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Top Pension Plans in India. IndiaFirst Life Insurance – Guaranteed Retirement Plan: Best annuity-based endowment retirement policy. Bajaj Insurance Life Insurance – LongLife Goal: Best ULIP ...
National Pension System. Government of India established Pension Fund Regulatory and Development Authority (PFRDA) on 10 th October, 2003 to develop and regulate pension sector in the country. The National Pension System (NPS) was launched on 1st January, 2004 with the objective of providing retirement income to all the citizens.
Pension Funds provide the much needed financial support in your retirement years. Understand what is a pension fund & the types of pension funds in India @ ICICI Prulife.
- What Are Pension Plans?
- What Are The Tax Implications of Pension Plans?
- What Are The Different Types of Pension Plans Available in India?
- How Are The Various Plans Classified?
- What Are The Advantages of Pension Plans?
- What Are The Disadvantages of Pension Plans?
Pension plans are also known as retirement plans. In these, you may invest some portion of your income into the designated plans. The main objective behind a pension plan is to have a regular income post-retirement. Given the ever-growing inflation, investing in these plans has become necessary. Therefore, even if you have considerable savings in y...
The contributions of up to Rs 1.5 lakh made towards a pension plan under Section 80CCC provide tax deductions. This includes the amount spent on buying a new pension plan or renewing an existing one of similar nature. Both residents and non-residents may claim tax deductions under this section. However, Hindu Undivided Families (HUFs) are not eligi...
There are different kinds of pension plans which you can check below: 1. Plans that are sponsored by an insurer where the investment is solely in debt and are best suited for conservative investors. 2. Plans that are unit-linked and invest in both equity and debt. 3. The National Pension Scheme, which invests either 100% in government securities, 1...
The classification of pension funds are made as follows: National Pension Scheme The Government of India introduced a pension scheme in 2004 for those who wanted to build up their pension amount. Your savings will be invested in the debt and equity markets, based on your preference. It allows you to withdraw 60% of the funds at the time of retireme...
Some of the advantages of investing in Pension Plans are listed below: Option in Investment: Pension funds allow investors to invest in either the safe government securities or assume some risk and invest in debt and equity investments, depending on their risk profile. The risk is balanced by the prospect of higher returns that are generated by the...
Limited amount of deduction allowed: Though pension plans qualify you for a tax deduction, the maximum allowed deduction on life insurance premiums is Rs 1.5 lakh under the Income Tax Act, 1961. Taxation on the annuity: When you receive the annuity after your retirement, it is taxable as of that date. High returns require high-risk taking: To make ...
The National Pension System ( NPS) is a defined-contribution pension system in India regulated by the Pension Fund Regulatory and Development Authority (PFRDA) which is under the jurisdiction of the Ministry of Finance of the Government of India. [1] .
2 days ago · PLAN. Filter. Last Updated - 24/05/2024. National Pension Scheme (NPS) is a government sponsored pension scheme. Know the detail information about its Benefits, features, How it works, what is...
