Types of Retirement Schemes in India & Their Features: Employment Based Pension Plans
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Types of Retirement Schemes in India & Their Features: Employment Based Pension Plans

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Questions and Answers

What percentage of the accumulated fund can be withdrawn upon reaching 60 years of age?

  • 40% (correct)
  • 20%
  • 30%
  • 50%
  • Which of the following options is NOT mentioned for receiving regular pension income from the balance amount after withdrawing 40%?

  • Monthly
  • Quarterly
  • Six-monthly
  • Biannually (correct)
  • What is the maximum amount that can be invested yearly in a Public Provident Fund (PPF) account?

  • Rs. 1,00,000
  • Rs. 2,00,000
  • There is no limit mentioned
  • Rs. 1,50,000 (correct)
  • Under which section of the Income Tax Act can an additional deduction of Rs. 50,000 be claimed for investment in a Tier-1 account?

    <p>80CCD(1)(B)</p> Signup and view all the answers

    Which of the following is NOT a feature of the Pradhan Mantri Vay Vandna Yojna (PMVVY)?

    <p>The minimum pension amount is $1,000 per month.</p> Signup and view all the answers

    What is the primary purpose of the Employees' Pension Scheme (EPS)?

    <p>To offer a monthly pension after retirement</p> Signup and view all the answers

    Which of the following statements about the National Pension Scheme (NPS) is correct?

    <p>It consists of a mandatory Tier-1 account and an optional Tier-2 account</p> Signup and view all the answers

    Why is it recommended to consider other retirement plans in addition to the EPS pension?

    <p>The EPS pension is not sufficient to meet monthly expenses</p> Signup and view all the answers

    What restriction is mentioned regarding withdrawals from the Tier-1 NPS account?

    <p>You cannot withdraw any amount until the account matures to 10 years</p> Signup and view all the answers

    What is the advantage of the NPS mentioned in the text?

    <p>The fund accumulates with a compounding effect over time</p> Signup and view all the answers

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