Is there a minimum guarantee for pension plans?

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All pension plan insurance policies offer a minimum guaranteed return, based on the company offering the policy and the terms thereof.  Lifetime annuity is guaranteed for a specific number of years regardless of whether the policyholder is alive or not. Some insurance companies offer capital guarantee ULIPs where the premium paid and the maturity bonus are guaranteed. These are attractive to those who are skeptical about losing capital in ULIP plans.