5 voluntary retirement products that you can consider
Posted by: Labdhi Mehata on Jun 29, 2020, 6:30 AM IST
1. Voluntary Provident Fund is available for persons covered under EPF to contribute over and above the mandatory amount, but employer does not need to match this amount.
2. NPS is available for citizens of India between the age of 18 and 65. It comes with an active choice option or a life cycle fund option to select the investment composition.
3. Public Provident Fund is available to all the citizens of India, with the government announcing interest rates every quarter which is tax-free in the hands of the investor.
4. Insurance Pension Plans are structured as deferred annuity plans where the policy holder contributes premium over the term of the policy. The corpus so created is used to buy an annuity on vesting.
5. Mutual funds also offer designated pension plans. One can choose to remain invested and receive a periodic payment in the form of dividend or redemption while the rest of the funds continue to remain invested and grow.
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