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What Are Unit-Linked Pension Plans And How They Work

Unit-linked pension plan

What Are Unit-Linked Pension Plans And How They Work


January 3, 2020

By : Bajaj Allianz Life

Today, living a comfortable life has become a priority over than living longer. A majority of people opt for early retirement to live freely. However, an early retirement must be well-planned to ensure that you accomplish your life goals. To achieve these life goals one needs to plan their investments well so that they can accumulate the required funds to get their life goals done.

There is a plethora of options available for retirement plans in India. These are often referred to as pension plans. An ideal pension plan provides the policyholders with a maximum number of benefits during retirement. A policy like the Unit Linked Pension Plan (ULPP) is beneficial to retirees for multiple reasons. Before you buy this plan, go through this guide about ULPPs:

Meaning of Unit Linked Pension Plans:

ULPPs is a combination of investment and insurance. These ULPPs allows the policyholders to secure his post-retirement life goals with ease.

ULPPs is ideal for those investors looking for long-term savings. The lock-in period of five years doubles up the growth of the corpus in the due course. Therefore, opt for ULPPs to ensure financial support to achieve your dreams. The working of ULPPs is different from ULIPs, in terms of investment. Before buying ULPP, go through the operation of a ULPP to make informed decisions in the future. Take a look:

Working of Unit Linked Pension Plans:

1. The premium payment term

The premium is the base of every policy. At the inception, the investor must select the term of his premium payment. He can choose between regular, limited, or single premium payment options depending on his risk appetite. Once you purchase a plan, pay your premium on respective due dates for the continuation of the policy.

2. Deduction of charges

Apart from the policy administration charge, some of the charges that get deducted from the units are fund management charges, mortality charges, Allocation charges etc.

3. The vesting date

The vesting date is the end of your policy term. Once the tenure of the policy ends, the total fund value becomes your vesting benefit. The fund value is subjected to a guaranteed vesting benefit. It is 101% of the sum of premiums and the top-up premiums paid by the policyholders.

To sum up, every individual’s life goal is different. Whether you plan to achieve your life goals before your retirement or post-retirement, the choice is yours. Investing in pension plans ensure that these life goals turn into reality. However, before purchasing pension plans, utilize a pension plan calculator to understand your retirement corpus requirement.

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