Retirement Plans (Pension Plans): Compare and Buy Online

One of the most important financial resources for everyone’s golden years is the Retirement Plans/Pension Plans.

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It is wise to invest in a pension plan that can cover all of your post-retirement expenses before you reach the point in your life where you have worked enough and want to live a leisurely life.

The pension plan satisfies all of your needs, and retirement planning is a multi-step process where each level is designed according to the requirement of financial resources. It is a particular kind of plan that enables you to set money aside and save.

Important: You will be shielded from all post-retirement concerns by a pension plan. Even after retirement, live largely. It becomes even more important because the pension plan will enable you to create a layer of safety around yourself.

The insured makes regular payments up until retirement, after which he receives a pension or annuity at regular intervals. You are all aware that emergencies can arise at any time in your life and cause your funds to disappear in an instant.

Therefore, it is essential to select the finest pension plan that meets your needs and expectations. This coverage will not only safeguard your future but also assist you in coping with any difficulties. Select a strategy that will serve as a guard.

compare-retirement-plan
  • dual-tax-benefit
    Dual tax benefits u/s 80c, 10(10D)
  • life-cover
    Life cover Till Age 100 Years
  • critical-illness
    Critical Illness Waiver of Premium

Compare Retirement Insurance Plans Online

Sum Assured Lakh
Premium Term Years

What Is A Retirement Plan?

A Retirement Insurance Plan, also known as Retirement Savings Plan, is a type of insurance product that is designed to help individuals accumulate savings over the course of their working years to provide them with a stream of income in retirement.

These plans typically require the policyholder to make regular contributions, which are invested by the insurance company in various financial instruments such as stocks, bonds, and mutual funds.

The accumulated savings, along with any interest or investment returns earned over time, are used to provide the policyholder with a steady income during their retirement years. Retirement insurance plans may offer various tax benefits, depending on the country and specific plan.

Why Should You Buy Retirement Pension Plans From Okbima?

Okbima is the one-stop solution to all your Retirement Pension Plans queries.

What Types Of Pension Plans In India?

To fulfill the insurance needs of every person, there are numerous Pension Plans in India on the market. Each plan has unique advantages. These pension plans have been divided into the following 8 categories:

Deferred Annuity

A Deferred Annuity is a type of annuity contract in which the annuity payments are deferred until a later date. In other words, the annuitant makes regular contributions or a lump sum payment to the annuity, but the payments do not begin immediately.

Instead, the accumulated funds grow tax-deferred until the annuitant decides to start receiving payments.Deferred annuities are often used as a retirement savings tool, allowing individuals to accumulate funds over some time and then receive a stream of income during retirement.

Deferred annuities can be either fixed or variable, with fixed annuities offering a guaranteed rate of return, while variable annuities offer the potential for higher returns but also come with greater investment risk.

Deferred annuities can provide a variety of benefits, including tax-deferred growth, guaranteed income in retirement, and protection against market volatility.However, it is important to carefully consider the fees, charges, and terms of the annuity contract before investing in a deferred annuity.

Types of Deferred Annuity

There are four Deferred Annuity pension schemes:

Features of Deferred Annuity

Immediate Annuity

An Immediate Annuity is a type of annuity contract in which the annuitant makes a lump sum payment to an insurance company in exchange for a guaranteed stream of income that begins immediately or within a short period, typically one year.

Immediate annuities are often used as a retirement income tool, providing a reliable source of income during retirement.The payments from an immediate annuity can be fixed, meaning they remain the same throughout the annuity term, or they can be variable, meaning they fluctuate based on the performance of the underlying investments.

Immediate annuities can provide several benefits, including guaranteed income for life, protection against market volatility, and tax-deferred growth on the investment. However, it is important to carefully consider the fees, charges, and terms of the annuity contract before investing in an immediate annuity.

Additionally, once the annuitant begins receiving payments, they cannot change the terms of the annuity contract or access the lump sum payment that was used to purchase the annuity.

