Aman Patni2024-08-09T14:52:35+05:30They are financial products designed to provide you with a steady income stream after retirement. These plans are offered by insurance companies and financial institutions.
Q2: How do pension plans work?
Aman Patni2024-08-09T14:44:04+05:30During your working years, you contribute to the plan, in which the provider invests. When you retire, the accumulated amount is used to provide regular payments, securing your financial future.
Q3: What types of pension plans are available in India?
Aman Patni2024-08-09T14:52:57+05:30They include deferred annuity, immediate annuity, annuity certain, guaranteed period annuity, life annuity, National Pension Scheme (NPS), pension funds, whole life ULIPs, defined benefit, and defined contribution plans.
Q4: How do I choose the right pension plan?
Aman Patni2024-08-09T14:43:01+05:30Assess your financial goals, risk tolerance, and retirement needs. Compare different plans, consider additional benefits like riders, and consult a financial advisor if needed.
Q5: Can I withdraw money from my pension plan before retirement?
Aman Patni2024-08-09T15:05:16+05:30Most Retirement benefit plans have restrictions on early withdrawals. However, some plans, like pension funds, allow withdrawals during the contribution stage for emergencies.
