About Pension/Retirement Plans
Loanpao offers Pension and Retirement Plans to ensure financial security after retirement. These plans provide regular income through annuities, allowing you to maintain your lifestyle post-retirement. Choose from immediate or deferred annuity options to suit your needs.
Why Choose Pension/Retirement Plans?
- Monthly Pension: ₹5,000 to ₹5 lakh
- Premium: Starting at ₹2,000/month
- Flexible Annuity Options: Immediate or deferred
- Investment Amount: ₹1 lakh to ₹10 crore
- Tax Benefits: Under Section 80CCC and 10(10A)
- Optional Riders: Return of purchase price, spouse pension
- Guaranteed Income: For life or fixed term
Are You Eligible?
| Criteria | Requirement |
|---|---|
| Applicant Type | Indian resident or NRI |
| Age | 30 to 85 years (entry age, varies by plan) |
| Income | No minimum; sufficient to pay premiums |
| Health | Declaration of good health; medical test if required |
| Bank Account | Active savings account for premium/pension payment |
What Documents Do You Need?
- KYC: Aadhaar, PAN, or passport
- Income Proof: ITR, salary slips, or bank statement (optional)
- Age Proof: Birth certificate, voter ID, or passport
- Address Proof: Utility bill or rental agreement
- Medical Reports: If required by insurer
- Passport-size photographs
Competitive Premium Rates
| Insurer | Pension Amount | Single Premium (₹10,000 monthly pension, age 60) |
|---|---|---|
| LIC | ₹5,000 - ₹5 lakh/month | ₹15 lakh - ₹18 lakh |
| HDFC Life | ₹5,000 - ₹3 lakh/month | ₹14 lakh - ₹17 lakh |
| ICICI Prudential | ₹5,000 - ₹2 lakh/month | ₹15.5 lakh - ₹18.5 lakh |
| SBI Life | ₹5,000 - ₹4 lakh/month | ₹14.5 lakh - ₹17.5 lakh |
| Max Life | ₹5,000 - ₹3 lakh/month | ₹14 lakh - ₹16.5 lakh |
Extra Charges:
- GST: 18% on premiums
- Medical Test Fees: ₹1,000 - ₹5,000 (if applicable)
- Policy Administration: ₹50 - ₹200/month
Note: Premiums vary based on age, pension amount, annuity type, and health. Rates are indicative as of May 2025 and subject to change.
Calculate Your Pension
How to Apply for Pension/Retirement Plans
- Visit loanpao.in or contact our insurance partners.
- Compare plans from top insurers like LIC, HDFC Life, or SBI Life.
- Choose immediate or deferred annuity based on your needs.
- Fill out the application form with personal and health details.
- Submit KYC, age proof, and medical reports (if required).
- Pay the single or regular premium online or via bank account.
- Receive policy document within 7-15 days.
Common Questions About Pension/Retirement Plans
What are Pension/Retirement Plans?
Plans that provide regular income post-retirement through annuities, ensuring financial independence.
What is the minimum investment?
Typically ₹1 lakh for single premium plans, varying by insurer.
Who can apply?
Indian residents or NRIs aged 30-85 with sufficient funds for premiums.
What is an immediate annuity?
Pension starts immediately after paying the premium.
What is a deferred annuity?
Pension starts after a deferment period (e.g., 5 years), allowing higher payouts.
Are there tax benefits?
Premiums qualify under Section 80CCC; partial pension is tax-exempt under Section 10(10A).
Can I include my spouse?
Yes, joint-life annuity options provide pension to the spouse after the policyholder’s death.
Can I surrender the policy?
Some plans allow surrender with partial refund; terms vary by insurer.
What happens if I miss a premium?
For regular premium plans, policy may lapse after a grace period; revival possible within 2 years.
Is the pension guaranteed?
Yes, most plans offer guaranteed income for life or a fixed term, based on the plan type.