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    Baneshwor 10, Kathmandu, Nepal

  • 9802336856

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About Pension Plan Policy

What is Pension plan insurance contracts?

Pension plan widely known as retirement plan, is an investment plan, which is one of the best option to avail for the post-retirement life. In some countries, pension fund solely plays the role while in other countries there are separate type of contracts for pension plan insurance. Pension plan are more than savings, in this plan policy holder invests certain premium which will be paid back as salary  after the policy holder reached specified retirement age or on earlier exit of member from the plan. The payback will generally be more than the investment because of compounding principle. It is a financial net to meet the uncertainties one might face after retirement. It's true that retirement is journey not a destination, hence, pension plan will sub-ordinate you during this journey.  

Benefits under Pension plan

In the competitive time like today, the focus of people is highly driven into being self sufficient. Nobody wants to depend on any other person for basic needs or the lifestyle they have been living with. So, everyone who wants to earn today to secure the future seeks the pension plan, while buying a pension plan, one should ensure following features on their plan.

  1. Sum assured is the amount guaranteed to pay at the end of the policy as maturity benefits or death benefits, in case the policy holder dies during the tenure of policy. Insurance company calculates this amount based on their policy and features and may vary from insurer to insurer so policy holder must choose the plan that fulfills their requirement.
  2. Vesting age is the age from when the payment falls due to policy holders i.e., policy holder will start receiving the pension amount.
  3. Accumulation period is the total period you invest for, which means, period starts from the time you start investing (paying premium) and ends when you stop investing and start receiving the returns. It is total period for which your total funds are accumulated by insurance companies. 
  4. This period starts with the end of the accumulation period i.e., the period from which you start receiving the payment from your insurer. This period generally start as your retirement period starts.
  5. Surrender value is the amount policy holder receives if the policy holder decides to surrender the plan before maturity. To receive the surrender value, policy holder must pay a minimum premium.
  6. Annuity is the unique feature in pension plan, entitling the investor to a series of annual sums, typically for the rest of their life. Pension plan offfers two types of annuity plan, immediate annuity and deferred annuity.
  • Immediate annuity is a contract between insurance company and policy holder to pay the insured a guaranteed income almost immediately as soon as the plan begins. The premium is paid by policy holder in lumpsum in one installment only.
  • Deferred Annuity is a contract between insurance company and policy holder to pay the insured a regular income at such periods as specified from a future date. Insurance company and the policy holder agrees to the period starting which the annuity are paid.