Page 42 - Insurance Times October 2019

PRODUCT COMPARISON

Pension plan: Live a stress-free post

retirement life

T o spend a stress-free retired life, buying a paying a single premium of lump sum amount. This LIC

retirement plan should be on the priority list. A
Pension Plan for Retirement is best pension plan for
retirement plan not only takes care of the
financial expenses in the post-retirement phase but also investor who need immediate annuity. You can start
availing the benefits of this plan immediately after
helps to accumulate funds. With a regular premium purchasing the plan.
retirement plan, one can build a financial corpus, which
would be utilized to give pension money to enjoy the Benefits and Features
same financial independence in the post-retirement phase
Y The premium is paid in lump sum. You can get the
as well. In addition, a retirement plan also provides a death pension monthly, quarterly, yearly, or half-yearly.
benefit to the family in case of an unfortunate and
Y There is no maximum limit for annuity or price of
untimely demise of the life insured.
purchase, etc.
HDFC Life - Assured Pension Plan: Y The minimum price to purchase this plan is Rs.1 Lakh
for offline channels of distribution and for online
This Unit Linked Pension plan provides market linked distribution channels it is Rs.1.50 Lakhs.
returns along with loyalty add-ons so that you can easily
meet with your retirement goals. Y You do not require undergoing any medical tests to
avail of this policy.
Benefits and Features Y The minimum age to take this policy is 30 years and
Y This plan provides guaranteed vesting benefits with the maximum age is 85 years.
additional market gains.
Y The premium you pay is eligible for tax exemption.
Y The minimum age to get this plan is 18 years and the
minimum maturity age is 45 years. SBI Life Saral Pension Plan:

Y The loyalty additions start from the 11th policy year It is an individual, non-linked, participating, traditional top
and are provided in every alternate year. pension plan that offers protection to you from volatility

Y This one of the top 10 pension plans offers a single and fluctuation of the market. This top SBI pension plan
and limited pay option. offers guaranteed bonuses for first five year.
Y The plan also provides tax benefits under Section 80C
of the Income Tax Act, 1961. Benefits and Features
Y Guaranteed bonuses are provided for the first 5 years.
Y The plan as well provides the death benefits to your
beneficiary. Y You can also get the vesting benefits on plan's
maturity.
Y The death benefit can be higher of 105% of the
premiums paid till then or policy's fund value Y The plan also provides loan tenure ranging from 10
years to 40 years.
LIC Jeevan Akshay 6 Plan: Y Minimum entry age for this top pension plan is 18
This is an annuity retirement plan that you can buy by years and maximum age is 65 years.

42 The Insurance Times, October 2019