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  2. www.hdfclife.com › types-of-pension-plansTypes of Pension Plans In India - HDFC Life Insurance

    • Deferred Annuity. This is a life insurance plan that provides a fixed income at a future date of your choice. This is one of the retirement plansbest suited for salaried individuals as it has flexible premium payment options.
    • Immediate Annuity. Immediate Annuity is one of the basic annuity plans. Among the types of pension plans, this plan suits individuals who can invest a lump-sum amount for a fixed post-retirement income.The contribution made is converted into a guaranteed stream of income for a minimum period of 5 years or a lifetime.
    • National Pension Scheme. The NPS is a scheme introduced by the Central Government for financial security in the future by way of post-retirement income.
    • Public Provident Fund (PPF) This is among the types of pension plans that are most preferred due to their investor-friendly features. It is a long-term investment plan with a tenure of 15 years.

  3. cleartax.in › s › pension-plansPension Plans : Features, Benefits, Types - ClearTax

    • Pension Plans
    • Who Should Opt For Pension Plans?
    • Features & Benefits of Pension Plans
    • How A Retirement Plan Works
    • Pension Plan Types in India
    • Tips to Remember Before Buying A Pension Plan

    Pension or retirement plans offer the dual benefit of investment and insurance cover. By investing a certain amount regularly towards your pension plan, you will accumulate a considerable sum in a phase-by-phase manner. This will ensure a steady flow of funds once you retire. Public Provident Fund is one of the most popular retirement planning sche...

    See full list on cleartax.in

    Every individual should invest in pension plans to secure their retired life financially. Section 80C of the Income Tax Act, 1961, covers several retirement plans and taxpayers are eligible for tax deductions of up to Rs.1.5 lakh. Any plan you choose must be in sync with your investment goals (or retirement plans). For example, if you wish to retir...

    See full list on cleartax.in

    Guaranteed Pension/Income

    You can get a fixed and steady income after retiring (deferred plan) or immediately after investing (immediate plan), based on how you invest. This ensures a financially independent life after retiring. You can use a retirement calculator to have a rough estimate of how much you might require after retiring.

    Tax-Efficiency

    Some pension plans provide tax exemption specified under Section 80C. If you wish to invest in a pension plan, then the Income Tax Act, 1961, offers significant tax respite under Chapter VI-A. Section 80C, 80CCC and 80CCD specify them in detail. For instance, Atal Pension Yojana (APY) and National Pension Scheme (NPS) are subject to tax deductions under Section 80CCD.

    Liquidity

    Retirement plans are essentially a product of low liquidity. However, some plans allow withdrawal even during the accumulation stage. This will ensure funds to fall back on during emergencies without having to rely on bank loans or others for financial requirements.

    See full list on cleartax.in

    Example: Priyanka is 32 years old with an expected lifespan of 80 years. Her current salary is Rs.50,000 and she wishes to retire at the age of 60. She is looking for a monthly pension of Rs.30,000 post-retirement. How much do you think she should invest until the age of 60 to meet her investment goals? Priyanka will need a corpus of Rs.4.05 crores...

    See full list on cleartax.in

    It is never too early or late to start investing in retirement plans. However, it is sooner, the better. Whether you are salaried or entrepreneurial, there is a slew of pension plans you can choose from as listed below.

    See full list on cleartax.in

    Estimate your future financial goal(s)
    Consider your current income and fix an amount to invest in the plan
    Research the available plans, read the benefits offered post maturity and choose accordingly
    Understand the product thoroughly and then decide on investing e. Do not choose a product only because of tax benefits If you think any of the pension mentioned above plans suit your investment goa...

    See full list on cleartax.in

  4. www.investopedia.com › terms › pWhat Is a Pension? Types of Plans and Taxation - Investopedia

    Aug 7, 2024 · There are two main types of pension plans: the defined-benefit plan and the defined-contribution plan. The Defined-Benefit Pension Plan. With a defined-benefit pension...

    • Peter Gratton
    • 2 min

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  6. www.hdfcpension.com › blog › types-of-pension-plansTypes of Pension Plans in India | HDFC Pension

    Sep 7, 2023 · Types of Pension Plans in India – Explained in detail. It is crucial to understand the different types of pension plans in India to efficiently plan for retirement. Visit HDFC Pension today to know more!

    • 08916687777

  7. insider.finology.in › investing › types-of-pension-plansWhat are the types of Pension Plans in India? - Finology

    Sep 22, 2021 · Pension plan is a retirement fund paid to an individual as an annuity when they stop working permanently due to old age or some illness. Read more about the types of Pension plans.

  8. www.canarahsbclife.com › retirement-plans › types-ofTypes of Pension Plans - Different Types of Pension Funds in ...

    There are different types of pension plans available in India. We should select the right pension fund that suits our requirements. Read More. What are Pension Plans? Pension plans, also known as retirement plans, come with dual benefits - they offer investment and also insurance coverage.

  9. groww.in › p › savings-schemesTypes of Pension Plans for Retirement - Groww

    Investing in a pension plan to secure life after retirement is immensely vital. Here are the various types of pension plans for retirement here in detail.