Retirement Plans make sure that you have support in the twilight years
of your life. The savings you set aside today become your wealth and support
in the years to come.
Retirement plans are of two types:
a. Immediate Annuity Plans-
These plans allow you to convert a sum of money into a guaranteed
series of payments for a definite period or for life.
b. Deferred Annuity Plans-
This plan allows you to save regular amounts of money for a peaceful
retirement. This type of annuity has two main phases, the accumulation phase
which allows you to invest and save money into your account, and the payout
phase in which the plan is converted into regular annuity installments and
payments are received.