The specialized insurance plans which provide a steady flow of income in your golden years post retirement are called pension plans. These plans are so designed that instead of providing a lump sum amount on maturity, as most insurance plans do, this plan provides a stream of payments post maturity up until the policyholder is alive. Perhaps this is why these plans are called a reverse of life insurance plans where a lump sum amount is provided on maturity. These plans come is two separate versions. These plans provide payments in installments and not in one lump sum, it is ensured that the money received will actually be used for retirement funding and not on other expenses. The various pension plans are:
Features & Conditions:
Minimum age at entry : 20 years
Maximum age at entry: For Single Prem. (SP) : 60 years
For Regular Prem. (RP) : 58 years
Minimum/Maximum age at Vesting : 55 to 65 years
Minimum S.A : For SP: 1,50,000, For RP : 1,00,000
Minimum S.A. :Maximum S.A. : No limit S.A in multiples of 5,000 only.