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Pension Term Assurance


Pension Term Assurance

What is Pension Term Assurance?

Pension Term Assurance (PTA) was a form of life insurance available within the United Kingdom. Although PTA had been available for several years, it only became mainstream when changes were made to pension legislation on "A Day", 6 April 2006. Following these changes, PTA became a popular way of buying life insurance, as the premiums received tax relief, effectively making life insurance cheaper for the consumer.

Best Pension Plans in India 2017

Pension Plan Name

Entry Age

Vesting Age

Policy Term

Annual Premium Amount

Sum Assured

Aegon Life Guaranteed Income Advantage Insurance Plan

20 – 55 years

85 years

85 – entry age

N/A

Rs.1 lakh (min)

Bajaj Allianz Retire Rich

30 – 73 years

N/A

7 -30 years

Rs.15000/- minimum

Rs.2,04,841/-

BSLI Empower Pension – SP Plan

25 -70 years

80 years

N/A

N/A

N/A

HDFC Life Assured Pension Plan – ULIP Pension Plans

18 yrs (min); 65 yrs (max)

45 yrs (min); 75 yrs (max)

10 yrs (min); 35 yrs (max)

Rs. 24,000 (min); No limit (max)

N/A

HDFC Life Guaranteed Pension Plan

35 – 65 years

55- 75 years

10 – 20 years

Rs. 24,000/-

Subject to underwriting

HDFC Life Pension Super Plus

35 – 65 years

55 – 75 years

10 – 20 years

N/A

Subject to underwriting

HDFC Life Personal Pension Plus

18 -65 yrs

55 yrs (min);75 yrs (max)

10 yrs (min);40 yrs (max)

Equal to the policy term

Rs. 2,04,841 (min); Depends on term, age and premium (max)

LIC JeevanAkshay VI

30 – 85 years

N/A

N/A

N/A

Rs. 500/- per month

LIC New JeevanNidhi

20 – 60 years

55 - 65 years

5 - 35 years

N/A

1lakhs

Reliance Immediate Annuity plan

20 – 80 years

N/A

 N/A

Rs.1000/-

Subject to underwriting

Reliance smart Pension plan

8 – 65 years

45 – 756 years

10 – 30 years

Rs. 24,000/-

N/A

SBI Life - Saral Pension

18yrs (min); Regular Pay -60 years Single Pay

40 years (min); 70 years (max)

Regular Pay – 10 years / Single Pay – 5 years (min); 40 years (max)

Equal to policy term or Single Pay

Rs.1 lakh (min); No limit (max)

Types of Pension Plans in India

Pension plans are way better investment plans that ensure secure life after retirement. These plans have multiple classifications, based on the plan structure and benefits.These plans can be further divideded-

1. Deferred Annuity 
2. Immediate Annuity
3. Annuity Certain
4. With Cover and Without Cover Pension Plans
5. Guaranteed Period Annuity
6. Life Annuity
7. National Pension Scheme (NPS)
8. Pension Funds