Online Refresher Course
Name: Dr. Desh Bandhu
Subject: Management
ASSIGNMENT-1
VISIT WEBSITES OF PSU BANKS OF INDIA. DO THEY CARRY EXCLUSIVE SET OF
INFORMATION FOR RETIREMENT PLANNING?
There is a huge network of the banking sector in India. But even today, the banks have not been able to
make their plans fully accessible to the common man. To strengthen the economic system of any country, it is very
important to have a financial system because this strong financial system helps a lot in investing. Therefore, it is
very important to have different types of financial services to fulfill your needs. The most important way for a
country to control financial transactions and services can be through banks. Banking in India started in about 18th
century and today banking is considered an integral part in every sector. Different types of banks are central banks,
commercial banks, investment banks, cooperative banks, postal banks. Let us see the introduction of banks.
Types of Banks:
1. Central Bank:
The central bank is the only banking institution of any country. In India, it is the Reserve
Bank of India. The main objective of which is management of money, money supply in the system,
foreign exchange management protein. These central banks are government-owned and large.
2. Commercial Banks
The main function of the commercial bank is to lend money to the public and help the public.
Thus, in India, there are two types of commercial banks which exist. They are scheduled commercial
banks and non-scheduled commercial banks. But for day-to-day use, we prefer commercial banks.
Commercial banks in India are SBI, Axis Bank, HDFC, Axis Bank etc.
3. Investment Bank
This type of bank is primarily intended to outline trade stocks and a variety of bond issues.
Information is provided by investment banks to invest in any business.
4. Cooperative Banks
These types of banks are mainly non-profit banks whose main objective is to benefit the
public from various types of policies of the government. These banks are under nonprofits.
Generally, banks in India are divided like scheduled banks, non-scheduled banks and central banks.
Scheduled banks are those banks listed under the Second Schedule to the RBI Act in 1934.
1. CANARA BANK
RETIREMENT PLAN
a) JEEVAN NIVESH PLAN
Canara HSBC Oriental Bank of Commerce Life Insurance Jeevan Nivesh Plan is a savings-cum-protection
plan that provides life insurance cover and savings in the ease of a single plan. Make a onetime investment for a
lifetime of regular returns.
Key Benefits:
1. Lifelong Protection
2. Guaranteed Maturity benefit
3. Lump-sum benefit
4. Flexible premium payment term
5. Tax benefits
b) SECURE BHAVISHYA PLAN
Secure Bhavishya Plan, a product that provides the benefit of equity participation to potentially enhance your
retirement corpus and at the same time offers 'capital protection' to your retirement corpus. In today's active
working life, you do your best for your loved ones but at the same time you also need to plan for your own future.
Investing in a pension plan is a wise decision, in order to build-up a retirement corpus that can be used to provide a
steady post retirement income.
Key Benefits:
1. Guaranteed maturity (vesting) benefit
2. Choose premium payment term
3. Loyalty additions term
4. Flexibility to select maturity (vesting) age
5. Unlimited top-ups facility
c) SMART LIFELONG PLAN
Our Smart Lifelong plan has been designed to help you fulfill your responsibilities so that through life you
can grow in the right direction by making the right choice. Life is all about the choices you make to fulfill your
responsibilities. And with every choice you make your biggest concern is whether you have taken the right
decision.
Key Benefits:
1. Lifelong protection
2. Loyalty additions
3. Auto funds rebalancing
4. Fund options
5. Tax benefits
d) SAMRIDH BHAVISHYA
Our Samridh Bhavishya Plan provides you annuity installments throughout your lifetime, thereby ensuring
that you enjoy your post retirement years the way that you want to. As you near your retirement, the most
important thought in your mind would be to lead a secure and comfortable life as always, without any dependence
on others. Everyone loves financial independence, to enjoy and live a worry free and comfortable lifestyle.
