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What are Retirement Plans or Pension Plans?
Retirement plans are essential financial products designed to help you secure your future once your regular income stops. At Amba Insurance, we offer retirement solutions that provide financial stability and peace of mind for your golden years. There are two main types of retirement plans:
Pension Plans
Pension plans let you save consistently, ensuring a reliable income stream after retirement. You can contribute through regular premium payments or a one-time lump sum. Upon retirement, these plans provide periodic payouts to help you maintain your lifestyle independently. Pension plans offered by Amba Insurance also help safeguard your savings against inflation, allowing you to enjoy a comfortable and secure retirement.
Annuity Plans
Annuity plans at Amba Insurance help you guarantee lifelong income after retirement. During the accumulation phase, you invest money regularly into your pension policy. When you decide to retire, these accumulated funds are converted into an annuity, providing you with steady, long-term income payments. Our best annuity plans are tailored to your needs, ensuring ongoing financial security throughout your retirement.
Why Do You Need Retirement Plans?
Retirement plans are designed to help you secure a steady source of income throughout your retirement. These plans enable your savings to grow over time, allowing you to maintain your standard of living despite inflation.
One of the key benefits of retirement plans is the joint life option, which ensures that if anything happens to you, your spouse will continue to receive regular payments for life. This feature provides peace of mind, knowing you can enjoy your golden years without financial worries.
Secure Your Retirement with the Right Pension and Annuity Plans
Guarantee yourself a steady source of income for life by investing lumpsum in HDFC Life annuity plans.
You should go for these, if you:
- Have a substantial lumpsum amount / corpus to invest
- Looking to create alternate source of regular income post retirement
- Are retired or are few years away from your retirement (eg: 1 – 15 years)
Concerned about your post retirement life? Start now with HDFC Life pension plans and build your retirement corpus to enjoy a worry-free retirement
You should go for these, if you:
- Are Looking to accumulate and create a lumpsum retirement corpus
- Want to start planning for your retirement from an early age (Plans available from age 18 years onwards)
- Know the amount you want to invest every year
- Can start with investment as low as ₹ 2000 per month
Note: These are generic features and they may vary depending on the product selected. Please read the product brochure carefully of the selected product
If you’re deciding whether a retirement plan is a good option, here’s a look at the features they offer:
Features of Retirement Plans in India
Steady Flow of Income
Retirement plans offer you a guaranteed1 income on retirement, so you don’t have to worry about not having a steady income once you retire. Additionally, depending on the policy you opt for, you can secure your spouse’s financial future even if something happens to you.
Vesting Age
The vesting age is the time from when you become eligible to start receiving your pension payments. In India, most plans offer a minimum vesting age of 40 or 50 years since people retire and start receiving their pension when they are 60. You can find a plan that offers you what you need based on your retirement plans and goals
Surrender Value
If you opt to surrender your pension plan before it matures, you will forfeit any additional benefits it offers. Your pension plan will be considered a limited value plan, and you can commute a portion of the fund value and purchase an annuity with the remaining amount.
