ANNUITY PLANS
Shriram Life Insurance launches Deferred Annuity Plan
Shriram Life's Deferred Annuity Plan, starting at Rs 60,000 annually for ages 40-75, offers a 5-10 year deferment period before annuity payments commence. Providing a Return of Purchase Price, it ensures financial independence, particularly for entrepreneurs not under social security. Premium is refunded upon terminal illness or death, stated MD and CEO Casparus J H Kromhout.
Is a market-linked pension plan right for you? Vivek Jain explains
Vivek Jain, Head of Investments, Policybazaar.com says that in retirement planning, it's vital to consider both market-linked and guaranteed pension plans, allocating funds based on age and risk tolerance. Including a spouse in joint life coverage and leaving a legacy for nominees are key aspects of securing a stable financial future.
Get 60% higher pension by delaying your NPS exit by 5 years; know how NPS continuity and deferment options can help you
NPS exit: Many people who have not saved enough for retirement income in NPS they need to know about the options they have at the time of exit at the age of 60. By exploring deferment, continuance, and systematic withdrawal options, individuals can optimize their NPS corpus for long-term financial security and flexibility. A delay in exit can not only save taxes but can help you build big retirement kitty and hence higher pension.
First section of Varanasi ropeway to be ready by August 2024
India's first urban ropeway project, the Varanasi Ropeway Project, is set to complete a section linking Varanasi Cantonment Railway Station to RathYatra by August 2024, under the National Ropeways Development Programme, 'Parvatmala Pariyojana'.
NPS investment: Why exit barrier is the biggest positive feature of the NPS, explains Sriram Iyer of HDFC Pension
Many individuals have concerns that their money will get stuck in the NPS till retirement. That’s not necessarily a bad thing because the money is at the right place. Investment returns can be enormous if held for the long term, Sriram Iyer tells ET Wealth.
80% rule for retirement savings: How much money should you save to retire comfortably?
Planning for retirement is crucial to avoid financial problems later in life. Experts recommend setting a savings goal and following some simple guidelines for a secure retirement. To achieve this, it's important to start saving early, manage debts, and make wise investments. Assessing projected retirement income and accounting for inflation is vital to determine how much savings are required.
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How to make budget-friendly retirement planning with the help of mutual funds and insurance
Retirement planning is essential for securing financial stability in later years. Mutual Funds offer growth potential through diverse investment options, while insurance provides protection against unforeseen risks. Combining both optimizes retirement planning, balancing growth with risk mitigation. Assess needs, set goals, invest regularly, diversify, and protect loved ones with insurance.
Low charges, high returns, income tax benefits — 5 reasons to choose NPS for retirement planning
The NPS for the general public completes 15 years this week. Over the years, the NPS has undergone many changes and become more investor friendly. The Pension Fund Regulatory and Development Authority (PFRDA) has made the scheme more flexible and introduced new features. It has also made it easier to open an NPS account. Here are five reasons why you should invest in it.
Variable annuity products set to enter markets in 2-3 months
The Insurance Regulatory and Development Authority of India (IRDAI) has announced a new rule allowing insurance companies to offer variable annuity plans with a minimum guaranteed annuity amount. This option is available under both group and individual defined annuity products, based on publicly available benchmarks.
DLF to invest Rs 2,200 cr to build shopping mall in Gurugram
At present, DLF has a retail footprint of around 42 lakh square feet comprising nine properties, including malls and shopping centres, mainly across Delhi-NCR. Around 3.4 lakh square feet of retail portfolio is under DLF Ltd and the rest under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.
Our business from policies above Rs 5 lakh is down by 10%: Kamlesh Rao, Aditya Birla Sun Life Insurance
"The business from policies with premiums higher than Rs 5 lakh is down by an absolute 10%. The number of policies has grown by 20% and we have lost the contribution from plans above Rs 5 lakh by 10%. So, our business for the first nine months was 10%," said Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance.
Those serious about retirement aren’t attracted to NPS tax benefits: Santosh Agrawal, Policybazaar
"NPS is a good product, but it’s just accumulation and then it invests in annuity. People know of the NPS because of tax benefit, but Rs.50,000 is not a meaningful amount," says Santosh Agrawal, CBO, Life Insurance, Policybazaar.
