{"id":3641,"date":"2023-10-31T17:30:33","date_gmt":"2023-10-31T12:00:33","guid":{"rendered":"https:\/\/www.insurancesamadhan.com\/blog\/?p=3641"},"modified":"2023-10-31T17:40:35","modified_gmt":"2023-10-31T12:10:35","slug":"do-the-public-eally-understand-pension-or-annuity-products","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/do-the-public-eally-understand-pension-or-annuity-products\/","title":{"rendered":"Do the public really understand Pension or Annuity Products?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/do-the-public-eally-understand-pension-or-annuity-products\/#An_Overview\" >An Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/do-the-public-eally-understand-pension-or-annuity-products\/#Pension_Plan\" >Pension Plan\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/do-the-public-eally-understand-pension-or-annuity-products\/#Annuity_product\" >Annuity product<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/do-the-public-eally-understand-pension-or-annuity-products\/#Bottom_Line\" >Bottom Line<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"An_Overview\"><\/span><strong>An Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Ashok ji was retiring as General Manger with a private company. He was quite satisfied with his life planning. In 2005 , he had invested in a pension plan of an Insurance company. He has been saving Rs 2 lakh per year for the last 15 years with a promise of a monthly pension of Rs 50000 since age 60. He also got approx. Rs 20 lakh from PF and gratuity. Ashok ji visited an Insurance company to understand the procedure of collecting a monthly pension of Rs 50000.<\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Ashok ji was shocked to know that there is no pension of Rs 50000 but he will get an annuity of Rs 20000 per month. This would also come from a new contract as the earlier Pension contract is over. Ashok ji and his wife were feeling cheated and did not know what to do next.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Victor had invested Rs 1 Crore in an annuity plan with a monthly annuity of Rs 50000. Unfortunately, Victor expired in 2020 under COVID.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">His wife Mary visited an Insurance company to withdraw Rs 1 crore as she was planning to shift to Australia along with her son. Mary and her son were shocked to know that no money is payable as Victor bought an annuity for life which had no scope of return of capital. Mary was cursing the Insurance company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There can be many stories around Pension or annuity because people buy these products for old age but they feel cheated when the real need arises.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pension products are sold with many wrong promises about pension or annuity amount.\u00a0 Such commitment is wrong and misleading\u00a0 and causes dissatisfaction towards insurance products.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So let us understand Pension and Annuity Products:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pension: Pension is a benefit by the employer where contribution is made each month so that a regular income is assured after retirement. So Pension is a regular income post retirement. As it is an assured benefit hence such planning is called Pension Scheme or plan. Mainly it was offered under employment\u00a0 but today it is offered by Insurance companies as Pension Plan to ensure pension in old age. It also means that Insurance Companies only accumulate money for old age financial security. Today it is offered to all so that people plan old age pensions\u00a0 like Government employees.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annuity: Annuity plan is an insurance concept which covers the risk of living too long. Annuity\u00a0 guarantees a pension till one lives or as per the contract agreement. It is called reverse of life insurance here Insurance company gains if death happens early. Hence annuity is an insurance contract.<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Pension_Plan\"><\/span><strong>Pension Plan\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pension plans only accumulate funds for old age. This can be easily compared with schemes like NPS \/ PPF \/ Endowment which also accumulates funds for a purpose. All have similar tax benefits under Section 80C. Only NPS offers extra Rs 50000 under section 80 CCD (1b ). So in NPS, one can get a tax benefit of Rs 2 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">At the time of maturity of the Pension Plan, one can withdraw 60% of the amount as tax free income but 40% of the accumulated amount has to buy an Annuity Plan. This restriction ensures that some money is blocked for use of the old age Pension.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This accumulation earns interest in two ways:<\/span><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Traditional system where Insurance Companies offer a yearly bonus which is resultant of earning of pool. Please note that insurance companies pay commission and have expenses so only 85% of invested amount goes in a pool of funds. Nett return will be in the region of 4-6%\u00a0 hence Pension plan maturity would be lower in comparison to PPF or similar product.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unit linked system (ULIP )where each investment buys units as per the choice of fund. Aggressive investors choose Equity and risk averse investors\u00a0 go for balanced or safe categories. Here again only 90% is invested post expenses and commissions. So NPS compares much better as an accumulation tool. NPS offers better tax benefits, less expenses and efficient fund management.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After accumulating funds for Pension, this accumulation is called Purchase Price of annuity plan. Annuity rates can not be guaranteed at the time of purchase of a Pension Plan. Annuity rates will be guaranteed only at the time of purchase of Annuity contract because it will be determined on the basis of prevailing interest rates. So mis-selling takes place at the time of sale of Pension Product with commitment of an assured pension. Please note Pension plan and annuity plan are two mutually exclusive contracts.