9. How do I receive annuity payments? Purchase Price = Sum assured+bonuses +additions (if any) Individual receives pension for 5,10,15,20 years, irrespective of whether alive or not. In case of death in those years- Nominees Contract closes. Major plus point: Continues receiving if alive - ANNUITY GUARANTEED FOR CERTAIN PERIODS Individual receives pension as long as he is alive ---- increases every year @3%p.a simple interest rate. - INCREASING ANNUITY Individual Spouse Individual Spouse Nominees JOINT LIFE/ LAST SURVIVOR Individual Individual Nominees LIFETIME ANNUITY WITHOUT Purchase Price WITH Purchase Price Type of annuity
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11. How to go about Pension Plans : Don’t let a miscalculation ruin your retirement STEP 1 : Estimate total annual expenses on retirement Food, Entertainment, Healthcare, Housing, Transportation, Insurance etc. STEP 2 : Estimate realistic inflation, spending pattern and life expectancy. STEP 3 : Estimate Retirement Needs considering Rate of Return & Amt. of Saving.
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