No matter how much you try, you cannot hold the golden time in your life. Requirements and financial stability change at the time and one needs to be well-prepared for the future need keeping in mind the present.
A pension plan is a way to secure the financial stability after retirement. Pension plans maintained by the employers will ensure an individual protection from any uncertainty that may arise in post-retirement life.
We need to realise pension plans are as important to make life easier as taking care of vehicle, property, assets, and health. One may find it a boring task at a young age to invest in such a long-term policy, but, after retirement, an individual will get the benefit of all the small funds that he/she invested in the pension policy at a grand level.
A pension plan allows an individual transfer a portion or a part of his/her income or salary in a fund that will benefit the individual after retirement. The small part of the current income work secures the post-retirement life of an individual against the financial need such as healthcare or security. No matter how much one tries to save for future need, with rising cost of the living and the need to experience a leisurely life, we may face a shortfall of money. So, it is very important to maintain a different fund for the future security. An individual can enjoy the post-retirement life easily only with a suitable and appropriate pension plan.
There are various pension plans available in the market to invest. These are the 10 best pension plans in the year 2018.
LIC Jeevan Akshay VI Plan
LIC Jeevan Akshay VI plan is an immediate annuity pension plan by the well-trusted brand LIC. It offers six annuity options from which one can choose as per the requirement. The policyholder needs to pay the premium amount in a lump sum. One can enjoy the rebate on the pension plan if the purchase price of the plan is Rs 2.50 lakh or more.
The minimum eligible age for the policy is 30 year, whereas the maximum age is 85 years. There is no need of a medical examination to avail the benefit of the plan. The policy holder can receive the pension monthly, quarterly, half-yearly or annually, as per requirement. For documentation purposes, an age proof is mandatory for the plan. ( Source : moneycontrol )