Features of Immediate Annuity

It is the simplest type of pension plan which is a non-participating and non-linked plan.

Annuity Certain

It is a type of annuity contract in which the annuitant receives a guaranteed stream of income for a fixed period, typically between 5 and 30 years. Unlike other types of annuities, the payments from an annuity are not contingent on the annuitant's life expectancy or survival. Instead, the payments are made for the duration of the fixed term, regardless of whether the annuitant is alive or deceased.

Annuity contracts can be either fixed or variable, with fixed annuities offering a guaranteed rate of return, while variable annuities offer the potential for higher returns but also come with greater investment risk.Annuity-certain contracts can provide several benefits, including a guaranteed stream of income for a fixed period, protection against market volatility, and tax-deferred growth on the investment.

However, it is important to carefully consider the fees, charges, and terms of the annuity contract before investing in an annuity, as the fixed term may limit flexibility and the payments may not keep pace with inflation.

Pension plans with and without coverage

The pension plan with coverage has a life insurance component connected, and the policy. An annuity known as a "guaranteed period" is offered to the insured for a set amount of time, such as five years, ten years, fifteen years, or twenty years. The issue at hand is not the policyholder's ability to survive.

Life Annuity

The seeker will receive a monthly payment until he passes away.

The pension amount will be distributed to the spouse up until their death if you select the "with the spouse" option.

The National Pension Plan

Whole Life ULIPS

How To Choose The Best Insurance Retirement Plan In India?

Retirement planning is an important financial goal for individuals in India, and choosing the best insurance retirement plan is a critical step toward achieving this goal.

Here are some factors to consider when choosing the best insurance retirement plan in India:

What Are The Features Of A Retirement Investment Plan?

Retirement investment plans are designed to help individuals save for retirement and provide a reliable source of income during their golden years. Here are some key features of retirement investment plans:

Benefits Of Retirement Plan Policy

Retirement plan policies offer a range of benefits to individuals who are looking to save for their golden years. Here are some of the key benefits of retirement plan policies:

Top Reason To Buy Retirement Plans In India

Here are a few reasons why you should purchase retirement planning:

Eligibility Criteria For Retirement Plan Policy In India

The eligibility criteria for buying a retirement plan policy in India may vary depending on the specific insurance company and policy you are considering. However, there are some common eligibility criteria that most insurers will require you to meet, which may include:

What Is The Right Time To Buy Pension Plans In India?

Eligible Age: Once you reach a specific age, you can buy a pension plan. The minimum entrance age for a pension plan is typically 18 years old, although there are different age ranges for other insurance plans.

The entry age for these plans, however, is 30 years for some businesses. Similar to this, the pension fund has a maximum entry age. It is typically around 70 years old.

Documents Required To Buy Retirement Pension Plan

To buy a retirement pension plan in India, you would typically need to provide the following documents:

What Factors To Consider While Buying A Retirement Pension Scheme?

There are several factors to consider while buying a retirement pension scheme, some of which are:

How To Buy The Best Retirement Plan In India?

You can compare and buy the best Retirement and Pension plans at OKbima.com by filling in the mentioned details. Our experts will revert at lightning speed.

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How To Calculate Retirement Plan Insurance Premium?

A retirement insurance premium calculator is a reliable and important tool for finding the best possible retirement insurance policy. This technology speeds up and streamlines the decision-making process by delivering reliable information in a timely manner. Please feel free to contact our team of professionals for more information.

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Retirement Plan Premium Payment Options?

Retirement plan premium payment options may vary depending on the type of plan and the insurance provider. However, some common premium payment options available for retirement plans in India are

Single premium: This is a one-time payment made at the start of the policy term. Regular premium: This is a recurring premium paid at fixed intervals such as monthly, quarterly, half-yearly, or annually throughout the policy term.

Limited premium: This is a premium payment option where the premium is paid for a limited period, after which the policy continues without any further premium payments.

