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Pension plans will help the policyholders to generate corpus for the post- retirement life; it will accumulate premiums over a period of time and thereafter pays pensions by way of annuities.

 

Pension plans are popular because of their saving-cum-investment option. The objective of these plans is to form substantial corpus and provide regular income. Pension plan is the main component of retirement planning, as it will provide steady income when there will be no source of income available.

 

Also it is very important to understand the importance of retirement planning because inflation rate is escalating along with cost of living, which can ruin your dreams and goals afterwards. Improvement in hospital facilities and increased awareness about healthy life has enhanced the life expectancy of Indians. It is advisable to plan well in advance then later on to face the heat of increasing financial burdens. Retired life will be same as pre-retirement life but the only thing, which will change, is your source of income.

 

With pension plans you can achieve your children?'s education and marriage expenses, can even take family vacation, besides meeting day-to-day expenses. It is possible to sustain all these expenses, only if you have good amount of wealth after retirement. Nothing will get extracted from your desired list but there will be constant deduction of your savings in post-retirement life. But for how many years the savings will survive?

 

Pension plans not only secure your family?'s future, it also pays you regular income till you?re alive. Some pension plans also have insurance cover.

 

Pension plans are of two types, deferred annuity and immediate annuity. In deferred annuity, insured will pay regular premiums within the term or till retirement age after which he will receive pensions. By depositing lump sum amount, insurance company will pay instant annuities in immediate annuity plans. Pension plans also come in ULIP and traditional insurance forms.

 

Pension Fund Regulatory and Development Authority (PFRDA) is a regulatory authority taken the responsibility to offer National Pension System. Eight pension fund managers are operating under NPS. Once the holder reaches 60 years of age, they have the option to redeem 60% of the accumulated amount and 40% will be used for pensions.

 

Before taking any crucial steps, one must understand all the features and benefits built in the plan and then opt for the same. Post-retirement life should be treated as one of the most important goal in an individual?'s life. A good pension plan will give you the strength to maintain financial stability so that you can live an independent and healthy life even when there are no earnings.

 

Individuals should disclose all the material facts honestly with the insurance company. Any failure in submitting the important personal documents can harm the claim settlement process. Hence, it is sensible for every individual to disclose each and every health related documents and previous insurance details with the insurer.


 

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