Ask an Expert - Your Personal Insurance Advisor

Dear Monika, 

Before you opt for a Pension plan, you need to decide on how much Annuity you would need and after how many years, keeping inflation and the future value of money in mind along with continuous increase in lifestyle and living standard according to the Life Cycle Hypothesis.

You can... Read More>>

A pension life insurance plan for her should be a good solution. Some of the recent pension plans you can look at are:



HDFC Life Pension Super Plus Plan

Honestly speaking 2 years is a very short time for you to plan an insurance or pension product to yeild any decent returns. Minimum 10-15 years in required for an insurance policy to yeild good returns. Hence it makes most sense to invest in a pure investment product like Mutual Fund so that you can... Read More>>

If I understand correctly, you need a retirement plan with maturity benefit. Well, in that case, you can opt for a pension plan and withdraw 1/3rd of the corpus tax free under section 10(10)A and take annuity from the remaining corpus. Then both your needs are fulfilled.

You can look at some of the... Read More>>

If you need Rs 30000 per month after 18 years, then you have only 18 years to build your retirement corpus. 

Corpus Building for Pension

If you need Rs 30,000 p.m. as annuity in 18years of time, you need annual outflow of annuity = Rs 3,60,000.

Thus, even at a high rate of Annuity of about 10%, you... Read More>>

You can look at some of the recently launched pension plans in the market. Meet the representatives of these companies and ask for a sample illustration.



ICICI Pru Shubh Retirement

Pull out your policy document and note your policy number. Call the helpline of your insurance company and ask them to share the fund value of your policy as on current date.

 

LIC Jeevan Akshay VI is a single premium immediate annuity plan. So that will not meet your requirement. You have to choose either

ICICI Shubh Retirement

HDFC Life Pension Super Plus



HDFC Life Pension Super Plus offers additional allocation of premium from the 11th year onwards which is a good feature... Read More>>

Hi,

Before you opt for a Pension plan, you need to decide on how much Annuity you would need and after how many years, keeping inflation and the future value of money in mind along with continuous increase in lifestyle and living standard according to the Life Cycle Hypothesis.

You can always build a... Read More>>

Dear Sudipta,

Its a great deal to start with a Term Plan but before you plan retirement, you must build a corpus for the next 30 years of your life and then aim to build a retirement corpus. Its awesome to start early but plan well accordingly.

Also, before you opt for a Pension plan, you need to... Read More>>