Aegon Pension Plans

Aegon Pension Plans

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Aegon Pension Plans In India

Aegon Life Insurance Company Limited (formerly known as Aegon Religare life insurance corporation) is a new-age digital service company with a vision to assist human beings to plan their life better. The full-fillment of this vision is based totally upon having a whole product suite, presenting customized recommendation. Aegon, an international provider of life insurance, pension & asset management and Bennett, Coleman & Company, India's main media conglomerate, have come collectively to launch Aegon life Insurance. This joint task adopts a nearby approach with the power of world knowledge to launch products that is targeted at offering the method to plan their long-term financial goals.

What Are Pension Plans?

Pension plans are plans that take place when your earnings drift after your retirement. After retirement, even when there's no supply of income, your living expenses are always going to be there. You are required to make an association to fulfill your everyday expenses. This is where a retirement or pension is available because it comes as a provider of everyday expenses permitting you to enjoy your retirement life, with no fear.

Features Of Pension Plans

The precise features of pension plans are

  • Pension plans are of two types - Immediate Annuity Plans and Deferred Annuity Plans. In case of immediate Annuity, a lump sum is payable by the policyholder and annuity bills starting right now from the subsequent duration decided on. Deferred annuity plans involve the charges by the policyholder, gathering into a corpus, and the annuity payments have commenced from the vesting date.

  • It does not provide life cover. While the annuitant or a joint life annuitant dies, the annuity charge ceases. However, in case of the deferred annuity, loss of life benefit is relevant if the annuitant dies within the deferment length.

  • On vesting, you can both use the whole corpus to avail annuity or withdraw 1/3rd of it in cash and use the closing to avail annuity. The withdrawn element is called commuted pension

Aegon Life Pension Plan Or Retirement Plan

Aegon life insurance offers you a plan in order to offer energy and guide you and your family, for the rest of your life. Those plans assist you to hold your lifestyle permitting you to stay the way you always have, without compromise.

Aegon Life Insta Pension Plan : Aegon life insurance offers the Insta pension plan that guarantees non-stop income for the rest of your life. It's an annuity plan that looks after your economic needs by means of imparting you the instant pension.

Benefits Of Aegon Life Pension Plan

The subsequent benefits can be availed underneath this plan:

  • Lifetime income - Relying on the annuity payout option that you may pick out under this plan, you and your partner can avail profits for life.

  • Annuity Payout options - There are two kinds of annuity payout alternatives to pick out from - life Annuity and Joint Life Annuity.

  • Annuity Payout Mode - There are two modes of annuity payouts, annual and monthly.

  • Rates - A minimal premium of Rs.1,00,000 can be opted for without a restriction on the maximum premium.

Why Pension Plan?

Automated Long-term Savings

Regardless of whether or not you pick the one time lump sum payment or more than one small payment method, you may be assured of long-term financial savings. Unlike an endowment insurance, pension plans focus on growing an Annuity which can be in addition, invested to generate a regular cash float once you retire.

Reduce Impact Of Inflation

Pension plans are designed to negate the disastrous effect of inflation. The plan will provide a lump sum payment at retirement amounting to most one-third of the corpus collected and the stability fee of the corpus may be applied to generate stable income for recurring costs.

Different Hit For Parents

One has several alternatives depending on one's retirement age and retirement plans. One will pay a massive lump sum amount of Rs. 5 lacs and begin receiving the annuity payments right away. Or, you'll move in for a Deferred Annuity plan,thereby permitting the corpus to earn greater hobby before the payout starts to evolve.

Conventional Or ULIP- Choice Is Yours

You could pass in for pension plans in order to invest your funds in not just ultra-safe government securities, however, riskier debt and fair investments as properly. This boom in chance can be balanced with the aid of a considerable boom in the returns generated through the funding. This will ensure you have got a huge corpus to your hand at your retirement age so that it will help you preserve your way of life without any headaches or loss of independence.

Insurance Can Be Blended With The Pension Policy

You can cross in for pension plans as a way to provide the lump sum payout upon the retirement or loss of life of the individual, whichever takes place in advance. Which means the pension coverage can be used to strengthen your life insurance coverage as well.

Choice Of Enhancing Nature Of Protection The Use Of Riders

The pension coverage may be tweaked to receive lump-sum payouts in the event of critical ailments or disabilities because of accidents. The coverage may be used to bolster one's longtime health care related cover as well.


Can I make an early withdrawal from my pension plan?

Early withdrawal from retirement plans can be allowed. But, there are sure authorities rules relevant on early withdrawal from retirement policies. Do test together with your insurer regarding early withdrawals earlier than you spend money on a certain plan.

What is the death benefit under a pension plan?

In a pension plan, loss of life advantage is defined as the quantity that allows you to be paid at the passing away of the insured to the beneficiary of the insured, named in the coverage.

Are there any tax advantages accompanying Pension Plans in India?

Sure, Pension Plans do provide tax benefits to the coverage holder. Beneath section 80CCC of the Income Tax Act, charges which you pay in the direction of your pension plan.

What is meant by way of Annuity in a pension plan?

An annuity is a term used to outline the systematic payouts that you receive out of your pension plan after your retirement. Maximum pension plans will permit individuals to avail annuity payouts on a monthly, quarterly, half-yearly or every year basis.