Term Plan
Pension Plan
Objective
To get a financial backup for your family in case of your demise
To get a financial backup for yourself and your family while still living. Though, like a term plan, it also provides a sum assured to your family in case of your demise
Maturity Benefit
The entire maturity amount is paid out at once and is tax exempted
1/3rd maturity amount is paid out as a lump sum and is tax exempted. The rest 2/3rd is paid out as annuity and is taxable