Old age insurance vs. Pension fund: the difference and benefits for Old Age
Setting up a comfortable old age is an important step to ensure a quiet life after retirement. Two products that are often compared in planning for old age are old-age insurance and pension funds. Although both serve to provide financial security in old age, they have fundamental differences. This article will discuss the differences between old-age insurance and pension funds, as well as their benefits for life after retirement. What Is Old Age Insurance? Old age insurance is an insurance product designed to provide financial protection in old age. This insurance usually provides benefits in the form of sum insured or monthly retirement benefits to policyholders after reaching a certain age, for example 60 or 65 years. Old-age insurance can include different types of protection, such as life insurance, health insurance, or disability insurance that aims to provide financial guarantees in the event of future risks. What Is A Pension Fund? Pension funds, on the other hand, are financial...