insurance, bike or car insurance, life insurance, property insurance, travel insurance, health insurance, wealth insurance, term plan, best insurance plans
About Insurance
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.More Details
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Free Website The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.
Principles
Insurance involves pooling funds from many
insured entities (known as exposures) to pay for the losses that some
may incur. The insured entities are therefore protected from risk for a
fee, with the fee being dependent upon the frequency and severity of the
event occurring. In order to be an insurable risk,
the risk insured against must meet certain characteristics. Insurance
as a financial intermediary is a commercial enterprise and a major part
of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.
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What are Pension Plans?
- Pension plans are savings and investment plans that provide you with income after
retirement.
These plans help you build a retirement corpus which is invested on maturity to generate a regular stream of monthly income to cover your expenses.
- Pension plans are savings and investment plans that provide you with income after
retirement.
Pension Plans
Pension plans also known as retirement plans are investment plans that let you allocate part of savings to accumulate over a period of time and provide you with steady income after retirement. As an Individual bread earner of your family you can only work for as long; at some point your income may cease to exist and hence the need to secure your retirement lifestyle. Pension Plans let you divert a part of your current income to cover your post retirement living. With the ever increasing rise in cost of living, it has become imperative that one should make arrangements for living a comfortable retired life.Necessity of Retirement Plan in Your Life
Even if a person has accumulated good amount of savings over working life, a retirement plan is imperative; savings get exhausted very fast and are sometimes used in emergencies. A retirement plan helps you secure your cash flow for meeting basic daily needs post retirement. When you continuously invest in retirement plans the amount grows manifold due to the compounding effect which makes a lot of difference to your final savings corpus. Pension plan lets you plan for retirement in a phased manner.More DetailsVisit more
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Features and Benefits of Pension Plans
Minimum Guarantee:
Every pension plan needs to have a minimum guarantee. As per IRDA guidelines, there should be “non-zero returns” on all premiums or guaranteed maturity benefits. Most insurance companies guarantee a minimum of one percent of total premium over the complete policy term.Tax Benefits:
The final payout is provided in two ways. 33% of final pay out can be withdrawn in lump sum and is not taxable. However the rest of the amount is taxable.Types of Retirement Plans
Deferred Annuity:
A deferred annuity plan allows you to accumulate a corpus through regular premiums or single premiums over a policy term. After the policy term is over, pension will begin.Immediate Annuity:
In an immediate annuity plan, pension begins immediately. One has to deposit a lump sum amount and pension will begin instantly.'With cover' and 'without cover' plans
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 although 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. Presently, deferred annuity plans are ‘with cover’ and immediate annuity plans are ‘without cover’.Annuity Certain
As per this clause, annuity is paid to the annuitant for specific number of years. The annuitant can choose the period. If annuitant dies before the policy term, the annuity will be paid to beneficiary.Guaranteed Period Annuity
As per this annuity option, annuity is provided to the annuitant for the period and beyond. If annuitant dies during the period, amount will be paid to the beneficiary. If annuitant survives, pension will continue throughout life.Life Annuity
As per this annuity option, pension amount will be paid to the annuitant until death. If annuitant chooses “with spouse” option, after the death of annuitant, the pension will continue and be paid to the spouse.National Pension Scheme (NPS)
New Pension scheme has been introduced by the government for people looking to build up pension amount. You can put savings in new pension scheme which will be invested in equity and debt market as per your preference. You can withdraw 60% of amount at retirement and rest 40% must be used to purchase annuity. The maturity amount is not tax free.More DetailsVisit more
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Pension Funds
Owing to the low front load charges, pension funds are a good way to accumulate corpus amount. Pension funds are meant for long term and hence perform better. PFRDA, the government body has allowed 6 companies as fund managers.Compare Pension Plans
It is imperative to choose a pension plan which offers the best possible returns. That can only be determined by comparing the different pension plans available in the market. Compare different pension plans at Policybazaar and buy the best pension plan today.
Gold sales expected to jump 30-40% this week
The NSE ETF platform saw record high volumes at Rs 691 crore on the day of Akshay Tritiya, an increase of 14 per cent from previous year.
Fabulous demand for gold on Akshay Tritiya
With gold prices expected to slide further in the short term, retailers are upbeat that jewellery demand will continue to remain buoyant.
Gold ETFs worth Rs 691 crore traded on Akshay Tritiya
ETFs
jumped nearly 14 per cent to Rs 691 crore on the leading bourse. Last
year on Akshya Tritiya, the value stood at Rs 608 crore.More DetailsVisit more
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