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      National Pension Scheme (NPS): Benefits and Drawbacks (Series-2)

      Thursday, September 14th, 2017 Amritesh 2 responses

      National Pension Scheme is one of the Government social security initiatives which aims to provide financial cover to the individuals post retirement. The scheme is being widely promoted by the Government and even Corporate Houses are encouraged to avail the scheme so that employees working in private sector are also benefited from the same.   The National Pension Scheme (NPS) is hailed as one of the cheapest and citizen friendly scheme while Personal Finance experts are terming it as an ordinary retirement benefit plan. However, in my opinion it is a decent retirement plan, and like any other financial product it too has its own shares of pros and limitations. In my previous article, I have discussed about the NPS…

      National Pension Scheme (NPS): Retirement Benefit Plan

      Tuesday, September 12th, 2017 Amritesh no responses

      About National Pension Scheme (NPS): An Insight National Pension Scheme (NPS) is introduced by the Government to provide better Social Security to the Individuals post retirement and help them lead comfortable life. The National Pension Scheme (NPS) was launched on 1st January,2004 and was made mandatory for all Central Government Employees. Since 2009 the Scheme has been opened for all the citizens between 18 years to 65 years of age. The NPS is managed by Professional Fund Managers. Now even various State Governments and Corporate entities have also subscribed to the scheme for the benefit of their employees. Pension Fund Regulatory and Development Authority (PFRDA) formed in 2003 by the Government of India to manage and regulate the Funds under…

      Employees’ Pension Scheme (EPS): Should You Opt for Deferred Withdrawal?

      Wednesday, August 30th, 2017 Amritesh 4 responses

      Recently, Government made amendments to the Employees Pension Scheme (EPS) norms allowing Subscribers to defer withdrawal of pension (After 58 years) for minimum of 1 year and maximum of 2 years along with additional interest of up to 8.16% on actual pension. The amendments offer two options to the Subscriber with regard to deferred withdrawal of the pension fund. First, the Subscriber may continue to contribute to the Pension Fund for the extended period and the same will be considered while calculating Pensionable Salary and Pensionable Service. Second, the Subscriber decides to defer the withdrawal for 2 years but opts not to contribute during the deferment period. Employees' Pension Scheme (Series-1) Benefits Under Employees' Pension Scheme (Series 2) Calculation Of…

      Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal

      Monday, August 28th, 2017 Amritesh no responses

      Government recently made few amendments to the Employees’ Pension Scheme (EPS). These amendments are aimed at reducing the deficit in Pension Fund and provide Subscribers with an option to receive higher pension. The new changes allow Subscribers to defer withdrawal of pension for 1 year or 2 years after reaching the age of 58 but not beyond 60 years. Member will enjoy an additional increase of 4% in case of deferral for 1 year and 8.16% in case of deferral for 2 years. Members will also have the option to contribute to the Pension Fund till the age of 60 which would be included while calculating pensionable service and contribution period. Members who do not wish to contribute during the…

      EPS vs NPS vs APY: Retirement Benefit Comparison

      Tuesday, July 18th, 2017 Amritesh no responses

      Retirement Planning is not just about saving for the future rather it involves systematic approach towards accumulation of corpus which would be sufficient to meet the financial obligations post retirement. Individuals may avail various retirement plans provided by the Insurance Companies or invest in Mutual Funds or Public Provident Fund (PPF) which provides lump sum or regular income post retirement. However, many are often confused or not aware of the probable retirement benefit plans which they can avail. Government is also very serious regarding the same as it wants individuals to plan for the retirement while they are young and earning. It has launched various schemes and created awareness about it so that more and more individuals avail those schemes…

      Annuity Retirement Plans: Types and Benefits

      Sunday, May 14th, 2017 Amritesh no responses

      Life is short but our career is even shorter. Hence, when planning for future it is always advisable to plan for your retirement as well. The earlier you start the better it is to plan your investment. Annuity is a Financial Product offered by Insurance Companies, aimed at providing steady source of income to the Annuitants (Purchaser of Annuity Plans). The primary aim of such plan is to provide financial cover on retirement to the individuals, and ensure that one is able to sustain him/herself. It is one of the retirement benefit plan which may be considered by Individuals who are looking at steady income plans post their retirement. There are primarily two types of Annuity Plans currently offered in…

      National Pension Scheme (NPS) : All Citizen Model (Series-1)

      Wednesday, April 5th, 2017 Amritesh 3 responses

      National Pension Scheme (NPS) was introduced by the Government of India in 2004. The scheme is aimed at the providing financial security to individuals post retirement. The Scheme has been opened for all the citizens since 2009. The scheme is designed to maintain a balance between return and risk, so that Individuals are protected from adverse market scenarios and also are able maximize their investment. I have posted about the National Pension Scheme (NPS) in a nutshell previously. You may visit the link below to find out more: EPS vs NPS vs APY: Comparison National Pension Scheme National Pension Scheme (NPS): Benefits and Drawbacks (Series-2) In this post, I will discuss about the National Pension Scheme (All Citizen Model) in…

      Annuity Plans: Is It A Good Investment Option?

      Sunday, June 5th, 2016 Amritesh no responses

      Annuity Plans is a financial product offered by the Insurance Companies in India which provides regular income to the Annuitant (Annuity Purchaser) on payment a certain sum upfront (either in lumpsum or in installments). It is primarily a pension plan which ensures that Individual don’t run out of financial resources post their retirement and also provides additional cover just in case they outlive their savings.Annuity Plans aim at providing financial security when the earning potential has shrunk and one needs resources to sustain themselves and their dependents. Hence, Insurance Companies offer Annuity Plans which provide periodic payments which is a kind of pension/income to meet one’s expenses. However, despite the plan sounding so good theoretically it is not the same…

      Immediate Annuity Plan Can Help You Retire Rich!!!!!

      Thursday, April 21st, 2016 Amritesh no responses

      Being financially independence is a dream for most individuals.To lead a comfortable life post retirement is on everyone’s wish list. A smart way to ensure a regular income flow even after retirement is by opting for an immediate annuity plan. The amount you withdraw is tax deferred. One such immediate annuity plan that provides more benefits and options is EdelweissTokio Life – Immediate Annuity Plan. It provides various annuity options like;1.) Life Annuity with Return of Purchase Price (ROP): a.) Survival Benefit: Annuitant receives annuity payout at a constant rate throughout the lifetime b.) Death Benefit: Purchase Price will be payable to the nominee/legal heir 2.) Life Annuity:a.) Survival Benefit: Annuitant receives annuity payout at a constant rate throughout the lifetime.b.) Death Benefit: Nil 3.) Life Annuity Certain…

      Atal Pension Yojana (Retirement Plan)

      Sunday, May 31st, 2015 Amritesh 2 responses

      The Government of India has introduced various schemes in this Fiscal Year which would address the Financial Social Security concerns among Lower Income group in the country. The schemes are aimed at providing financial security and allow individuals to sustain themselves. The three schemes introduced by the Government provide Term Insurance, Accident Insurance and Pension Cover for the Individuals.The schemes were announced by our Hon’able Finance Minister, Shri Arun Jaitley in his Budget Speech for the fiscal year 2015-16. The few schemes which will benefit individuals are the Pradhan Mantri Jeevan Jyoti Yojana (PMJJY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).The Pradhan Mantri Jeevan Jyoti Yojana (PMJJY) is a Term Insurance scheme which would provide monetary…