Pension plans are schemes by which small amount is saved on a monthly basis over a considerable period of time so that one can enjoy monthly income after retirement.

1. Types of Pension Plans

2. Pension Plans
● Pension plans are schemes by which small
amount is saved on a monthly basis over a
considerable period of time so that one can
enjoy monthly income after retirement.
● Types of Pension Plans
○ Immediate Annuity Plans
○ Deferred Annuity Plans
○ Pension Plans with Life Insurance Cover
○ Guaranteed Period Annuity
○ Pension Funds
○ National Pension Scheme

3. Immediate Annuity Plans
● Under this scheme, pension premium is paid in
lump sum and pension payment starts
immediately.
● Based on the requirement, payouts can be made
weekly, monthly, annually.
● Life insurance companies normally provide this
scheme.
Deferred Annuity Plans
● During the accumulation phase, regular premiums
has to be paid.
● After the term of the policy is complete,
policyholder will start getting pensions
● Here the policy holder can avail the tax benefit.

4. Pension Plans with Life
Insurance Cover
● It's a combination of life insurance cover along
with the annuity payout pension scheme.
● In case of sudden demise of the policy holder, to
some extent, financial security will be provided to
policy holder’s next of kin.
● Tax benefit is applicable under Section 80C of the
Income Tax Act, 1961.
Guaranteed Period Annuity
● Here insurance companies issue payouts
irrespective of the fact whether the policyholder
has completed the accumulation phase or not.
● Normally payouts happen at 5th year, 10th year,
15th year and so on.

5. Pension Funds
● Hybrid mix of both equity & debt investments.
● With the help of equity investment, plan grows
when the market witnesses boom and loss is
contained by debt investment, when market
witnesses bust.
National Pension Scheme (NPS)
● Here, investments are made in capital market
investments like government securities.
● Here returns are not guaranteed since this
scheme relies heavily on market linked
investments.
● Tax benefit is applicable under Section 80C but
subjected to various terms and conditions.

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