Urvashi Complex
Near Bank of Maharashtra, Opp. India Oil Petrol Pump
+91 7007109392
24/7 Customer Support
Near Bank of Maharashtra, Opp. India Oil Petrol Pump
24/7 Customer Support
Retirement & Pension Plans
At Bimaa, we understand the importance of financial security after retirement. Our Retirement & Pension Plans are designed to meet your post-retirement needs, including medical emergencies, household expenses, and other living costs.
By investing in Bimaa’s pension plans, you can transform your hard-earned income into long-term savings, ensuring a stable and worry-free retired life. Our plans come in various forms to cater to different savings and investment goals, helping you maintain financial independence in your golden years.
Plan today with Bimaa – because your future deserves the best protection!
*Disclaimer: Bimaa Smart Wealth Plan | A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan | Get ₹31,83,264 as a lump sum at the end of 20 years for a 30-year-old healthy male. Secure your future with Bimaa’s trusted wealth-building solution!
With Axis Max Life Investment Plans
Pay ₹10,000/month for 10 years
Get Rs.35 Lakh*
after 20 years
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Retirement and pension plans are essential financial tools that convert your hard-earned income into long-term savings, ensuring a comfortable and financially stable post-retirement life. At Bimaa, we offer a variety of plans designed to meet different savings and investment goals, helping you build a secure future.
Retirement is your time to relax and fulfill lifelong aspirations. However, without proper financial planning, it can become challenging. That’s why investing in a pension plan at an early age is crucial. The sooner you start, the more time you have to grow your savings, giving you the peace of mind you deserve in your golden years.
Plan ahead with Bimaa – because your retirement should be stress-free!
A pension plan is a financial safety net that ensures a steady source of income after retirement. With Bimaa, you can build a strong retirement fund through regular contributions, allowing your investment to grow over time. Planning for retirement early by choosing the best pension plan helps you accumulate a sizeable corpus for a stress-free and financially secure future.
There are different ways in which a pension plan functions:
✅ Employer & Employee Contributions – Your pension fund may be built through shared contributions, where employers often contribute a larger share.
✅ Individual Pension Plans – You can create a pension fund by making monthly deposits, which provide annuity payments upon retirement.
Understanding how pension schemes work is essential to making the right investment choices. Since the primary goal of a pension plan is to replace your income source, it should be sufficient to cover future financial needs, including medical expenses, household costs, and lifestyle goals.
Retirement is your time to relax and fulfill your dreams, but financial preparedness is key. By investing in Bimaa’s Pension Plans at an early stage, you get more time to grow your wealth and secure your golden years.
Retirement is your time to relax and fulfill lifelong aspirations. However, without proper financial planning, it can become challenging. That’s why investing in a pension plan at an early age is crucial. The sooner you start, the more time you have to grow your savings, giving you the peace of mind you deserve in your golden years.
Plan ahead with Bimaa – because your retirement should be stress-free!
In today’s fast-paced and stressful lifestyle, we often overlook retirement planning. However, taking a moment to analyze current and future expenses can help us build a secure financial future. With Bimaa’s Life Insurance Retirement Plans, you can enjoy a stress-free retirement while ensuring your family’s protection.
Why Choose Bimaa Retirement & Pension Plans?
✅ Disciplined, Affordable, and Secure – A structured way to plan for retirement.
✅ Financial Protection for Your Family – Secure your loved ones along with your retirement savings.
✅ Flexible Investment Options – Choose between market-linked pension plans or conventional pension plans based on your risk preference.
✅ Guaranteed Income After Retirement – Ensures financial stability post-retirement.
✅ Death Benefit – Provides financial support to your family in case of unforeseen circumstances.
Start Early, Save Smart
With Bimaa Retirement Plans, you get the flexibility to save while you are earning, ensuring a large retirement fund. Even small, regular investments can help you meet unexpected expenses and maintain financial independence in your golden years.
Plan today with Bimaa – because your retirement deserves peace, security, and financial freedom!
