What is pension scheme?

A pension scheme is a long-term savings plan that helps people save money for the future and it is a tax-efficient way to save money during your working life.

 

Over a period of 40-50 years, a pension scheme ensures an adequate corpus to deal with rising medical bills and expenses and a higher cost of living, driven by the country's inflation.

 

The amount of money saved into a pension scheme account is referred to as ‘contributions’. A pension scheme allows us to invest regular payments or transfer a lump sum amount into a pension fund account for retirement planning. When the policyholder