Systematic investment plan (SIP): This is an investment option where you can pay regular premiums at fixed intervals such as monthly, quarterly, or annually, similar to a mutual fund SIP.

Electronic clearing service (ECS): This is a convenient option where the premium amount is automatically debited from your bank account at fixed intervals.

Online payment: You can also pay your premium online using various payment modes such as net banking, credit/debit cards, and digital wallets.

Pension Plan Comparison

Here are some of the finest Retirement (Pension Plans) available in India:

Pension Plans in India Entry Age Maturity Age Policy Term Tax Benefit Annuity Payable
Aditya Birla Sun Life Empower Pension Plan 25-70 years of age 80 years of age 5-30 years Offers tax benefit U/S 80C of IT Act
  • Minimum: Rs. 18,000 annually
  • Maximum: No Limit
Bajaj Allianz Life LongLife Goal 0- 65 years of age 99 years of age 99 years- Entry age Offers tax benefit U/S 80C of IT Act
  • Minimum: Rs. 25,000 annually
  • Maximum: No Limit
Bajaj Allianz Pension Guaranteed Pension Plan 0-100 years of age N/A Lifetime Offers tax benefit U/S 80C &10(10D) of IT Act
  • Minimum: Rs. 25,000 annually
  • Maximum: No Limit
HDFC Life Click 2 Retire 18-65 years of age 45-75 years of age 10,15-35 years Offers tax benefit U/S 80C of IT Act
  • Minimum: Rs. 24,000 annually
  • Maximum: No Limit
ICICI Pru Easy Retirement Plan 18-70 years of age 30-80 years of age 10, 15, 20, 25, 30 years Offers tax benefit U/S 80C &10(10D) of IT Act
  • Minimum: Rs. 48,000 annually
  • Maximum: No Limit

How Much Do I Need To Save For A Retirement Plan?

The amount that one needs to save for a retirement plan varies depending on various factors such as the desired retirement lifestyle, the expected retirement age, the expected inflation rate, and the expected rate of return on investments.

As a general guideline, financial planners suggest saving at least 15% of your annual income toward retirement. For instance, if your annual income is INR 10 lakhs, you should aim to save INR 1.5 lakhs per year towards your retirement plan.

However, this is just a general guideline, and the amount you need to save may vary based on your circumstances. To determine the exact amount you need to save, it is advisable to consult with a financial planner who can help you calculate the amount based on your financial situation and retirement goals.

It is important to start saving for retirement as early as possible, as it allows for more time for your savings to grow and compound. Regular investments in a retirement plan over a long period can help you achieve your retirement goals and provide financial security in your golden years.

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Retirment Insurance FAQs

Although there is no set age for early retirement in India, the age range of 45 to 50 is considered favourable.

People between the ages of 35 and 40 can select the finest retirement plan by considering their specific financial demands. Furthermore, prior to making an investment, full study on investment products and consideration of many relevant items after completing proper objective analysis is required.

The quantity of monthly savings varies depending on the buyer's fundamental financial demands. Financial consultants, on the other hand, recommend that people set aside roughly 15% of their monthly income for retirement.

No! In your absence, you must designate your spouse to receive retirement benefits.

Yes! If you are no longer able to provide for your family, insurance will allow them to live a quiet life free of financial worries.

The vesting age, also known as the vesting date, is the age at which you can start collecting your monthly pension or remove money from the plan.

Yes! It is possible to change the policy nominee at any time.

If you like, you can have the premiums deducted automatically from your savings account. Nonetheless, you can pay your premiums online with your debit card, credit card, or payment wallet.

Yes! All central government retirees are allowed to open a joint account with their spouses by the Indian government.

If you save a considerable portion of your income for retirement, you may not have any problems after you retire. Even if you become handicapped and do not contribute to retirement programmes, your savings will be multiplied by the latter. You can also put money into pension plans established exclusively for persons with disabilities.