Key Benefits:
1. Guaranteed lifetime income
2. Choose between single & joint life annuity
3. Choose hassle-free certain annuities
4. Choose annuity installment frequency
5. Attractive annuity rates
e) SMART MONTHLY INCOME PLAN
As you grow in the journey called Life, you would surely like to have a companion who enables you to
enjoy the finest lifestyle, meet aspirations of your loved ones and create a legacy for your loved ones, without
really having to worry about the finances. We understand your needs as you move towards the golden years of
your life. Therefore, we take pride in presenting our Smart Monthly Income Plan, which will help you GALLOP in
financial planning for life with complete peace of mind.
Key Benefits:
1. Life cover guaranteed
2. Monthly income
3. Benefit of annual and final bonus
4. Loan available set-off facility
f) SMART INCOME FUTURE PLAN
As you grow in the journey called Life, you would surely like to have a companion who enables you to
enjoy the finest lifestyle, meet aspirations of your loved ones and create a legacy for your loved ones, without
really having to worry about the finances. We understand your needs as you move towards the golden years of
your life. Therefore, we take pride in presenting our Smart Future Income Plan, which will help you GALLOP in
financial planning for life with complete peace of mind.
Key Benefits:
1. Guaranteed monthly income
2. Lump sum benefit
3. Guaranteed protection
4. Loan available
5. Tax benefits
2. BANK OF INDIA
NO RETIREMENT PLAN
3. INDIAN BANK
NO RETIREMENT PLAN
4. PUNJAB & SIND BANK
NO RETIREMENT PLAN
5. PUNJAB NATIONAL BANK
NO RETIREMENT PLAN
6. STATE BANK OF INDIA
SBI Life - Retire Smart:
A non-participating unit linked pure pension plan
"The Linked Insurance products do not offer any liquidity during the first five years of the contract. The
policyholders will not be able to surrender/withdraw the monies invested in Linked Insurance Products
completely or partially till the end of fifth year"
This is a Pension Product. Benefits by way of surrender, complete withdrawal or maturity/vesting will be
available in the form of annuities except to the extent of commutation of such benefits as allowed under the
Income Tax Rules'.
Are you ready to retire without worry? Now cherish your golden years with proactive and thorough planning.
Enjoy an assured maturity benefit that secures your investment from market volatility, with SBI Life – Retire
Smart. Secure your future by creating a retirement corpus with systematic investments during your earning years.
SBI Life - Retire Smart plan provides –
Security – by safeguarding your retirement years
Reliability – through an assured retirement corpus
Flexibility – to pay premiums regularly or for a limited period
7. UNION BANK
SUD LIFE GUARANTEED PENSION PLAN
SUD Life Guaranteed Pension Plan is a deferred pension product that helps you to plan for your life post
retirement – be it starting a new venture, pursuing a hobby, travelling across the world or just enjoying time with
family and friends. This plan helps you meet planned as well as unplanned financial needs by providing a lump
sum at retirement.
Key Features:
1. Vesting benefit at retirement to buy an annuity plan
2. Guaranteed additions on the invested amount
3. Provides hassle free enrollment-no medicals
4. Provides flexibility to choose how long you want to stay invested
5. Offers further guaranteed additions in case of higher premium*
6. Helps in saving tax under section 80C and 10(10A) (iii) of Income Tax Act, 19611
*Depending on premium payment term and policy term
8. BANK OF BARODA
Guaranteed peace of mind
Earn assured returns and strengthen your finances
Consistently growing retirement corpus
Stay ahead of inflation through your consistently growing retirement corpus with bonuses in the latter years
Premium payment options
Multiple options to invest at your own pace – regular, limited or single premiums
Retirement Term
Maximize your retirement pool, up to a term of 40 years
Tax Benefits
You are eligible for tax deductions on premiums paid under this plan as per Section 80 (CCC) of the
Income Tax Act, 1961 as per Income Tax Laws
Death Benefits
Death benefits are tax free under Section 10 (10D) of the Income Tax Act, 1961
