A pension scheme in which the funds are managed by the insurance company is called –

A. Uninsured pension scheme

B. Insured Pension scheme

C. Both A & B

D. None of the above

Answer: Option B

Solution(By Examveda Team)

Pension insurance contract is an insurance contract that specifies pension plan contributions to an insurance undertaking in exchange for which the pension plan benefits will be paid when the members reach a specified retirement age or on earlier exit of members from the plan.