Annuity/Pension Plans

Retirement income plans providing regular monthly/quarterly/annual payouts after retirement age. Helps create steady income stream during golden years when earning capacity reduces.

Types of Annuity Plans:

Immediate Annuity

  • Pay lump sum, annuity starts immediately
  • Suitable for retirees with corpus (provident fund, retirement gratuity, maturity proceeds)

Deferred Annuity

  • Pay premiums during working years
  • Annuity starts at chosen retirement age
  • Wealth accumulation phase followed by payout phase

Life Annuity

  • Income for lifetime, stops on death
  • Higher payout rate
  • No amount returned to nominee

Life Annuity with Return of Purchase Price

  • Income for lifetime
  • Purchase price returned to nominee on death
  • Lower payout rate than pure life annuity

Joint Life Annuity

  • Income continues for two lives (husband-wife)
  • Continues to surviving spouse after first death

Annuity Certain

  • Guaranteed income for fixed period (10, 15, 20 years)
  • If annuitant dies, payments continue to nominee for remaining period

Who Should Purchase:

  • Pre-retirees (40+ age) for retirement planning
  • Retirees with lump sum corpus
  • Self-employed without employer pension
  • Anyone wanting guaranteed retirement income

How it Works:

  • Purchase annuity by paying lump sum premium (single premium) or regular premiums
  • At vesting age (retirement), annuity starts paying regular income
  • Income continues for lifetime or specified period
  • Provides financial independence post-retirement

Tax Benefits

  • 1/3rd of purchase price exempt from tax
  • Annuity income taxable as per income tax slab

  • Monthly, quarterly, half-yearly, or annual
  • Increasing annuity (with inflation protection)
  • Level annuity (fixed amount)

  • Guaranteed regular income for life
  • No market risk (unlike mutual funds)
  • Financial security post-retirement
  • Supplements other retirement income (EPF, PPF, NPS)

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