Pension plans are indeed great investment avenues that are a mixture of both investment and insurance. You get to save for your golden days that offer life coverage as well. In India, there are different types of pension plans available and you can choose one as per your requirement. But do you know how these pension plans work in India?
Let’s clear your doubts right away!
Some facts about buying a pension plan in India: Mentioned below are some of the important facts about the pension plans available in India:
Expert’s advice to start early in lifeif you wish to lead a comfortable retirement. It is advisable to begin when you are in your twenties or early thirties for your retirement. You may not even realise how years pass by and yourretirement will appear in a flash. Therefore, ensure that you start early no matter what just to build up a substantial corpus gradually. It is better if you save a little amount every month and yet have a large fund when you retire.
Pension plans have investment options that are diverse. A part of your funds are invested in lower risk tools namely government bonds and shares while the remaining part is invested in mutual funds and equities. Expert’s advice to opt fora pension plan that offersoptions of diversity. This will let your funds grow in a healthy manner at the same time have a lower risk.
Inflation is a major fact that you can’t afford to give a miss on. The stuff that costs a mere 100 bucks may cost around 800 to 900 in couple of years down the line. The prices of almost all the goods and services will definitely shoot up. Therefore, the fund that you create for your retirement should be good enough to beat inflation. Ensure you choose a pension plan wisely and start making the contributions from now itself.
Different types of annuity: In India there are immediate annuity plans and the deferred annuity plans.
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