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Retirement years are the golden years of life.
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A pension plan is a type of fund where a portion of your pay is invested during your employment tenure. Click here to know which pension plan suits you best.
Retirement opens up a world of opportunities. You finally get the time to tick everything off your wish list. You will, however, require adequate funds to maintain your current lifestyle and fulfill the long-awaited dreams. Given the rising inflation rate and the limited social security programmes available for senior citizens, it would not be a wise decision to rely totally on your savings and investments.
Moreover, by the time you retire, your living expenses will have increased. You would also need to account for medical emergencies and other unforeseen expenses. As a result, thorough retirement planning is required to cover all these and other expenses. This is where pension plans come into the picture.The best pension scheme for senior citizens can provide a supporting income, letting you enjoy complete financial freedom in your golden years.
Fixed investment in the best pension plan can assist you in achieving financial security and overcoming any other future worries. These long-term plans offer dual benefits of investment and insurance cover, where you can invest monthly or quarterly as per convenience. All you do is pay a fixed amount regularly for a defined period and enjoy
A pension plan is a type of fund where a portion of your pay is invested during your employment tenure. This investment also aids in the collection of payments throughout the retirement era. Moreover, the investments are suitable for financially secure senior persons because they yield future advantages.
the advantages when you retire. By contributing a set amount to your pension plan monthly, you gradually accrue a sizable sum. This will ensure a constant stream of income after you retire.
The host of benefits of investing in the best pension scheme include:
Investing in the best pension scheme in India as per your financial goal is the first criteria you must follow. You have several types of pension plans available in the country, which gives you varied benefits. Each plan has a specific classification concerning its structure and benefits.
Below mentioned are the different types of pension plans available in India:
Comparing the various pension plans will help you understand it better and further assist in making the best selection.
|Pension Plans||Tax on Income||Withdrawal Flexibility||Lock-In Period|
|Deferred Annuity||Taxable||Post 1 year 10% of the annuity value can be withdrawn||Up to 10 years|
|Immediate Annuity||Applicable Income Tax rate||Post 1 year 10% of the annuity value can be withdrawn||Up to 15 years|
|Certain Annuity||Under the Income Tax rate||33% of fund value upon retirement||5 years, 10 years and 15 years|
|With and Without Cover Pension Plans||Taxable||Up to 33% upon retirement||5 Years|
|Guaranteed Period Annuity||Taxable||Up to 33% of fund value upon retirement||Stops on death of annuitant|
|Life Annuity||Taxable||Withdrawal up to 33% of fund value upon retirement||15 Years|
|Life ULIP Plan||Exempt||100% withdrawal any time after 5 years||5 Years|
|Defined Contribution Pension Plan||Taxable||Up to 33% of Fund value on retirement||Depends on type of pension fund|
|National Pension Scheme||Exempt||No. Partial withdrawal up to 25% after 10 years||Can be withdrawn at the age of 60|
Retirement planning is not only an essential part of your total financial planning, but it is also critical to begin early in life. Always keep in mind that early and methodical retirement planning can help you lessen the financial load you will face throughout your retirement years and plan for a worry-free and financially secure retirement. Because with a well-planned retirement, you gain a sense of self-reliance and emotional well-being in addition to the guarantee of savings.