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Here are the features and benefits of pension plans 

Pension plans are retirement plans that help to systematically save money and generate wealth for the future.

Types of pension plans include deferred annuity plans, immediate annuity plans, pension plans with life cover, guaranteed period annuity plans, annuity certain plans, and life annuity plans.

Deferred annuity plans involve either a single premium or regular payments over the policy period, and withdrawals are subject to taxation regulations.

Immediate annuity plans involve a lump sum payment to the insurance company which in turn pays a regular annuity.

Pension plans with life cover ensure that the beneficiary receives insurance benefits to survive the remaining years of their life in the event of the pensioner’s death.

Guaranteed period annuity plans provide a guaranteed pension for a lifetime, and the nominee can continue to receive the pension amount.

Annuity certain plans provide pension for a certain period, after which the nominee can continue to receive a lifelong pension till the end of the policy period.

Pension plans are a great way to secure financial future and provide a cushion for unforeseen medical expenses.

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