There is an economic slowdown in all over the world and at this time, every company is doing cost cutting in their expenses. For this, they have reduced their many staff members and also cut down the salary of their employees. At this crucial period, everyone wants to secure his future. Everybody thinks that what will happen after his retirement. I am also facing this financial problem too. So I have also taken a Pension Plan from an insurance company for securing my old age.
These insurance plans are offered by various life insurance companies to help individuals for planning their retirements. They are also known as retirement plans that build a retirement corpus. This corpus is invested to generate a regular income stream when it comes to mature. It is also called as pension or annuity. By purchasing this, an individual can also get deductions from Income Tax under Section 80CCC. The limit is set at Rs.10, 000 per annum.
Pension plans also provide a regular source of income to the policy holder on maturity. It helps the person to live the easy life at the time of its old age. There are many annuity options for pension plans such as annuity to policyholder and his spouse, annuity to the policy holder, immediate annuity and many more. So you should choose the annuity option according to your requirements. In other words, pension plans are very useful for those who are salaried people in a private company and they can not get any pension at the time of retirement.
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