Benefits of Pension Plan
1. Guaranteed Pension
The guaranteed pension is like regular income after retirement. It is always good to think of the future and look at the specific pension plans for better future. Choose the pension plan wisely and keeping everything in mind and save income for your future in times of need.
2. Tax Efficiency
When you need money the most is when you are retired. Pension gives you the opportunity of plan which has tax exemption facility. It helps you save significantly under section 80C.
Some plans offer lump sum payment which can be used in your major expenses. Liquid money helps you in manage expenses when building a house or buying a flat or money for children marriages. Pick the one that suits you as per need is the best option.
4. Insurance Cover
Protect your family’s income and plan for retirement as insurance cover. Save early and use it after retirement. Most companies also offer an insurance cover along with their retirement plans which helps spouse at times of need.
There are ample of Pension plan policies which includes Aegon Life Guaranteed Income Advantage insurance plan, Bajaj Allianz Retire rich, BSLI Empower Pension-SP Plan, HDFC Life Assured pension plan-ULIP Pension plans, HDFC Life Guaranteed Pension Plan and many more. Choose the one with the maximum benefits. These gives you best plans which suits you and you can opt and enjoy the outcome.
Future is uncertain and this is traditional and best approach to achieve retirement security which consists of pension. You are economically efficient even after retirement and also, pensions help to boost local economies.
The main focus is to ensure that your investment beats inflation. It should complement your existing savings. The main focus is to protect your spouse too, so check whether it safeguards your spouse also and guarantees pension even in your absence.