Investing in a pension plan primarily aims to ensure a stable income post-retirement and provide a safety net during emergencies if your savings fall short. Here’s how pension plans in India work:
Premium Payments: Like other investment and savings plans, you need to pay premiums for a pension scheme. These premiums are accumulated in an asset or fund of your choice over a predetermined period.
Maturity and Benefits: Once the plan matures, you become eligible to receive the pension benefits. You can utilize these benefits in three ways:
Surrendering/Discontinuing: Policyholders can also opt to surrender or discontinue a pension plan, though a cancellation fee may apply. If you surrender after 5 years, you can continue to earn interest on the plan. However, if you discontinue before 5 years, you will need to buy an immediate or deferred annuity plan.
This structure ensures flexibility and security for your retirement planning.
When it comes to finding the best pension plan in India, there are a variety of schemes available. Here are some detailed options to help you make an informed decision:
Deferred Annuity: This plan allows you to build a corpus by paying single or regular premiums, accumulating a significant sum over time. It also offers tax benefits.
Immediate Annuity: You deposit a lump sum amount and start receiving annuities immediately. You can choose from various annuity plans and investment amounts.
Guaranteed Period Annuity: This plan provides annuity payments for a set number of years, chosen by the policyholder. If the insured passes away, the contributions go to the nominee.
National Pension Scheme (NPS): Offered by the government, NPS allows employees to save regularly in a pension account, which is paid out upon retirement.
Life Annuity: This plan remains active until the policyholder’s death. If the policy includes a “with spouse” option, the spouse receives the pension payout after the insured’s death.
Life Insurance in Pension Plans: Combines life insurance and investment. If the policyholder dies, the family receives a lump-sum payout, though it may be lower than standalone insurance plans.
Whole Life ULIPs: These plans cover you for life (up to 99 or 100 years) and provide both death and maturity benefits.
Defined Benefit: Sponsored by the employer, this plan considers factors like salary and employment history. An investment manager is often hired to manage the fund.
Defined Contribution: Shared between employer and employee, with matching contributions from the employer. There are some withdrawal restrictions.
Pension Plans With/Without Life Cover: The difference lies in the life cover component. Both plans pay the fund value to the policyholder’s family in case of death.
Public Provident Fund (PPF): A government-backed, tax-saving investment with a 15-year lock-in period and tax-free returns, popular for long-term financial goals.
Employee Pension Scheme (EPS): Part of the Employees’ Provident Fund (EPF), this scheme provides fixed returns and regular pension upon retirement, though the income may be limited.
Atal Pension Yojana (APY): Targeted at the unorganized sector, APY offers fixed monthly pensions ranging from Rs. 1000 to Rs. 5000, with contributions made monthly, quarterly, or half-yearly.
Retirement-Focused Mutual Fund Schemes: These hybrid mutual funds invest in both equities and debt instruments, offering potential high returns and downside protection. They come with a 5-year lock-in period but do not guarantee returns.
These options provide flexibility and security for your retirement planning.
Annuity plans are among the most popular pension plans in India. Here are some key features to consider before including them in your retirement savings plan:
Assured Returns: Annuity plans provide guaranteed post-retirement income, making them a low-risk option for retirement planning. This assurance of returns makes them a favored choice among retirees.
Financial Security: The regular income from annuity plans ensures financial security after retirement. This is crucial as you may not have a regular income post-retirement, but you will still need to manage regular and unforeseen expenses.
Flexibility: Annuity plans offer the flexibility to choose the frequency of income payouts, such as monthly, quarterly, semi-annually, or annually. This customization helps ensure that you receive regular income according to your needs.
These features make annuity plans a reliable and adaptable option for securing your financial future post-retirement.
Annuity plans in India are popular for securing retirement due to their numerous benefits. Here are some key advantages to consider:
Regular Income: Annuity plans provide a steady stream of income, helping you remain financially independent during your retirement years.
Market Volatility Protection: Options like immediate annuity plans offer fixed returns, protecting you from market volatility and ensuring a stable income.
Tax Benefits: Premiums paid into annuity plans are eligible for tax deductions under Section 80CCC of the Income Tax Act, 1961, within the overall Rs. 1.5 lakh annual limit under Section 80C.
