How To Choose Pension or Retirement Plan?

Think of the scenario after your retirement. Would you want to be dependent on others for your living at the old age? If not, then you should plan for your retirement today itself. Pension Plans essentially help you invest your savings so that it can be used after your retirement. Government of India has pension schemes for its employees but there is no such provision in private sectors. If you're not a government employee then Pension Plans by the insurance companies are designed for you.

There are usually two types of Pension Plans:- Deferred Annuity: You can accumulate wealth by paying a regular or a single premium and get a fixed amount every month after the maturity (when you retire).

Immediate Annuity: Your annuity or pension commences within one year of having paid the premium. Currently in India, very few Life Insurance Companies offer this plan. pension-plan India There are various companies offering Pension Plans in India and you should choose the plan as per your needs & requirements. We, at PolicyX.com, make you understand your present requirement and enable you to foresee your future needs and provide you a comparison of a number of pension schemes available in India from the leading brands such as Max Life, HDFC Life, Bajaj Allianz, etc.

Age proof- Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Any one) Identity proof- Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship Address proof- Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address Income Proof- income proof specifying the income of the person buying the insurance Proposal Form- duly filled in proposal form is required Medical Tests- Some companies may require medical check-up in order to make sure that the insured does not suffer from any chronic illness.

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