Retirement Plans

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Retirement Plans are also known as Pension plans; are investment plans in which part of savings are set aside to accumulate over a period of time to provide steady income after the retirement, when one requires it the most. Investment in these plans help you secure your current lifestyle after your retirement.

Benefits of Pension Plans

  • Minimum Guarantee: Mandated by law every pension plan has a minimum guarantee. As per IRDA guidelines, there should be “non-zero returns” on all premiums or guaranteed maturity benefits.
  • Tax benefits: As per extant tax laws, this plan offers tax benefits under Section 80CCC and Section 10(10A) of the Income Tax Act, 1961, subject to fulfilment of the other conditions of the respective sections prescribed therein.
  • Commutation up to 1/3rd of the Vesting Benefit is allowed and the amount can be received in a tax-free lump-sum.

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