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Employers establish pension plans to assist their employees in securing their financial futures and shielding them from potential post-retirement uncertainties. These plans are especially valuable for seniors looking to plan their retirement effectively. Insurance plays a crucial role in personal finance, as it safeguards your family’s financial well-being and prepares you for unexpected events. If you are the primary source of income for your family, insurance becomes a necessity. Insurance providers offer a wide range of services, including life insurance, term insurance, cancer insurance, ULIP, money return plans, endowment policies, whole life policies, postal life insurance, and pension plans.
One option for ensuring a reliable income after retirement, along with numerous benefits, is the Max Life Guaranteed Lifetime Income Plan. This plan requires a minimum monthly premium of Rs. 1,000 and offers both single-life and dual-life annuity options. There are six annuity types to choose from, and you can opt for a monthly, quarterly, half-annually, or annual payout.
The SBI Life Saral Pension Plan is designed to help you build a retirement fund while ensuring the financial security of your family. It also includes the SBI Life – Preferred Term Rider, offering income tax benefits in accordance with Indian regulations. You can receive recurring simple reversionary bonuses during the policy term, and premium payments can be made as a one-time payment or on a monthly, biannual, or annual basis.
For those seeking flexibility, the LIC New Jeevan Shanti plan offers a choice between single life and joint life deferred annuities for a single premium. You can purchase this plan online or offline, and additional death benefits are paid at the end of each policy month until the Deferment Period concludes. Annuity modes include monthly, quarterly, half-yearly, and annual, and policy loans are available three months after the policy ends.
The Bajaj Allianz Life LongLife Goal plan, a unit-linked plan, provides a consistent income until the age of 99. You can choose between LongLife Goal with Waiver of Premium and LongLife Goal without Waiver of Premium, along with four different investing portfolio options. Loyalty additions are granted annually from the fifth policy year until the twenty-fifth policy year, and partial withdrawals are allowed after the fifth policy year.
The IndiaFirst Life Guaranteed Annuity Plan, an annuity pension plan, offers a range of options to tailor your retirement coverage to your specific needs. You can select from 12 different annuity options to ensure a steady income for life and enhance your annuity amount using the top-up option. Additionally, you can benefit from tax deductions for premium payments and defer annuity payments using the Deferred Life Annuity Option.
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