Tax Deferment: Annuity plans allow you to defer tax payments until you start receiving payouts, reducing your tax burden during your working years and boosting your retirement savings.
These benefits make annuity plans a reliable choice for a secure and comfortable retirement.
The functioning of an annuity plan varies based on the type you choose. Here are some key details about different annuity plans:
Annuity with Return of Purchase Price: In this plan, the annuitant receives regular income as per the scheme’s terms. After the annuitant’s death, the initial investment is returned to the nominee.
Inflation Indexed Annuity Plan: This plan’s payouts increase at a predetermined rate over time, helping the retiree manage higher future expenses due to inflation.
Life Annuity Plan: Provides regular income to the policyholder for their lifetime. The policy terminates upon the annuitant’s death.
Joint Survivor Annuity Plan: Both you and your spouse receive regular income as long as either of you is alive. The plan terminates only after both joint annuitants have passed away.
Limited Period Annuity Plan: Offers regular payouts for a specified period, such as 5, 10, or 15 years. The plan terminates once the predetermined payout period ends.
These options provide flexibility and security, allowing you to choose the plan that best suits your retirement needs.
Pension and retirement plans offer several benefits that can help secure your financial future. Here are some key advantages:
Guaranteed Vesting Benefit: These plans provide a fixed or guaranteed income to support your retirement planning. You may also have the option to extend this income to your spouse in case of your untimely death.
Death Benefit: Pension plans offer a death benefit to ensure your family’s financial security in your absence. The nominee will receive the sum assured or death benefit if you pass away unexpectedly.
Flexible Premium Payment Terms: You can choose the premium payment term that aligns with your financial goals, offering flexibility in managing your contributions.
Customize Your Retirement Plan: With additional riders, you can tailor your retirement plans to provide extra protection for you and your family.
Tax Benefits: Contributions to pension and retirement plans qualify for tax deductions under Section 80CCC of the Income Tax Act, 1961. You can avail of tax deductions up to Rs. 1.5 lakh for purchasing a new policy or renewing an existing one. At maturity, a portion of the amount is tax-exempt, while the rest is used to purchase an annuity. Annuity earnings are added to your taxable income and taxed according to your income tax slab. No TDS will be deducted on annuities.
*Note: The total tax deduction of Rs. 1.5 lakh includes Section 80CCC and Section 80CCD (1).
These benefits make pension and retirement plans a valuable tool for ensuring a comfortable and secure retirement.
Before you start looking for the best pension plan in India, consider these critical features:
Steady Flow of Income: Depending on your investment choice, you will receive a fixed and steady income after retirement (deferred plan) or immediately after investing (immediate plan). This ensures financial self-sufficiency during retirement. Using a retirement calculator can help estimate how much money you’ll need and guide your investment decisions.
Vesting Age: The age at which you start receiving a monthly pension is known as the vesting age. Most pension plans in India have a minimum vesting age of 40 to 50 years and a median vesting age of 70 years. You can choose any age within this range to start receiving your pension.
Surrender Value: It’s generally advised not to surrender a pension plan before its due date to avoid forfeiting benefits. However, if you need to surrender it, you will receive the surrender value, provided you have invested for the minimum required period. This benefit is typically available with pension schemes that include a life insurance component.
Accumulation Period: You can pay the premium as a lump sum or in monthly installments. Over time, your wealth grows, resulting in a sizable corpus. For example, if you start investing at 40 and continue until 60, you will have invested for 20 years. This corpus funds most of your pension payments.
Payment Period: This is when you start receiving your pension post-retirement. For instance, if you receive a pension from 60 to 80, the payout period is 20 years. Most plans have distinct payment and accumulation periods, but some allow partial or complete withdrawals during the accumulation period.
These features will help you choose the best pension plan to secure your financial future.
At Bima, we believe that securing your future starts with the right insurance coverage. As a trusted provider of health and life insurance, we offer comprehensive plans tailored to meet your individual and family needs. Our mission is to ensure financial protection, peace of mind, and a secure future for our clients.
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