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What percentage of the accumulated fund can be withdrawn upon reaching 60 years of age?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

80CCD(1)(B) Signup and view all the answers

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

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

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

To offer a monthly pension after retirement Signup and view all the answers

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

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

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

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

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

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

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

The fund accumulates with a compounding effect over time Signup and view all the answers