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Annuity_product\"><\/span><strong>Annuity product<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">1. Annuity is an insurance contract which comes in two types:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Immediate Annuity \u2013 where pension begins immediately\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deferred Annuity \u2013 where pension\u00a0 begins on a fixed date<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">2. Annuity contract can also be made as per defined purpose:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annuity for life \u2013 here pension would be given till annuitant lives. Pension stops the day an annuitant dies. As this comes with huge risk, hence Insurance companies offer the best rate of Pension.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annuity for life with return of Purchase Price \u2013 It also works the same way as Annuity for life but Purchase price is returned to the nominee. As it works like a fixed deposit, the lowest pension is offered under this scheme.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annuity for self then after death to spouse and return of purchase price to nominee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annuity for limited period then for life: Here guaranteed pension is given for affixed period irrespective whether live or not. After a fixed duration, pension would continue till death of the annuitant.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3. Annuity rates would also depend on payment cycle. It would be maximum under annual mode and lowest in monthly mode.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a04. Annuity contract is different from Pension Plan and mostly a new policy is sold at the time of annuity where seller <\/span><span style=\"font-weight: 400;\">earns commission and company\u00a0 gets money for expenses. Government also takes tax so buyers lose from all angles.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3642\" src=\"https:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3.png\" alt=\"\" width=\"1920\" height=\"1080\" srcset=\"http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3.png 1920w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3-300x169.png 300w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3-1024x576.png 1024w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3-150x84.png 150w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3-768x432.png 768w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3-1536x864.png 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bottom_Line\"><\/span><strong>Bottom Line<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Once we understood Pension and Annuity, let us decide the action plan for building a plan for pension:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prefer\u00a0 an ULIP or NPS for accumulation of funds. Choose an aggressive fund if you have over 10 years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Begin early , you need to give more time in the market.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Decide your monthly requirement then decide on purchase price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Choose Annuity for self then spouse with return of purchase price.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Choose an annual mode of annuity then plan expenses.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Buy Pension plan and annuity after long research and your needs. May be Ashok ji or Victor would have not suffered if planning was done with care.<\/span><\/p>\n<p><strong>By: Shailesh Kumar<\/strong><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><strong>Click here<\/strong><\/a>\u00a0to register your complaint with Insurance Samadhan<\/p>\n<p>Visit our website:\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/\">insurancesamadhan.com<\/a><\/p>\n<p>WhatsApp:\u00a0<a href=\"https:\/\/api.whatsapp.com\/send?phone=+919910998252&amp;text=Hi\">\u00a09910998252<\/a><\/p>\n<p>Mail us at\u00a0<a href=\"mailto:corporate@insurancesamadhan.com\">corporate@insurancesamadhan.com<\/a><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\/\",\n  \"@type\": \"Article\",\n  \"mainEntityOfPage\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/www.insurancesamadhan.com\/blog\/do-the-public-eally-understand-pension-or-annuity-products\/\"\n  },\n  \"headline\": \"Do the public really understand Pension or Annuity Products?\",\n  \"description\": \"Discover the key distinctions between pension and annuity products. Get expert advice on accumulation, choosing the right annuity, and making informed financial decisions for a worry-free future.\",\n  \"image\": {\n    \"@type\": \"ImageObject\",\n    \"url\": \"https:\/\/i0.wp.com\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/10\/blog-3.png?resize=1024%2C576&ssl=1\",\n    \"width\": 1920,\n    \"height\": 1080\n  },\n  \"author\": {\n    \"@type\": \"Person\",\n    \"name\": \"Insurance Samadhan\"\n  },\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"Insurance Samadhan\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/insurancesamadhan.com\/images\/logo.svg\",\n      \"width\": 224,\n      \"height\": 47\n    }\n  },\n  \"datePublished\": \"2023-10-31\",\n  \"dateModified\": \"2023-10-31\"\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Overview Ashok ji was retiring as General Manger with a private company. He was quite satisfied with his life planning. In 2005 , he had invested in a pension plan of an Insurance company. He has been saving Rs&hellip; <a href=\"http:\/\/www.insurancesamadhan.com\/blog\/do-the-public-eally-understand-pension-or-annuity-products\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":3643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[336,337],"tags":[],"class_list":["post-3641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-annuity-products","category-pension-plan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do the public really understand Pension or Annuity Products? - Insurance Samadhan<\/title>\n<meta name=\"description\" content=\"Discover the key distinctions between pension and annuity products. 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