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Bakshi House 40-41 (Near Chiranjiv Tower), Nehru Place, New Delhi, Delhi 110019
07:30 am – 05:30 pm Mon-Fri

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It is hard to figure out a perfect retirement plan when you are busy with your professional life. This is where our expert assistance comes in very handy. Request a callback from our executives to find out the best retirement plans offered by the leading brands in India. Understand them with our support and design the best plan for your retirement right away and enjoy the benefits.

Retirement Plans: Secure your future with Pension Plans Online

How fruitful is it when you design a retirement plan and enjoy a steady inflow of monthly income from your investments? The retirement plans are designed to provide excellent benefits when a professional retires in terms of returns and monthly income. The banking and other financial institutions have created a brilliant platform with the aid of government amendments where you can design your retirement plan and secure your future with a steady income ahead.

Securities to include in retirement plans - Pension Plans Online 

The pension plans can have the following securities from different avenues. You can choose and customize a plan with the help of our executive support and strengthen your financial foundation for the upcoming years.

Indian Govenrment has also announced Prension Plans - Pradhan Mantri Vaya Vandana Yojana

1. Introduction:

Government of India in the Budget Speech of 2018-19 has announced the enhancement of maximum limit under Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen. The period of sale for this scheme has also been extended upto 31st March, 2020.

2. Benefits :

a. Pension Payment : On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.

b. Death Benefit: On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.

c. Maturity Benefit: On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.

3. Eligibility Conditions and Other Restrictions:

a) Minimum Entry Age: 60 years (completed)
b) Maximum Entry Age: No limit
c) Policy Term : 10 years
d) Minimum Pension: Rs. 1,000/- per month
 Rs. 3,000/- per quarter
 Rs.6,000/- per half-year
 Rs.12,000/- per year

e) Maximum Pension: Rs. 10,000/-per month
 Rs. 30,000/-per quarter
 Rs. 60,000/- per half-year
 Rs. 1,20,000/- per year

Ceiling of maximum pension is per senior citizen i.e. total amount of pension under all the policies under this plan, including policies taken under Pradhan Mantri Vaya
Vandana Yojana with UIN: 512G311V01, allowed to a senior citizen shall not exceed  the maximum pension limit.

4. Payment of Purchase Price:  The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner
has an option to choose either the amount of pension or the Purchase Price.  The minimum and maximum Purchase Price under different modes of pension.

The Purchase Price to be charged shall be rounded to nearest rupee.

5. Mode of pension payment:  The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension  payment shall be through NEFT or Aadhaar Enabled Payment System. The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month  from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.

6. Sample Pension rates per Rs.1000/- Purchase Price - The pension rates for Rs.1000/- Purchase Price for different modes of pension payments are as below:
 Yearly: Rs. 83.00 p.a.
 Half-yearly: Rs. 81.30 p.a.
 Quarterly: Rs. 80.50 p.a.
 Monthly: Rs. 80.00 p.a.

The pension instalment shall be rounded off to the nearest rupee. These rates are age independent.

7. Surrender Value:  The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.

8. Loan: Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price. The rate of interest to be charged for loan amount shall be determined at periodic intervals. For the loan sanctioned till 30th April, 2018, the applicable interest rate is 10% p.a. payable half-yearly for the entire term of the loan. Loan interest will be recovered from pension amount payable under the policy. The Loan
interest will accrue as per the frequency of pension payment under the policy and it will be  due on the due date of pension. However, the loan outstanding shall be recovered from the  claim proceeds at the time of exit.

9. Taxes: Statutory Taxes, if any, imposed on this Plan by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

10. Free Look period: If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy stating the reason of objections.  The amount to be refunded within free look period shall be the Purchase Price deposited by the policyholder after deducting the charges for Stamp duty and pension paid, if any.

11. Exclusion: 

Suicide: There shall be no exclusion on count of suicide and full Purchase Price shall be
payable.

SECTION 45 OF THE INSURANCE ACT, 1938:  The provision of Section 45 of the Insurance Act, 1938 shall be as amended from time to
time. The simplified version of this provision is as under:

Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 are as follows:
1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from

a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy whichever is later.

2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from

a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy whichever is later.

For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.

3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;

b. The active concealment of a fact by the insured having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of theinsured or his agent keeping silence to speak or silence is in itself equivalent to speak. 
5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the misstatement was true to the best of his knowledge and there
was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the
policyholder, if alive, or beneficiaries.

6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal
representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.

7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.

8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.

9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.

[Disclaimer: This is not a comprehensive list of Section 45 of the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to the Insurance Laws (Amendment) Act, 2015, for complete and accurate details. ]

  • Pension Funds

    This hybrid tool of using mutual funds along with tax benefits as per Section 80C of the Income Tax Act 1961 is one of the best avenues to explore and make a future plan. The mutual funds are designed by the leading financiers to introduce your invested money in low-risk sectors to generate decent revenue. For instance, government securities, bonds, and other money instruments are chosen for investing.

  • Immediate Annuity Plans

    This pension plan includes an insurance scheme and a handsome amount of premium payment. The payouts can be designed at regular intervals as per your convenience.

  • Deferred Annuity Plans

    This plan is similar to that of the life insurance schemes where a policyholder makes regular payments for a stipulated amount of time. After the accumulation phase is over, the payouts are generated via purchasing immediate annuities.

  • Pension Plan combined with Life Insurance

    This is also called Unit Linked Insurance Plans or ULIPs. This plan also offers tax benefits. Apart from the life insurance terms, the accumulated amount will be paid with eligible annuity generations if the policyholder survives.

  • Guaranteed Period Annuity

    After the completion of its accrual phase, the payout is generated in terms of the annuity. This plan offers a lump sum payment at the end of the tenure.

  • National Pension Scheme

    In this investment tool, the invested amount is partially used (40%) for purchasing annuities and the rest is applicable for withdrawal.

There are pros and cons of different elements that can be included in a pension plan. All you have to do is to contact us and design a retirement plan efficiently.

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