Pension Plans Review & Comparison – Retirement Plan & Investment Plan Features

About Pension Plans 

Pension is a fixed sum which is regularly paid to the person at old age or at Retirement stage. A Pension plan is usually a type of retirement plan which gives an opportunity to employers to make contribution aside for future purpose of living. Three different types of Pension plans are available.

• Employment-based pension plans
• Social and state pension plans
• Disability pension plans

Employment based Pension plans

Employment based Pension plan is a type of Retirement plan or Annuity plan in which an employee transfers some part of his/her current income stream toward retirement income, which is usually tax exempt. For information bout Tax on Insurance Policies, refer www.taxqueries.in. Retirement plans are of 2 types. They are

• Defined Benefit Pension: These type of Defined Benefit Pension Plan are fixed Pension plan which is paid to the employee as retirement benefit plan which is depending upon the retirement age, term of Service (in Years) and last salary received.
• Defined Contribution Pension: Defined Contribution Pension Plan is in which employee contributes some Percentage of salary and which is added to retirement benefit plan. At the stage of retirement, employee will receive combined sum in the Pension.

Social and state Pension plans

Social and State Retirement plans are based on the Funds contributed by Government Sectors or Private sectors.

Disability Pension plans

Disability Pension plans are given to the persons who are suffering from disability. Under this type of Retirement plans Retirement age is not considered for the disability persons.

 Benefits of Pension Plan: 

• With this defined benefit Retirement plans and Contribution pension plans, the employee can continue his rest of life safely.
• Pension plan provides protection financially at old age.

Pension Plan Example: Suppose, a person aged 65 years had retired then his Retirement plans are based on his age of Retirement, Term of Service and based on his last salary. In case, if the employee had not contributed his salary then his retirement benefit is fixed benefit based on predetermined calculation. In case of any contribution made by him then a combined sum will be his retirement benefit.

Pension Plans of different Life Insurance Companies

AEGON Religare Life Insurance Pension Plan

• Aegon Religare Guaranteed Income Advantage

Aviva Life Insurance Pension Policy

• Aviva Annuity Plus Plan

Bajaj Allianz Life Insurance Pension Policy

• Bajaj Allianz Pension Guarantee Plan

Bharti AXA Life Insurance Pension Policy

• No Retirement Plans are available

Birla Sun Life Insurance Pension Policy

• No Pension Plans are available

Canara HSBC Oriental Bank of Commerce Life Insurance Pension Policy

• No Retirement Plans are available

DHFL Pramerica Life Insurance Pension Policy

• No Retirement Plans are available

Edelweiss Tokio Life Insurance Pension Policy

• No Retirement Plans are available

Exide Life Insurance Retirement Plans

• Exide Life Life Immediate Annuity Plan
• Exide Life Golden Years Retirement Plan

Future Generali India Life Insurance Pension Policy

• No Retirement Plans are available

HDFC Standard Life Insurance Pension Plans

• HDFC Life New Immediate Annuity Plan
• HDFC Life Personal Pension Plus Plan
• HDFC Life Guaranteed Pension Plan

ICICI Prudential Life Insurance Pension Policy

• ICICI Prudential Immediate Annuity Plan

IDBI Federal Life Insurance Pension Policy

• No Retirement Plans are available

IndiaFirst Life Insurance Pension Policy 

• IndiaFirst Annuity Plan

Kotak Mahindra Old Mutual Life Insurance Pension Policy

• Kotak Lifetime Income Plan

Life Insurance Corporation of India Pension Plans

• LIC Jeevan Akshay Plan
• LIC Varishtha Pension Bima Yojana
• LIC New Jeevan Nidhi Plan

Max Life Insurance Pension Policy

• Max Life Perfect Partner Super

PNB Metlife India Insurance Pension Policy

• No pension policies available

Reliance Life Insurance Retirement Plans

• Reliance Immediate Annuity Plan
• Reliance Life Smart Pension Plan

Sahara India Life Insurance Pension Policy

• No Pension policies available

SBI Life Insurance Pension Plans

• SBI Life Annuity Plus Plan
• SBI Life Saral Pension Plan
• SBI Life Retire Smart

Shriram Life Insurance Pension Policy

• Shriram Immediate Annuity Plan

Star Union Dai-ichi Life Insurance Pension Policy

• Star Union Daiichi Life Immediate Annuity Plan

TATA AIA Life Insurance Pension Policy

• No Pension policies available