As a general definition, a pension is the money that you save throughout your working life to provide yourself with an income when you retire. A pension scheme is basically a low liquidity product. Retirement plans fulfil this need very well. All it takes is the right approach. Life Insurance Corporation of India (LIC) has launched a new pension scheme. How to Apply for Learning Licence in Maharashtra? Top 3 Short Term Investment Options for 2016, 3 Good Long Term Investment Options for 2016. Plan your financial aid for your retired life. This means the income continues to come to the surviving spouse even after the demise of one spouse. So you do not have to depend on someone to have a decent standard of living. So, if you have 20 or more service years under your belt, an additional two years would be added to your pensionable service. India yet lacks such schemes and programmes, which will look after the benefit of retired as well as disabled individuals, which is why it is important for you to have a secure future in terms of finance. So don’t hesitate to start investing. For example, if one receives a pension from the age of 60 to age 75, the payment period will be 15 years. No hassale. Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, 5 Best Tax Saving Options & Plans for Financial Year 2016-17. In India, retired life is no longer a small period. Modes of annuity offered by LIC are yearly, half-yearly, quarterly and monthly, with the minimum annuity being Rs 12,000 per annum. "All the Immediate Annuity Options (i.e. Online Premium Calculator, generate an instant illustration for Premium. For Pension Plans or Retirement Plans, the vesting date is the Maturity date on which the policy holder can take 1/3 of the Maturity value as a cash lump sum and remaining should be used for purchasing Annuities/ policyholder can also use 100% of maturity value for purchasing Annuities. Our unit-linked funds against their respective benchmarks. In fact, investing money in your retirement plan can even help you save on taxes. Moreover, the pension is payable until the child/children attain 25 years of age. • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Cancer Care plans or Critical Illness Insurance, IRDAI makes Corona Kavach more customer-friendly. ARN: EC/06/2017/9792. Over long periods of 8-10 years or more, ULIPs typically provide high growth. Some pension plans come with bonuses too. If there is more than one widow, the pension would be payable to the eldest. The benefit at term depends on the form of capitalisation selected, at a guaranteed rate or in Investment fund (unit of account). "The plan is available for ages from 30 years to 79 years. There are numerous benefits under this program, and the pension funds are directly transferred to the recipient's bank account. Pension: Your pension will vary according to the type you have but typically it involves your employer, if you have one, putting away money each month along with your own contributions that you’ll use in your retirement. Pension Plans Pension during your old age. This feature makes sure that you are always prepared for an unpredictable emergency. If you die in working age and your employer has contributed at least one month’s amount to the EPS scheme, If you have completed 10 years of service but die before reaching 58 years of age, If you have started availing monthly pensions at 58 years of age and then you die, To withdraw the accumulated money in the EPS corpus before completing 10 years of service, To avail pension after reaching 50 years of age, The form is to be submitted annually in November to your bank’s manager from where your pension account is being operated, To certify that the widow has not married, The form is to be submitted annually in November, To provide bank account and Aadhar card details to EPFO, After the UAN has been activated, you should provide a cheque of your active bank account. Wide range of annuity options to cater to your needs. The other variant is the unit linked insurance plans (ULIPs) which help investors invest in higher risk, higher growth ULIP funds for retirement.