What are The Different Types of Retirement Plans in India?

2022-06-01

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What are The Various Types of Retirement Plans?

Investment in your retirement is a necessity. Whether you plan to go on a world tour or make a shelter for animals, having a retirement plan shall help you fulfill those visions. This is especially relevant for employees in the private sector who can't avail a pension scheme. However, nowadays, there are many types of retirement plans offered by employers in the private sector as well

One can avail any of the 4 types of pension plans suiting their needs.

National Pension Scheme: Considered a popular option, this scheme ensures that you receive a regular income after retirement.
Annuity Plans: These plans can be divided into immediate and deferred plans. In an immediate plan, you begin to receive returns along with investing every month. Deferred plans need you to make regular investments for a fixed time.
Pension Funds: You can invest in your desired funds and obtain the returns under this scheme.
Pension Plans with Life Cover: This plan is a combination of life insurance plans and savings. One part is invested in premiums while the other in your desired funds.

Guaranteed Income4Life is one of the most flexible retirement plans. You can customize it according to your needs at any stage of life. Apart from that, this plan will help you fulfill your short-term and long-term financial goals.

To secure a happy and free life, investing in the best pension plan is a must for the following reasons:

On premium-paid plans, you will save on taxes.
You will stay prepared for inflation if the condition arises.
You get to choose from a varied range of flexible options for channeling your finances most constructively.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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