Tanujakoshy

A pension plan is a popular product and is also offered by LIC to help its customer in planning their retirement in a better way. Pension plans are retirement oriented plans. LIC pension plans help to create a retirement corpus and provide you with a regular and steady source income even after your retirement. There are two types of Pension plans- Deferred Annuity plans and Immediate Annuity Plans.

A pension plan is an investment option which helps in allocating your savings to accumulate a corpus over a certain period of time. Pension plan provides with a steady and guaranteed regular source of income after you have stopped working. It provides you with financial security so that you will not have to compromise on your living standards even after your retirement. There are two annuity plans which are Deferred Annuity Plan and Immediate Annuity Plan

The LIC plans which are going to be closed include unit-linked indebtedness insurance plans, one rider plan, non-linked indebtedness insurance plans, and three non-linked group insurance plans.

Pension plans are investment plans which help to allocate the savings to accumulate into a corpus over a specified period of time and it also provides with a steady and regular source of income after your retirement. Pension Plans provides financial security to the senior citizens so that they do not have to compromise on their living standards. The senior citizens require a steady source of income after retirement. In that case, pension plans can help them to receive regular income from an Immediate Annuity Plan.

Arogya Sanjeevani policy is an excellent initiative for bringing awareness among common people for health insurance. This policy would give the common Indian people a chance to purchase health insurance policy as it is affordable and ensures comprehensive health coverage. We can wait for a few months and then find out the exact benefits and lacuna related to the product once it is launched in April 2020.