Top 10 Pension Plans in India
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Top 10 Pension Plans In India
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Top 10 Pension Plans

A Pension or Retirement Plan is an Investment option that helps in allocating savings towards building a corpus over a fixed tenure. To reap maximum benefits post retirement, you must invest regularly during your years of employment. A suitable Pension Plan helps you to beat inflation and assists you and your family in dealing with the needs during the post-retirement period.

At present, the Insurance sector in India offers some of the best Pension Plans for you to lead a financially secure life post retirement. For your convenience, we have listed Top 10 Pension Plans in India that should help you reach your goals.

List of Top 10 Pension Plans in India

  • LIC's New Jeevan Shanti
  • HDFC Life Click 2 Retire
  • SBI Life Saral Retirement Saver
  • ICICI Pru Easy Retirement
  • Max Life Guaranteed Lifetime Income Plan
  • Bajaj Allianz Lifelong Goal
  • Kotak Premier Pension Plan
  • ABSLI Empower Pension Plan
  • Tata AIA Life Insurance Guaranteed Monthly Income Plan
  • IndiaFirst Life Guaranteed Annuity Plan
Best Pension Plans in India 2020
Company Name Plan Name Type of Plan Entry Age Maturity Age Policy Term PPT
LIC LIC's New Jeevan Shanti Non-linked, Deferred Annuity 30-79 years 31-80 years NA Single
HDFC Life HDFC Life Click 2 Retire Market-linked 18-65 years 45-75 years 10-35 years Regular, Limited, Single
SBI Life SBI Life Saral Retirement Saver Traditional savings 18-65 years 40-70 years Max: 40 years Regular, Single
ICICI Pru ICICI Pru Easy Retirement Market-linked 18-70 years 30-80 years 10-30 years Regular, Limited
Max Life Max Life Guaranteed Lifetime Income Plan Immediate/Deferred Annuity Immediate Annuity: 0-80
Deferred Annuity: 45-80 years
46-90 years NA Single
Bajaj Allianz Bajaj Allianz Lifelong Goal Market-linked 18-65 years 99 years 99 minus entry age 10 - 25 years
Kotak Life Kotak Premier Pension Plan Traditional savings 30-60 years 45-70 years 10-30 years Regular, Limited, Single
ABSLI ABSLI Empower Pension Plan Market-linked 25-70 years 80 years 5-30 years Regular
Tata AIA Tata AIA Life Insurance Guaranteed Monthly Income Plan Non-linked, Traditional 6-60 years 65-68 years 5,8,12 years 5,8,12 years
IndiaFirst Life IndiaFirst Life Guaranteed Annuity Plan Deferred life Annuity 40-80 years NA NA Single

Note: All details of the products have been sourced directly from the official websites of the Pension Plan providers. The list should not be construed as definitive, considering that benefits and Annuity payouts tend to vary per individual factors such as age, gender, income, Sum Assured / invested and market volatilities (in case of ULIPs).

Brief Description of Top 10 Pension Plans in India

This section provides information on the key features of each of the abovementioned Pension Plans. For further details, you can refer to plan brochures on the companies' websites or reach out to us at

  1. LIC New Jeevan Shanti Plan

    The LIC New Jeevan Shanti Insurance Plan is a non-participatory, non-linked, single premium payment plan that offers the benefit of returns through Deferred Annuity options. You can avail of this policy through online as well as offline mode. Under this plan, the payout modes of a Deferred Annuity are divided into two options - Joint Life Annuity and Single Life Annuity.

    Key Features

    • By making a one-time investment, you can avail of a long-term source of income.
    • Policyholders can avail of add-on cover for dependent people with disabilities under the plan.
    • The plan offers a discount on Annuity rates.
    • Policyholders can choose from four Annuity modes- monthly, quarterly, half-yearly, and annually.
  2. Know More About: LIC New Jeevan Shanti Plan
  3. HDFC Life Click 2 Retire Plan

    The HDFC Life Click 2 Retire insurance plan is a unit-linked online insurance plan that offers market based-returns and also assists the Insured to meet the post-retirement needs.

    Key Features

    • The plan provides a death benefit that would be higher of the fund value or by 105% of the paid premiums.
    • The plan offers vesting benefits and no premium allocation charges can be imposed.
    • Policyholders can avail of tax benefits under section 80CCC of the Income Tax Act, 1961.
  4. SBI Life Saral Retirement Saver

    It is a participating, individual, non-linked, savings pension product. SBI Life Saral Retirement Saver helps policyholders create an income source during retirement.

