Pension Plans are described as an annuity which is a series of regular payments from an annuity provider (the insurance company) to an individual (called as the annuitant) in return for a lump sum (called the purchase price) or an installment premium that is for a specified number of years. According to the manner in which the purchase price is paid and that the annuities can be either an immediate annuity or can be a deferred annuity and the plans that come under the Pension Plan are namely the Jeevan Akshay – VI and the LIC`s New Jeevan Nidhi.
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What are Pension Plans?
