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What Are Pension Plans And Why You Need One

Pension plan definition

What Are Pension Plans And Why You Need One


January 3, 2020

By : Bajaj Allianz Life

Picture this: you’re officially tired of your work schedule. You seek a stress-free life in the search for peace. However, the thought of early retirement gives you nightmares due to lack of resources for the sustaining your life and the survival of your family members. In the quest of looking out for relaxation, you can’t put your family at risk. The best way to work towards your retirement planning is by investing early in a pension plan.

For the sake of regular flow of funds, a majority of people invest in a pension plan without knowing the basics of the policy. A good pension policy can help reap retirement benefits for you and your entire family. Therefore, take a look at the workings of a pension plan to make informed decisions in the future:

What are Pension Plans?

Popularly known as retirement plans, a pension plan provides its policyholders with dual benefits. It allows the benefits of investment and insurance under a single plan. All you have to do is start by investing a certain amount to allow the growth of funds over the due course. When you retire, you wouldn’t have to worry about lack of resources since you would have already built a significant corpus for yourself to take care of your future needs.

For instance, if you wish to retire early, the maturity corpus must be substantial enough to help you survive the additional years' post-retirement. Investing wisely will eventually help you to be financially secure and independent post retirement without compromising on your life goals.

Take a look at these benefits offered by a retirement plan:

Why do you need a pension plan?

1. Steady income

While a majority of people fear their retirement due to inadequate flow of funds, the rest of them invest in a pension plan to financially secure themselves in the long run. Since pension plans focus on accumulating your funds, it could provide a steady flow of income to its policyholders to cover their post-retirement years.

2. It grants tax benefits

As specified by Section 80C of the Income Tax Act, 1961, pension policies are entitled to exemption of taxes subject to provisions stated therein. The contribution made towards this plan is deductible from the taxable income. These tax benefits eventually allow the policyholder to save more money for a better future.

With the help of a pension plan, one can easily protect the financial needs of the family in the future. If you’re ready to take early retirement, start investing in a retirement plan which suits your requirement.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.