The city is bipolar in account of development. The old part of the city is everything you would expect from an old Indian city; narrow streets thronged with markets, wandering animals, colours, old architecture, rickshaws and a whirl of noise. While on the other hand, the somewhat younger part of the city is Hi-tech. Since the s, this city has expanded into the modern world with its accouterments of glittery malls, multiplexes, clubs, pubs and funky restaurants.
Guaranteed Period Annuity 7. Pension Funds Deferred Annuity: A deferred pension scheme allows you to accumulate a corpus through regular premiums or single premium over a policy term.
After the policy term is over, the pension will begin. The advantages of deferred pension plans are immense and these include tax benefits that are associated with this pension scheme. No tax is levied on the money that an individual invests in the plan unless he withdraws it. As deferred pension scheme can be bought by making the one-time payment or by making regular contributions towards it, therefore, the plan suits to all types of investors: In an immediate annuity scheme, pension begins immediately.
One has to deposit a lump-sum amount and pension will start instantly,basedon the lump-sum amountinvested by the policyholder.
A range of the annuity options is available to choose from. Moreover, the premiums paid are exempted for tax, as per Income Tax Act, After the death of a policyholder, his nominee will be entitled to get money.
The "with cover" pension plans have life cover component in the plan.
This implies that on the death of the policyholder, a lump sum amount is paid to the family members. However, the cover amount is not very high since a large part of premium is diverted towards growing the corpus rather than covering for life risk.
The "without cover" pension plan implies that there is no life cover. In the event of unfortunate death of the policyholder, the nominee will get the corpus till the date of the death. Currently, deferred pension plans are "with cover" and immediate annuity plans are "without cover".
As per this clause, the annuity is paid to the annuitant for a specific number of years.
The annuitant can choose the period and if he dies before exhausting all payments, the annuity will be paid to the beneficiary. As per this annuity option, annuity is given to the life assured for certain periods like 5,10,15 or 20 years, whether or not he survives that duration.
As per this annuity option, pension amount will be paid to the annuitant until death. New Pension scheme has been introduced by the government for people looking to build up pension amount.
You can put savings in the new pension scheme which will be invested in equity and debt market as per your preference. The maturity amount is not tax-free. In a way, investing in a pension plan is a good option indeed.
As these plans remain in force for a long time, they offer comparatively better returns at maturity. As its name suggests, immediate annuity starts immediately.
The insurance company pays the annuitant the annuity pension plan amount right after the receipt of the lump sum premium. These plans offer the single premium route so that the insurance company can use the amount invested by the annuitant to build up a corpus for him or her.
The deferred annuity plans are the normal plans that start paying a certain sum after a few years.Follow All The Latest News, Live Updates, Expectations, Analysis, Opinions & Much More From The Union Budget At The Hindu,Arun Jaitley, Budget speech, income tax rates, Air India, personal.
Here are the average numbers for the categories in his budget. Note that because these numbers are averages calculated from the year as a whole, they will not equal his average pay. Looking on how to start a small business but don't have much money?
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The Finance Minister Arun Jaitley presented the Union Budget before the Parliament, on February 1, Here are some reactions from members of corporate India. Life Insurance: Compare + Life Insurance Plans from 24 insurance companies in India.
Buy Best Life Insurance Policy Online with Low Premiums and High Coverage and enjoy additional Tax Benefits. Premium of a Life Insurance Plan varies as per Age, Smoking Preferences & Sum Assured.