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Pension payouts after retirement are the basic goal of pension plan which also define them. These plans pay a steady stream of income to the annuitant after his retirement through an accumulated corpus. There are two phases to the plan. One is the accumulation phase where the annuitant accumulates the corpus by paying regular premiums. This phase is only applicable in case of Deferred plans wherein the annuity payouts are deferred or delayed to be paid after the accumulation phase is completed. The other phase is the annuity phase wherein the insurer is liable to pay annuity to the annuitant. Immediate Annuity plans have only the Annuity phase because payments start immediately after the single premium is paid. Annuity that you receive is taxable except the commuted part which represents 1/3rd part of the pension corpus that is withdrawable in cash.ity plan form the insurer Extend the deferment period in the same policy if age is lower than 55 years On death, higher of the fund value or 105% of total premiums paid is returned to the nominee The death benefit can be withdrawn or used to buy an annuity form the company Income tax benefit on the commuted part of the corpus under Section 10(10A) and on the premiums paid under Section 80C of the Income Tax Act.

Star Union Da-ichi Life Insurance Company is offering two types of retirement plans to its customers. Lets take a detailed look at the types of plans available and the features and benefits of the plans in details. SUD Life Assured Income Plan A traditional plan which offers guaranteed income. Survival benefits are paid at the starting of every year either after the completion of the premium paying term or after the deferment period as chosen by the policyholder. The amount of payout is also chosen by the policyholder at the commencement of the plan On maturity of the plan, the aggregate of the premiums paid are returned as a Guaranteed Maturity Benefit which is 10 times the annualized premium for a premium paying term of 10 years or 15 times the annual premium for a premium paying term of 15 years In case of insureds death during the tenure of the plan, the Death Sum Assured is paid immediately. Moreover, annual payouts are paid additionally following the year of death till the year the actual survival benefits start to accrue. All future premiums are also waived off by the company The payouts can be received as a lump sum benefit after discounting The Death Sum Assured is higher of 10 times of annualized premium or maturity Sum Assured or 105% of premiums paid till the date of death Eligibility Details SUD Life Immediate Annuity Plus Plan A traditional annuity plan with regular cash-flows post maturity for the entire lifetime. The plans features include: Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the single premium is paid The plan is available in two options of Plan A and Plan B Plan A hasmany annuity options like: Life annuity Life Annuity andReturning of Purchase Price on death Increasing Life Annuity and Return of Purchase Price Life Annuity which will be guaranteed for 10/15 or 20 years and thencepaid for the entire life Joint Life Last Survivor where 100% annuity is paid to secondary annuitant Joint Life Last Survivor where 50% annuity to secondary annuitant Joint Life Last Survivor with 100% annuity to secondary annuitant and Return of 100% of Purchase Price Joint Life Last Survivor with 50% annuity to the secondary annuitant and thereafter the payment of purchase price on death Plan B has two annuity options of Life Annuity with Return of Purchase Price and Joint Life Annuity (100%) with Return of Purchase Price Surrender value is payable in both plan options in case of being diagnosed with specified critical illnesses The company promises higher annuity rates for higher Purchase Price of Rs.10 lakhs and above Eligibility Details Applying for a Pension Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For Pension Plans through PolicyBazaar On the PolicyBazaar homepage, click on Retirement under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. You will have to fill in the necessary details to buy the plan.

Star Union Da-ichi Life Insurance Company Limited is a joint venture between Bank of India, Union Bank of India and Da-ichi Life. While Bank of India and Union Bank of India are leading Indian banks, Da-ichi Life is a leading insurance company which is the second largest insurance company of Japan. Da-ichi is among the top 10 global insurers and has great expertise in the insurance sector.