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Updated on Jul 07, 2025 13 min read
A pension plan, also known as a retirement plan, helps an individual secure their financial future and lead a comfortable retirement life. It helps you create a corpus amount by investing money at regular intervals. There are various pension plans available in India, and choosing the right plan to secure your financial future can be a hectic task. We have created a list of the top pension plans in India that you can consider for buying. The top pension plans include LIC New Jeevan Shanti, HDFC Life Click 2 Retire, Axis Max Life Guaranteed Lifetime Income Plan, and Bajaj Allianz Lifelong Goal.
To discover the list of all the top pension plans that help you secure your financial future, read the complete article. You can also use the Life Insurance Calculator to discover the best pension plans.
We have provided the list of the top 10 pension plans so that you can compare and choose the plan that best aligns with your financial goals. The plans selected are based on several factors, including the claim settlement ratio of the insurer, customer testimonials, returns offered, etc.
S. No | Plan Name | CSR (2023-24) | Entry Age | Maturity Age | Unique Features |
1 | LIC New Life Shanti | 98.6% | 30 to 79 years | 80 years |
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2 | HDFC Life Click 2 Retire | 99.7% | 18 to 65 years | 75 years |
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3 | SBI Life Saral Pension Plan | 98.25% | 18 to 65 years | 70 years |
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4 | ICICI Prudential Easy Retirement | 99.3% | 18 to 70 years | 80 years |
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5 | Axis Max Life Guaranteed Lifetime Income Plan | 99.70% | Immediate Annuity: 0-80 Deferred Annuity: 45-80 years | 90 years |
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6 | Bajaj Allianz Lifelong Goal | 99.29% | 18 to 65 years | 99 years |
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7 | Kotak Premier Pension Plan | 98.82% | 30 to 60 years | 70 years |
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8 | ABSLI Empower Pension Plan | 98.12% | 25 to 70 years | 80 years |
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9 | Tata AIA Life Smart Pension Secure | 99.13% | 21 to 70 years | 75 years |
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10 | IndiaFirst Life Guaranteed Annuity Plan | 97.04% | 40 to 80 years | NA |
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To have a better understanding of the top 10 plans with life cover and pension, we have provided a short overview to help you choose the best-suited pension plan in India. For further details, you can refer to the plan brochures on the companies’ websites or reach out to us at PolicyX.com.
LIC New Jeevan Shanti insurance is one of the best pension plans that offers the benefit of returns through deferred annuity options. You can avail of this policy through online as well as offline modes. Under this plan, the payout modes of a deferred annuity are divided into two options: Joint Life Annuity and Single Life Annuity.
HDFC Life Click 2 Retire insurance plan is a unit-linked insurance plan that offers market-based returns and also helps to meet post-retirement needs. There is a risk factor associated with this plan as your returns are based on real-time market performance.
It is a participating, individual, non-linked, savings pension product. SBI Life Saral Retirement Saver helps policyholders create an income source during retirement.
ICICI Pru Easy Retirement Plan is an investment plan that helps you build a retirement corpus as per your risk appetite. This plan protects your savings from market downtrends with assured benefits.
Axis Max Life Guaranteed Life Income Plan is a traditional pension plan that helps policyholders build a corpus for a regular post-retirement income.
Bajaj Allianz Lifelong Goal is a unit-linked plan that offers whole life cover along with returns on your invested amount.
Kotak Premier Pension Plan is a traditional, participating pension plan especially designed for individuals looking to secure their retirement.
The Aditya Birla Sun Life Empower Pension is a unit-linked and non-participating pension plan. This plan helps you build a financial corpus for the post-retirement days.
Tata AIA Life Smart Pension Secure is one of the best pension plans that help you create wealth to live a tension-free life. With zero allocation charges, your entire premium is invested in the markets.
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.
There are several things that an individual has to consider before buying a pension plan. It helps you to make a wise buying decision. Let’s understand the things you need to consider before buying a pension plan.
Feature | Government Pension Plans | Private Pension Plans |
Return on Investment | Low to medium return | High as it is based on market conditions |
Risk | Very low risk | Medium to high risk |
Payout Structure | Mostly fixed | Flexible investment and payout options |
Control on Investment | Controlled by govt insurance companies | Controlled by the investor |
Payout Structure | Fixed pensions as decided at the start of the policy | Customizable payout options such as monthly, quarterly, half-yearly and yearly |
Buying a pension plan offers several benefits, especially when you start investing early in your 20s or 30s. Let’s understand all the benefits of investing in a pension plan.
You can buy the best pension plan in India from PolicyX.com, the insurer’s website, or their branch office.
Step 1: Visit the official website of PolicyX.com.
Step 2: Hover over the Life Insurance and click on the ‘Pension Plans’
Step 3: Select your age, gender, city, annual income, name, and mobile number.
Step 4: Choose your date of birth, education qualification, occupation, and smoking habits. Then click on ‘Continue’.
Step 5: A list of pension plans will be displayed on your screen.
Step 6: Choose a plan that best suits your needs and make the premium payment.
Once payment is made, you will shortly receive the payment receipt.
You can buy a pension plan from the official website or one of their nearest branch offices of the insurance company.
Before choosing a specific pension plan, you should consider your requirements, future goals, and financial plans. Make sure that the opted pension plan aligns with your goals. If you are the sole earning member of your family right now, or you have certain debt obligations to fulfil, the pension amount should be more than all your potential expenses combined.
While market-linked investment options come at 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 volatility, a traditional savings/annuity plan is a good choice.
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& 039;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.
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.
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& 039;s tenure, and the insurer& 039;s track record. One should also assess their retirement goals to choose a plan that best suits their needs.
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.
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.
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.
In the event of the policyholder& 039;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& 039;s death.
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.
The minimum investment amount for a pension plan in India varies depending on the provider and the plan& 039;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.
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& 039;s terms and conditions carefully before opting for a switch.
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.
The process of applying for a pension plan in India varies depending on the provider and the plan& 039;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.
There are some of the best pension plans in India including LIC New Jeevan Shanti, HDFC Life Click 2 Retire, SBI Life Saral Retirement Saver, ICICI Pru Easy Retirement, and Max Life Guaranteed Lifetime Income Plan.
You should ideally start investing in a retirement plan at a young age when you are earning in your 20s or 30s.
Yes, an individual can invest in more than one pension plan from multiple insurance companies as per their requirements.
There are various types of pension plans that you can choose from including market-linked pensions, traditional savings plans, deferred annuity plans, etc.
There are various factors that you must consider when choosing a pension plan including expenses associated, rolling returns, accumulation period, vesting period, additions, etc.
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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