Pension Plan

Pension/Retirement plan is an arrangement to provide people with an income when they are no longer earning a regular income from employment.
Today I am only 25 yrs old and earning 40k but what if I will not be able to work at age of 60.So I need to plan my future with financial stability when I will not have my regular income, pension/retirement plans are the solutions to it. It is necessary to ensure regular income for life after retirement, so that you can live with pride and enjoy your twilight years.

1. Both the plans are created with the different aspect. Traditional plans help us in covering the risk from an unfortunate event whereas pension plan are meant to provide a regular income to an individual even after his retirement.
2. In case of death of an insured in traditional plan the total sum assured will be paid to the nominee but in case of pension plan the nominee has an option to withdraw the total sum assured or invest the part in annuity of his choice. 
3. At the time of maturity total sum assured will be paid to the individual in traditional plan whereas in pension plan the individual has an option of partial withdrawal and remaining invest in annuity of his choice.

Disclaimer: Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn't warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Bimadeals does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.
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