There are no pension plans in the market right now.
Yes, draft guidelines on pension products are out and companies have started filing for these products with the regulator, but no product has been approved as yet.
In spite of that, you may have received push message(s) for products that could pay pension.
One such message received by yours truly read: "Get pension of Rs 50000 per month for life and Rs 1 crore for your family by investing only Rs 5000 every month. To know more, SMS XYZ to 4567. Terms and conditions apply."
Such messages can be very tempting at the sight of the magical figure Rs 1 crore. But, it isn't really that good.
Text: Neha Pandey Deoras, Business Standard
Images: AP, AFP