Annuites and pension
Retirement Plans make sure that you have support in the twilight years of your life. The savings you set aside today become your wealth and support in the years to come.
Retirement plans are of two types:
a. Immediate Annuity Plans
These plans allow you to convert a sum of money into a guaranteed series of payments for a definite period or for life.
b. Deferred Annuity Plans
This plan allows you to save regular amounts of money for a peaceful retirement. This type of annuity has two main phases, the accumulation phase which allows you to invest and save money into your account, and the payout phase in which the plan is converted into regular annuity installments and payments are received.
Retirement Plans offer you benefits such as:
1)An alternative to superannuation's and provident fund;
4)Choice of Open Market Option, i.e., you have the option to purchase an immediate annuity from your current insurer or from any other life insurer as recognized by IRDA.