Retirement Solution

Why is retirement planning important?

Retire from work. Not from life.
A retirement plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. To understand why an increasing number of individuals have already started planning for their retirement, and why you should too, please read below:
A) Independence is the new way of life: An increasing number of young Indian professionals are moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years.
B) Costs set to soar: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs.
C) Non-earning retirement phase is now longer: Only 4% of India working population- mostly government employees – are covered by pensions. The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions.

Following are few of the option available for different type of pension seeker:


Features and benefit of LifeStage Assure Pension

  1. Guaranteed Additions of 120% to 200% of first year’s premium, so long as you pay at least five years’ premium.
  2. Additional allocation of units from year 6 onwards results in more than 100% allocation to funds on premium payment.
  3. Lifecycle Based Portfolio Strategy to invest your money as per your life stage and continually maintain the correct asset allocation.
  4. Eliminate the need to time your investment with the Automatic Transfer Strategy.
  5. Flexibility to increase your investment by investing additional money over and above your regular premiums as top ups.
  6. Cover Continuance Option is available which ensures continuance of your policy, even if you wish to take a break in premium payment.
  7. Get regular income (pension) post retirement.
  8. Avail tax benefits on premium paid and benefits received as per prevailing tax laws

Plan at a Glance:

Minimum Premium Rs. 15,000 per annum
Minimum/Maximum Age at Entry 18 – 70 Years
Minimum/Maximum Age at Vesting 50 – 80 Years
Minimum/Maximum Policy Term 10 – 62 Years
Minimum/Maximum Sum Assured 0 – 5 times annual premium
Maximum Cover Ceasing Age 75 Years

2. Prudential ICICI Elite Pension Plan:

Key benefits of ICICI Pru Elite Pension

  1. Limited premium payment term: Pay premiums for only 3 years.
  2. Flexibility to increase your investment: invest your surplus money over and above your premiums as top ups, at any time during the policy term.
  3. Additional allocation of units: There will be an additional allocation of units at the end of every 5th policy years at the rate of 1.5% of the average of the daily fund values in the policy year preceding the said allocation. Additional allocation of units will be made only if all due premiums have been paid within the completion of first 3 policy years.
  4. Choose from 8 investment funds to invest your money: select from 8 funds, based on your financial goals and risk profile. You can switch funds 4 times a year, at no cost. For subsequent switches you will be required to pay a switch fee of Rs. 100.
  5. Flexibility to choose the date from which you want to start receiving pension: choose to start receiving your pension from anytime between 50-80 years, according to your requirement.
  6. Enjoy the flexibility to choose from 5 pension options: through which you can receive your pension.
  7. Tax benefits: receive up to one-third of the accumulated value as a tax-free lump-sum on your retirement day. Also enjoy tax benefits on the premiums you pay (under u/s 80 CCC) and tax exemptions on death benefits.

Plan at a Glance:

Minimum Premium Rs 3,00,000 p.a.
Premium Payment Term 3 years
Min / Max Age at Entry 18 / 74 years
Min / Max Policy Term 6 / 62 years
Min / Max Age at Vesting 50 / 80 years
Tax Benefits Tax benefits under the policy are subject to conditions under section 80 CCC, 10 (10A) of the Income Tax Act, 1961


SBI Life Insurance introduces SBI Life – Immediate Annuity Plan for Pension Policyholders. This product provides annuity payments immediately from payment of purchase price.
What are the Key Features?

  • You can opt for any one of the 6 Annuity options available and your annuity option stays the same throughout the tenure.
  • Option to choose the periodicity of your annuity: Members can choose the periodicity of the annuity depending upon their needs. The options available are Annual, Half yearly, Quarterly, and Monthly.
  • Annuity rates guaranteed for life: Attractive annuity rates due to group effect. Annuity rates decided at the time of entry are guaranteed for the rest of life for the given purchase price.
  • Age at Entry for member : 50 to 70 Years as on last birthday.
  • Minimum Annuity will be Rs. 250 per month.

What are the Annuity Options* Available?

A variety of Options to choose from:

  • Life annuity at constant rate.
  • Annuity payable at constant rate throughout the life of the Annuitant with facility of receiving on death of the Annuitant a refund of purchase price less the sum total of annuity already paid till date of death.
  • Annuity payable at constant simple rate throughout the life of the Annuitant with facility of receiving on death of the Annuitant 100% refund of purchase price.
  • Annuity increasing at the rate of 1% or 2% or 3% per annum as the case may be and payable during the life of the Annuitant
  • Annuity certain for 5/ 10 / 15 years as the case may be and for the life thereafter.
  • Last survivor annuity, whereby upon the death of the Annuitant his/ her spouse* will receive a life annuity, which will be either 100% or 50% of the last annuity amount paid to the Annuitant, as the case may be.
Age of the annuitant 60 yrs
Purchase price Rs.1,00,000/-
Option of Annuity Option 1: Life Annuity
Frequency of Annuity amount Annual
Annuity Amount payable per year till death of the annuitant Rs. 6,761/-
Death benefit payable Nil
Surrender benefit payable Nil

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