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What are personal pension plans?

Ravi Kumar 
on 28 July 2016

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Irrespective of an individual's age, suitable retirement making plans or contributions to the pension plan is essential for having a safe and secure life after retirement. It is true that we can’t predict future in advance, but we should prepare ourselves for it. Personal pension plans help you I securing your post-retirement life very well. With it you can live a peaceful life after retirement with your loved ones. With it you don’t need to ask for anything from your kids or anybody else. There are several benefits that you will get under this helpful plan that surely offers great benefits to you.

Personal Pension plan

Personal pension plans are suitable for those individuals who  do not get any benefits under any regular pension schemes. In the recent years, the regulations governing personal pension plans have modified substantially. Private pension schemes aren't under the purview of the Pensions Authority anymore, instead they are covered under financial services regulation. Tax exemption may be availed for private pension contributions while the quantity of  availed are based at the age of the beneficiary.

Rules

Private pension  policies and coverage guidelines are comparable in most of the cases, with the principle difference being the tax comfort element. Contributions to pension schemes entice tax comfort in contrast to insurance guidelines furnished the specified situations are met.

The purchaser can't mobilize the finances and put money into other resources until the time of maturity. Even upon achieving the required age, the policy holder is obliged to utilize the collected price range to shop for an annuity.

Tax relief for Pension Contribution

For accredited private pension agreements, a person is eligible to avail tax benefit for pension contributions. The older the person is, the more beneficial is the tax comfort.

Age of the beneficiary

There are a few limitations for those who want to buy it after thirty years as there are several companies who won't insure you after this age. It is really good to get a pension plan as soon as possible as the longer the term, the higher the maturity amount at retirement will be.

Nowadays there are several insurance companies that offer a great range of pension plans. You can search for them online as well. There you can get free quotes for the same. It will help you in saving lots of money and time as well. With the useful quotes, you can compare plans and can get the best one that can suit your needs as well.

You must have a pension plan if you are tensed about the post-retirement life. This will provide a great level of peace to you.  Just think about it, do a little research and reap the benefits of the best pension plan.  You can easily get the required information on the internet easily as there are several portals which are offering the same to you for free of cost. Secure your post-retirement life today with the best pension plan in India.


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