Banks Told To Speed Up Ex-Servicemen's Pension
New Delhi: Minister of State for Defence Jitendra Singh has asked banks to have zero tolerance towards delays in disbursement of pension to armed forces personnel, an official release said.
Singh, who presided over a meeting of major banks dealing with pension disbursement of defence pensioners and representatives of finance and defence ministries, urged the banks to utilise information technology for timely payment of pension.
The release said the finance ministry had agreed to issue directives to banks for streamlining pension payments.
The Department of Ex-servicemen Welfare of the Defence Ministry handles pension policy matters of about 22 lakh retired armed forces personnel.
HDFC Life Launches two Market-Linked Pension Plans
Private insurer HDFC Life announced the launch of two market-linked pension plans and a traditional annuity product.
The pension plans, Pension Super and Pension Super Plus, are unit-linked and designed to build a sizable corpus for post retirement income, HDFC Life Managing Director and CEO Amitabh Chaudhry said. Both the plans offer assured benefit on death and vesting and is targeted at people in age group of 35 to over 45 years.
HDFC Life Pension Super Plus offers assured death benefit of total premiums paid to date accumulated at a guaranteed rate of 6 per cent per annum and an assured vesting benefit of 101 per cent of total premiums paid. The Single Premium Pension Super offers assured benefit of 101 per cent of total premiums paid on death and vesting.
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