Retirements plans are like pension plans where you allocate a part of your savings that accumulates over a period of time and provides steady income after your retirement. When you choose to retire from your work then you cease to earn income and that is the time when you need income flows to provide the basic comforts of your life. Here are 5 retirement plans that investors could consider:
SBI Life – Annuity Plus
State Bank of India offers immediate annuity plan SBI Life - Annuity Plus. The annuity is payable in monthly, quarterly, half-yearly and annual basis and the minimum monthly premium is Rs 200. The minimum sum assured is Rs 25,000 and maximum is Rs.50,00,000. Minimum age limit for entry is 40 years and maximum is 60 years.
LIC Jeevan Akshay VI
In LIC Jeevan Akshay VI a lump sum amount is to be paid and provides immediate annuity. The minimum purchase price is Rs.1,00, 000 (offline) and Rs.1,50,000 (online). Minimum age for entry is 30 years and maximum is 85 years.
HDFC Life New Immediate Annuity Plan
In HDFC Life New Immediate Annuity Plan the annuity is paid for a lifetime where the minimum monthly premium payout is Rs 1000. The minimum age for entry is 30 years maximum is 85 years.
ICICI Pru Immediate Annuity
ICICI Pru Immediate Annuity offers 5 different payout options from where the pensioner can choose and the pension amount would vary accordingly. The policyholder pays a lump sum amount and can avail immediate pension. The minimum age for entry is 45 years and maximum is 85 years.
SIB CARE Deposit
SIB CARE Deposit offered by South Indian Bank where the lump sum amount is to be deposited for a predetermined period ranging between 2 years to 10 years. In this plan the minimum deposit amount is Rs.25,000 and maximum deposit amount is Rs.1 Crore. Cover is available to anyone holding Single SIB CARE deposit of Rs.1 lakh and less than 70 years of age as on date of deposit.