Thursday, December 15, 2011

PENSION PLANS TO HAVE GUARANTEED MATURITY BENEFIT FROM DEC 1: IRDA

If you are buying a pension-linked insurance plan, you will soon know the guaranteed maturity benefit at the time of buying. All the insurance-linked pension products will provide a guaranteed maturity benefit in about amounts from December 1. In the guidelines for pension products issued, the Insurance Regulatory and Development Authority (IRDA) said that the assured benefit could be utilized on the vesting date or on the date of surrender or on date of death. The life insurers can offer pension products both in the unit and non-unit-linked segments and in the form of variable insurance pension products, besides individual and group categories.

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