Pension Plan
A pension plan insurance, also known as a pension plan or retirement plan, is a type of insurance policy that provides financial security to an individual during their retirement years.
Under a pension plan, the policyholder pays a regular premium during their working years, which is invested in various financial instruments such as stocks, bonds, and mutual funds. The accumulated funds grow over time and provide a source of income to the policyholder during their retirement years.
There are different types of pension plans, including defined benefit plans, defined contribution plans, and hybrid plans. Each plan has its own set of rules and regulations regarding the contribution amount, investment options, and payout options. The policyholder can choose the plan that best suits their retirement goals and financial situation.