    Key Features

    • Corpus can be built with a simple reversionary bonus, added regularly throughout the policy term.
    • Life Cover can be availed with SBI Life - Preferred Term Rider.
    • Policyholders can avail of maturity as well as death benefits.
    • Policyholders can avail of tax benefits under section 80CCC of the Income Tax Act, 1961.
  5. ICICI Pru Easy Retirement Plan

    ICICI Pru Easy Retirement helps provide a regular source of income to the Insured through investment opportunities in stocks.

    Key Features

    • The plan comes out with multiple payment frequency modes such as monthly, bi-annual, and annual. Premiums can be paid yearly, half-yearly or monthly.
    • The death benefit is equivalent to 105% of the total premiums paid.
    • With this pension policy, policyholders can reduce their taxable income.
  6. Max Life Guaranteed Lifetime Income Plan

    The Max Life Guaranteed Life Income Plan is a traditional Pension Plan that assists policyholders in building a corpus towards a regular income post retirement.

    Key Features

    • The plan keeps on providing a pension until you and your spouse are alive.
    • In case of the death of the Insured, the plan provides the entire purchase price to the nominee.
    • You can receive a pension on a monthly, quarterly, semi-annually, or annually basis.
    • The plan offers six Annuity options.
  7. Bajaj Allianz Lifelong Goal

    Bajaj Allianz Lifelong Goal is unit-linked, Whole Life Cover that helps in creating a savings corpus and earn income till the age of 99.

    Key Features

    • The plan offers guaranteed loyalty additions.
    • Policyholders are assured an income stream till 99.
    • Policyholders can also benefit from periodical return of Life Cover charges.
    • Policyholders can avail of Tax Benefits under Section 80C & 10(10D).
  8. Kotak Premier Pension Plan

    Available online, Kotak Premier Pension Plan is a traditional, participating pension option for individuals looking to secure their retirement.

    Key Features

    • The plan offers guaranteed additions and accrued bonuses.
    • Policyholders can choose from multiple premium payment modes.
    • Assured benefit is calculated as 105% of total premiums paid on Death/Vesting.
    • Additional protection against accidental death and disability can be availed.
  9. ABSLI Empower Pension Plan

    The Aditya Birla Sun Life Empower Pension is a unit-linked and a non-participating Pension Plan. The plan helps you to build a financial corpus for the post-retirement days.

    Key Features

    • The policy offers vesting benefits and additions on your Sum Assured.
    • The death benefit payable is calculated as the guaranteed Sum Assured or the policy fund value at inception, whichever is higher.
    • The plan offers a self-managed option that allows you to choose the desired fund option as per your risk appetite.
  10. Tata AIA Life Insurance Guaranteed Monthly Income Plan

    The Guaranteed Monthly Income Plan offered by TATA AIA is a non-participating, non-linked, individual Life Insurance Savings option. It helps you create a financial net to fall back on in the future.

    Key Features

    • It offers monthly income for up to 288 months post retirement age.
    • Monthly income increases on paying a high premium amount.
    • Policyholders have the facility to avail loans against their policy.
    • Premiums can be paid annually, half-yearly, quarterly, monthly.
  11. IndiaFirst Life Guaranteed Annuity Plan

    It is a Deferred Life Annuity plan, under which policyholders can pay a single premium and receive lifelong benefits. The plan allows policyholders to choose from 12 different Annuity options per their needs.

    Key Features

    • Return of Purchase Price facility can be availed on policyholder's death.
    • Joint Life Cover offers policyholders the option to support their loved ones under the cover.
    • Annuity amount grows constantly with the Escalating Life Annuity option.

Basis for Selection

The above mentioned Insurers have been selected on the basis of the highest income in terms of Annual New Business Premium.

The following table highlights these Insurers and the Premium Income generated by them in FY 2021-22.

