Retirement Insurance Plans : TERMS YOU NEED TO KNOW
VESTING AGE: The age at which you choose to start receiving pension.
ANNUITY: Regular monthly pension payable to you after your cross the vesting age.
SUM ASSURED: The amount that the nominee receives in the event of death of the insured during the accumulation period.
ACCUMULATION PERIOD: This is the period when you pay premiums to accumulate funds for retirement.
SURRENDER CHARES: Charges levied by the insurer if you end the policy before the date of vesting.
PARTICIPATING PLANS: These plans give a share of the insurer's profit to policy holders. This share is not fixed and depends on the financial performance of the company.