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What is Pension Plan?

All of us are worried about our income when we retire. Pension Plans, also called Retirement Plans are one of the safest and surest ways of a trouble-free retirement life. Invest small amounts today while you are earning and receive fixed annual payouts during your retirement years. You build your kitty by investing small amounts regularly in your earning days and then use that kitty to buy an Annuity on retirement. The annuity will ensure the regular payouts during your golden years of retirement.

It is best to start planning for your retirement as early as possible because these small amounts contributed today will become a large sum of money over the years.

Pension Plans are flexible and can be used effectively if planned out well. On attaining the retirement age, the policy holder can withdraw 33% of the maturity amount for some immediate financial needs. The balance amount is used to purchase an annuity which gives a regular monthly/annual income.

What are the different Pension Plans?

Pension Plans come in 2 variants - Traditional plans in which the amount of payout is almost guaranteed and ULIPs in which part of the amount paid as premiums every year is invested in financial instruments which are known to appreciate handsomely over a long period of time. If your investment horizon is 10 years and more, it may be advisable to go in for a ULIP based pension plan. If you are completely risk averse, it maybe better to go with traditional pension plans.

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