What Is An Annuity Plan?

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Insurance Companies offer various pension plans or retirement plans to individuals for their retirement. Some of the retirement plans offered by insurance companies are known as annuity plans. Under an annuity plan one initially invests a lump sum amount or makes a series of annual payments known as a premium for a fixed period of time. On the maturity of the policy an investor receives a sum of money either on an annual basis or a monthly or a half yearly basis for a certain number of years. This basically means that one pays a premium for a fixed period of time. These amounts appreciate and accumulate with time until the maturity date. An annuity plan then makes a series of payouts to the policy holder for as long as he lives. The payments cease once the policyholder dies. This means an annuity plan takes a bet on the lifespan of the policy holder .The longer one lives greater are the benefits of that annuity plan. It is better to take a policy which gives one a fixed sum of money for a certain number of years as one can easily recover the principle amount paid through these plans.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

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