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Death benefits: In case of the policyholder's demise during the policy term, many retirement plans provide death benefits to the nominee, offering financial protection to your loved ones.ħ. This age can often be customized based on your preferences.Ħ. Vesting age: Retirement plans come with a specified vesting age, which is the age at which you can start receiving benefits from the plan. Diversification: Retirement plans allow you to diversify your investment portfolio, spreading your risk across different financial instruments, such as equities, bonds, and fixed deposits.ĥ. Tax benefits *: Certain retirement plans offer tax benefits * under the Income Tax Act, enabling you to save on taxes while securing your future.Ĥ.

Flexibility: Many retirement plans offer multiple investment options, payout frequencies, and annuity choices, allowing you to tailor the plan according to your needs and risk appetite.ģ. Guaranteed # income: Retirement plans provide a steady income during your retirement years, ensuring financial stability and independence.Ģ. Peace of mind: Knowing you have a well-structured retirement plan in place can provide peace of mind, allowing you to enjoy your golden years without financial stress.įeatures of pension plans in India include:ġ.

Additionally, the maturity and death benefits received from a retirement plan are tax-free under Section 10(10A) of the Income Tax Act.ħ. Tax benefits *: The Income Tax Act's Section 80C allows for tax deductions on retirement policy premiums up to a total of INR 1.5 lakh each fiscal year. A retirement plan helps mitigate this risk by providing a steady income or a lump sum to support you throughout your retirement years.Ħ. Longevity risk: As life expectancy increases, the risk of outliving your savings grows. Inflation protection: With rising living costs, having a retirement plan ensures that your income keeps up with inflation, allowing you to maintain your purchasing power.ĥ. Cover unforeseen expenses: Retirement plans can help you cover unexpected costs, such as medical emergencies or home repairs, without depleting your savings.Ĥ. Maintain a standard of living: A well-planned retirement strategy allows you to maintain your desired standard of living after you stop working, ensuring you can continue to enjoy your preferred lifestyle.ģ.

Financial independence: Retirement plans help you achieve financial independence during your retirement years by providing a regular income source or a lump sum payout.Ģ. You need a pension insurance policy or retirement investment plan for several reasons:ġ. ABSLI Pradhan Mantri Jeevan Jyoti Bima YojanaĪBSLI Group Bima Yojana Plan (Micro Insurance)

Aditya birla sun life insurance company limited