Pension Plan: Even if there is no work and salary after retirement, there are needs. To fulfill these needs, people take help of pension plans. Save your money and invest in the right policy as per your choice. Different companies are running different types of pension plans in the market. This list also includes the scheme “Guaranteed Lifetime Income Plan” run by IDBI Federal Life Insurance Company.
Invest in the plan in two ways
Two investment options are available under this pension plan – deferred and immediate annuity. By choosing the option of immediate annuity, you can be free from the tension of paying premiums for years. In this, lifetime income is guaranteed. Both death and survival benefits are available. The minimum age of investment for Immediate Annuity is 45 years. Whereas the minimum age limit for deferred is 50 years. The maximum age for investment is 85 years.
Here is the calculation
Pension under the plan i.e. income entry age, gender, annuity payout frequency and purchase price. You can get pension on monthly/annual/half-yearly/quarterly basis. There is no maximum limit on investment. If a person pays a single premium of Rs 1.5 lakh, he gets the benefit of monthly income of Rs 1000 throughout his life. The amount of annual pension is Rs 12000. The plan can be availed online. Annuity rate x purchase price/number of annual annuity payouts equals the annuity payout/pension.
(Disclaimer: The purpose of this article is to share general information only. Newztezz.online does not recommend investing in any plan/scheme/share market.)
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