Pension plans also known as retirement plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement. Even if a person has a good amount of savings, a retirement plan is nevertheless crucial. Savings get exhausted very fast and are sometimes used in emergencies, so selecting the best pension scheme helps you secure your cash flow for meeting basic daily needs post retirement. When you continuously invest in retirement plans, the amount grows manifold due to the compounding effect which makes a lot of difference to your final savings corpus. A right pension scheme lets you plan for retirement in a phased manner. So it is advisable to choose a best retirement plan that can act as a savior in your golden years.
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Compare and invest in pension plan to enjoy an independent and financially secure retirement. Choose a best retirement plan at Policytray.
Pension Plans Features
Nowadays, people start planning for the retirement life at an early stage so that at a later stage they do not have to depend on others to make their ends meet. Usually, a conventional retirement plan encompasses following features-
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LIC Retirement Plans
New Jeevan Nidhi
LIC's New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.