How to choose the right annuity plan for retirement
An annuity is an agreement between two parties wherein the insurer agrees to make a series of payments at regular intervals of time to the annuity purchaser. A lump sum or staggered investment is made by the buyer for the annuity plan chosen by them. An annuity is considered as a provision for retirement where one can ensure a steady stream of regular income over the retired life of the person. Text: Centre for Investment Education and Learning (CIEL)
A product for all seasons? What is NPS' appeal for millennials and Gen Zers?
Kurian Jose discusses PFRDA's initiatives to attract youth to pension products through innovative features like QR code investing. The NPS rule changes offer flexibility in withdrawals and investment options, promoting early retirement planning and long-term financial security.According to Jose: "I look at the NPS as India's answer to social security."
Where to invest Rs 40 lakh to get regular income
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Road ministry sanctions Rs 2,675 cr for four-laning of NH 748A in Karnataka
The road ministry has sanctioned Rs 2,675.31 crore for the four-laning of the Belgaum-Hungund-Raichur section of National Highway-748A in Bagalkot and Belgavi districts of Karnataka, covering a total length of 92.40 km. The initiative is part of the Panaji-Hyderabad EC10 corridor, connecting industrial hubs.
LIC Jeevan Dhara II deferred annuity plan: What are the annuity options, mode of premium payment
LIC has launched a new plan dubbed as “Jeevan Dhara-II”, it is a non-linked, non-participating, individual, savings, deferred annuity plan wherein the policyholder has option to choose the mode of premium payment, deferment period, annuity option and mode of annuity payment.
LIC Jeevan Dhara II policy launched: New annuity plan with guaranteed income; know details
LIC Jeevan Dhara II: Life Insurance Corporation of India (LIC) has launched a new annuity plan with guaranteed income. The minimum entry age of LIC Jeevan Dhara II is 20 years and it can be purchased online at www.licindia.in and offline through LIC agents and other channels. As per LIC's press release the insurance cover is also available during the policy's deferment period.
Major NPS rule changes 2023: Systematic Lumpsum Withdrawal facility, NPS Lite exit rules, consolidated statement & more
The Pension Fund Regulatory and Development Authority (PFRDA) has implemented many rule and regulatory changes in 2023 to better facilitate and support NPS subscribers. Here is a look at a few important changes made to NPS in 2023.
Free to raise commissions, insurers push annuity plans
The insurance regulator has granted insurers the flexibility to determine commissions across their product range, allowing them to offer higher commissions to distributors for annuities compared to ULIPs and increase the sale of such products.
Best annuity option: How much pension an investment of Rs 10 lakh will give per month
Annuities give low returns but also offer assurance of income for life, peace of mind. Find out which option to choose and how much pension an investment of Rs.10 lakh will give per month.
Retirement planning: Annuities can give you income for life; should you invest?
Find out if you should invest in an instrument that does not offer high returns but gives assured income for life.
How LIC pension policyholders can submit digital life certificate
These pensioners can conveniently submit their life certificate online by downloading the LIC Jeevan Saakshya mobile app instead of going to a LIC branch to do so.
NPS subscribers must choose annuity pension plan as per need, no additional fee for selecting insurer: PFRDA
NPS rule: When selecting an Annuity Service Provider (ASP) while exiting the pension corpus, National Pension System (NPS) subscribers are free to select which annuity provider they want. Pension Fund Regulatory and Development Authority (PFRDA) has clarified the exit rules from NPS. In a circular dated July 27, 2023, the pension body clarified three things that all NPS subscribers must know
What exactly is an annuity plan? Naval Goel explains
It is a very simple product usually used for retirements. What happens in annuities, you pay a certain amount to the insurance companies and they in turn promise to pay you a monthly or an annual income or a quarterly income.
KKR unit plans to buy road assets from PNC for $1 billion
Private equity firm KKR's Highways Infrastructure Trust is in talks to buy a 12-road project portfolio from construction firm PNC Infratech for an enterprise value of $1.1bn. The deal would see KKR acquire 11 HAM roads and one BOT road located across the Indian states of Uttar Pradesh, Madhya Pradesh and Rajasthan. Seven of the 12 road projects are already operational, while the others are expected to become so within the next three to four months.
LIC Jeevan Akshay-VII annuity plan for monthly pension: Check eligibility, benefits
LIC Jeevan Akshay-VII is a non-linked, non-participating individual instant annuity plan. This plan is available for offline and online purchase.
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