Top Companies Annual New Business Premium (Rs. in Crores)
LIC 428024.97
HDFC Life 45962.83
SBI Life 58759.64
ICICI Prudential 37457.99
Max Life 22414.17
Bajaj Allianz 16127.05
Kotak Mahindra 13015.11
Aditya Birla Sunlife 12140.23
Tata AIA 14445.03
India First 5186.56

To sum it up

While each plan comes with its own set of benefits, it is important that you identify what your needs are. If you are the sole earning member of your family right now, or you have certain debt obligations to fulfil, or your kids' education to plan, the pension amount should be more than all your potential expenses combined.

While Market-Linked Investment options incur higher purchase prices, these plans are more likely to guarantee a larger corpus. However, if you are averse to risks and wish to remain protected from market volatilities, a traditional Savings/Annuity plan is a good place to start.

The foremost factor, however, should be to lead a life without financial obligations post retirement and the best option is the one that manages to fulfil your long-term goals. For more guidance on Pension Planning, visit

Best Pension Plan In India : FAQs

1. What is a pension plan, and how does it work in India?

  • The insurance provider sends a hard copy of your health insurance policy paperwork to the address you mention when you purchase a health insurance policy from HDFC Ergo. If you can't find that, you can also print off the policy document online by downloading it in pdf format.A pension plan is a type of investment scheme designed to help individuals adopt a retirement structure over time. In India, pension plans are offered by various insurers and financial institutions, and they typically work by allowing individuals to invest a certain amount of money on a regular basis, which is then managed by the provider to generate returns over the long term.
  • You can also contact the appropriate individual by going to the local HDFC Ergo branch and asking for a hard copy of your insurance policy there. He or she will assist you in easily obtaining the policy document.

2. What are the benefits of investing in the best pension plan in India?

Investing in the best pension plan can provide several benefits, including tax savings, long-term wealth built-up, and financial security during retirement. Pension plans can also be customized to meet individual needs and preferences, and some programs offer additional benefits such as accidental death coverage or loan facilities also.

3. What should one consider while choosing the best retirement plan?

While choosing the best retirement plan, one should consider factors such as the expected returns, the fees and charges associated with the plan, the investment amount and frequency, the plan's tenure, and the insurer's track record. One should also assess their retirement goals to choose a plan that best suits their needs.

4. Can one invest in more than one pension plan in India?

Yes, individuals can invest in multiple pension plans in India, subject to certain limits and regulations. Investing in various plans can help diversify investment plans and reduce the overall risk of the individual.

5. How much should one invest in a pension plan in India?

The amount one should invest in a pension plan in India depends on retirement goals, risk tolerance, and income level; the actual amount may vary depending on individual circumstances.

6. Can one withdraw money from a pension plan in India before maturity?

Yes, most pension plans in India allow for partial or complete withdrawal before maturity, please check for certain terms and conditions. However, early withdrawal may attract penalties or fees and may also affect the expected returns. It is advisable to read the terms and conditions of the plan carefully before opting for early withdrawal.

7. What happens to the pension plan if the policyholder dies?

In the event of the policyholder's death, the pension plan is typically paid out to the nominee or legal heirs as per the terms and conditions of the plan. Some plans even offer additional benefits such as accidental death coverage or guaranteed payouts to the nominee in case of the policyholder's death.

8. What is the minimum age requirement to invest in a pension plan in India?

The minimum age requirement to invest in a pension plan in India varies depending on the provider and the type of plan. The minimum age requirement is typically 18 years, but some providers may have higher age limits.

9. What is the minimum investment amount to opt for the best pension plan in India?

The minimum investment amount for a pension plan in India varies depending on the provider and the plan's features. Some plans may have a minimum investment amount as low as Rs. 500 per month, while others may require a lump sum investment of Rs. 1 lakh or more.

10. Can one switch between pension plans in India?

Yes, most pension plans in India allow for switching between funds or portfolios within the plan, subject to certain terms and conditions. Switching may attract charges or fees, and it is advisable to read the plan's terms and conditions carefully before opting for a switch.

11. What happens if the policyholder stops paying premiums for a pension plan in India?

If the policyholder stops paying premiums for a pension plan in India, the plan may lapse, and the benefits may be compromised. Some plans may offer a grace period if you miss paying the premiums, while others may allow for policy revival with additional charges.

12. What is the process of applying for a pension plan in India?

The process of applying for a pension plan in India varies depending on the provider and the plan's features. Typically, one can apply for a pension plan online or through an agent, and the application process may involve submitting personal and financial details, choosing the investment strategy and tenure, and paying the first premium.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.