ANNUITY SCHEMES
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.
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.
Types of NPS accounts: 4 differences between NPS Tier 1 and Tier 2 accounts
The NPS, a government pension scheme, offers Tier I and Tier II accounts with different functions. Tier I is for retirement planning with withdrawal restrictions, while Tier II is a flexible savings account.
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.
Central govt employees' pension: NPS to OPS switch? Centre releases new FAQ answering all your queries
NPS vs OPS: The Centre allowed central government employees to switch from NPS to CCS (Pension) Rules, 1972 (now 2021), known as the old pension scheme. The Department of Pension and Pensioners’ Welfare released FAQs to address queries on the implementation of the switch. All the central government employees and pensioners must know
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.
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Best ways to save income tax: 10 tax-saving investment options for you
ET Wealth annual ranking of tax-saving instruments helps such individuals make the right choices. We assessed 10 tax-saving options on eight key parameters—returns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability of income. Each parameter has equal weightage and the composite scores determine the place in the ranking.
OPS vs NPS: Demand to restore OPS in place of NPS for central government employees; know what Govt says
OPS vs NPS: In a memorandum dated January 11, 2024, the Joint Forum for Restoration of Old Pension Scheme(NJCA), constituted under the banner of the NJCA, demanded that the finance ministry should restore the defined non-contributory and guaranteed Old Pension Scheme in place of contributory National Pension System for central government employees. The department of expenditure of finance ministry responded to the memorandum. Here's what it says
Budget 2024 may offer concessions to boost NPS, especially for seniors above 75
The government may extend tax concessions on contributions and withdrawals in the NPS for individuals aged 75 and above in the upcoming interim Budget. The Pension Fund Regulatory and Development Authority (PFRDA) is pushing for "parity" with the Employees' Provident Fund Office (EPFO) regarding taxation on employer contributions.
Multibagger Stocks! These 4 counters held by over 10 MF schemes more than doubled in 3 months
Four multibagger stocks that have more than doubled in value in just three months and are held by multiple mutual fund schemes. The stocks include Network18 Media & Investments, which has given 105% returns and is part of over 10 MF schemes. Inox Wind, with 134% returns, is held by at least 20 mutual fund schemes and has seen increased MF holdings. Prestige Estates Projects has delivered stellar returns of 129% and has HDFC MF as the largest holder. Lastly, Angel One has doubled in value and is held by over 40 MF schemes, with strong growth in earnings and client acquisition.
Where should I invest Rs 60 lakh with minimum income tax liability?
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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.
Get ready for low returns in retirement after 20 years; But here's what may help you survive
After 20 years, when people with age below 40 years will reach closer to their retirement, the interest rate is likely to be much less than what is currently available. Most people would need to figure out whether they will need to save more money so that they can accumulate higher retirement corpus. We tell you why you do not need to panic much about this.
Grant of fixed medical allowance for pensioners, family pensioners under NPS
This announcement was via an office memorandum dated December 6, 2023 by the Ministry of Personnel, Public Grievances and Pensions.
Will new NPS systematic lump sum withdrawal (SLW) option help you during retirement? Here’s how to decide
PFRDA has now introduced phased withdrawal of the lump-sum part of the maturity amount of your NPS corpus at the time of retirement. NPS subscribers can now either opt for a lump- sum withdrawal or make periodic withdrawals (systematic lump-sum withdrawal or SLW) from their corpus. Should you opt for new SLW option or stay away? How will it help to achieve your retirement goals. Read here to find out
NPS withdrawal rule change: Soon opt for phased withdrawal using Systematic Lumpsum Withdrawal facility
The Pension Fund Regulatory and Development Authority (PFRDA) proposed to provide the option of phased withdrawal of the lump sum through Systematic Lump Sum Withdrawal (SLW) facility.
An NRI's ultimate guide to investing in the National Pension Scheme
NRIs can contribute through their NRE or NRO accounts. The NPS offers diversified portfolios and a choice of investment mix. NRIs can choose between active or auto choice fund management schemes.
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 much should a 40-year old invest now in NPS to get Rs 2 lakh pension per month after retirement?
NPS for retirement planning: NPS has emerged as one of the most popular tools for retirement planning and investment. Your returns from NPS will decide how much corpus you can accumulate. Let us say you have just turned 40. You have 20 years to accumulate a lump sum in NPS. If you want to earn a Rs 2 lakh pension per month from your NPS investment, here is how much contribution you must make now.
Where to invest Rs 83 lakh to get regular income during retirement
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.
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
NPS rule change: PFRDA allows these investors to buy multiple annuities from the same life insurance company
The Pension Fund Regulatory Development Authority (PFRDA) has informed that it will now allow multiple Annuities for those NPS Subscribers who earmark the annuity corpus more than Rs 10 lakh wherein Rs 5 lakh utilised to buy each annuity scheme.
How SBI Annuity Deposit Scheme scores against SCSS, POMIS and LIC annuity scheme
SBI Annuity Deposit Scheme offers a good way to generate high regular monthly income. This product appears attractive, especially to senior citizens as it offers higher FD rates offered to senior citizens by the SBI. However there are other popular regular income products like SCSS, POMIS and Life annuity scheme from LIC. So which one should go for?
LIC hikes payout under New Jeevan Shanti annuity scheme; details here
The modified version of this plan with higher annuity rates will be available for purchase on January 5, 2023. The incentive to pay higher prices is also increased.
Shriram Life empanelled as annuity service provider for PFRDA pension scheme
The life insurer said its empanelment as an annuity service provider by the pension fund regulator will help garner more NPS subscribers under its annuity plan. "Shriram Life has a well-priced immediate annuity product and a robust fund management framework. With these, we are gearing up to make the best use of this new opportunity.
How NPS corpus of deceased subscriber meant for purchase of annuity will be handled
The National Pension Scheme's exits and withdrawals are managed by the PFRDA, and any implementing changes affect how the NPS exits and withdrawals are handled.
NPS: 4 latest rule changes NPS subscribers, pensioners must know
NPS Update: If you invest in National Pension System (NPS) or are about to retire, here are the latest rule changes you must know
PFRDA holds discussion with IRDA on porting annuities
PFRDA also aims to offer the flexibility after it found that returns on the annuities vary widely between the insurance companies. Recently, the annuity rate of return offered by insurers varies between 5.39 and 6.81 per cent. A total 14 insurance companies have partnered with PFRDA to offer annuity services. This includes LIC, SBI, HDFC and a host of other private life insurance companies.
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