assured while if you opt for pension plan without cover, the nominee or the beneficiary will get the corpus built till date.

Choice of Vesting Date
Vesting date is the time when you decide to end the accumulation phase and begin the income phase. It is largely based on your age and chosen date of retirement.For traditional plans, based on a given age criteria, it is a fixed duration. In case of ULPPs you can choose your vesting date within the permissible minimum and maximum duration.

Vesting Options
In most pension plans you have two vesting options:

i. Purchase annuities with the 2/3rd of the corpus generated and withdraw the balance 1/3rd amount and
ii. Purchase annuities with the total corpus generated over the time. Further you also have the choice to buy annuities from the company you invested in or buy from the annuity provider of your choice. These are the decisions that one needs to take based on individual financial condition at the vesting date and returns offered by various companies.

• What is Easypolicy?
Easypolicy simply makes insurance easy. With Easypolicy, you may rest assured that you are making the right choice for your insurance policy. We not only offer quotes from various insurance companies, but also make price-feature comparisons for our users to see what each company has to offer. Moreover, we assist you with important information in a friendly interface, which helps you understand the intimidating world of insurance better so that you can make an informed choice.

Please refer to our Pension Plan FAQs for more Information.
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