Find out Which is the best annuity plan for a monthly income?
An annuity plan is an investment tool that generates a regular income for life after a lump sum investment is made. It is a special product offered by the life insurance companies. It is considered as a guaranteed pension plan as the investor’s money is invested in safe and secure investment products by the insurer and returned during his/her retirement in the form of a regular income. If you are looking to invest in best annuity plans, EldersWealth can assist you in finding one.
Broadly there are two types of Annuity Plans:
Deferred annuity: A Smart Annuity Plan where the investor first starts investing money in the ‘accumulation phase’ and starts earning policy benefits in the form of income flow in the ‘vesting phase’. EldersWealth is one of the renowned Retirement Plan Providers in Bangalore who can help you find the suitable option.
Immediate annuity plans: In this type of an annuity plan, the plan starts working right from the vesting phase. Meaning, the plan is purchased by paying a lump sum amount and the investor starts getting annuity payment right away for a limited tenure or lifetime, as per the selected plan.
Immediate annuities are Best Annuity Plans to Invest for Retirement for senior citizens as they give financial independence to elders. Annuities enable senior citizens to live life on their own terms with a regular income flow throughout their life and as per their different needs.
Other options under immediate and deferred annuity plan
- Single life with Return of Purchase Price: This option pays Annuity for life. The Purchase Price is paid out to the nominee in the case of untimely death of the annuitant. After annuitant’s death, the policy is terminated, and no further benefits are extended.
- Joint life with Return of Purchase Price/ Joint life survivor annuity: This option pays Annuity for life as long as either of the Annuitants are alive. On death of both the Annuitants, The Purchase Price is paid out to the nominee in the case of untimely death of both the annuitants. After that point, the policy is terminated, and no further benefits are extended.
- Deferred Single life with return of purchase price: This option pays annuity after the end of deferment period. Death Benefit is payable to the nominee on the death of the Annuitant.
- Deferred Joint life with return of purchase price: This option pays annuity after the end of deferment period. Death Benefit is payable to the nominee on the death of both the Annuitants.
Although there are multiple Retirement Plan Providers in Bangalore, EldersWealth aims to deliver Best Annuity Plans to Invest for Retirement to its customers and assist them in purchasing Guaranteed Pension Plan.
Guaranteed Pension Plan is ideal for those who are seeking guaranteed regular income starting instantly or through a deferred way. This is a Smart Annuity Plan which can ensure a financially secure future for you and your loved ones. Moreover, there are tax benefits associated with the premiums paid for annuity plan under section 80CCC and commutation u/Sec 10(10A) of the Income Tax Act, 1961.
Your search for best annuity plans can end at EldersWealth as we are one of the most trusted and Retirement Plan Providers in Bangalore.
We are more than happy to answer your queries