A pension or retirement plan is an investment option that helps in allocating savings to build a corpus over a fixed tenure. Under pension plans, you have to invest regularly during your employment years to reap benefits once you get retired. A suitable pension plan helps you to beat the growing inflation rate and assists you and your family to deal with the needs of the post-retirement period.
If you are looking forward to a happy and relaxed retirement life, consider buying a pension plan at the earliest. For your convenience, we have listed out the top 10 pension plans in India that won't disappoint you.
HDFC Life- Click 2 RetireICICI Pru- Easy RetirementMax Life Guaranteed Lifetime Income PlanLIC New Jeevan ShantiSBI Life Saral Pension PlanHDFC Life- Assured Pension PlanReliance- Smart PensionBajaj Allianz- Pension GuaranteeBirla Sun Life Empower PensionPradhan Mantri Vaya Vandana Yojana
Note: All details of the products have been sourced directly from the official websites of the pension plan providers. Below mentioned plans are selected on the basis of eligibility, premium payment, and policy tenure.
|Company Name||Plan Name||Maturity Age||Entry Age||Policy Term||Minimum Premium|
|HDFC Life Insurance||HDFC Life Click 2 Retire||45-75 years||18-65 years||10-35 years||Rs.24,000 per annum|
|ICICI Prudential Life Insurance||ICICI Pru Easy Retirement||30-80 years||18-70 years||10-30 years||Rs.48,000 per annum|
|Max Life Insurance||Max Life Guaranteed Lifetime Income Plan||46-90 years||Immediate Annuity-50-80 years
Deferred Annuity- 45-80 years
|NA||Rs.12,000 per annum|
|Life Insurance Corporation of India||LIC New Jeevan Shanti||31-80 years||30-79 years||NA||Rs.1,50,000|
|SBI Life Insurance||SBI Life- Saral Pension||40-70 years||18-65 years||5-40 years||Rs.7,500 per annum|
|HDFC Life Insurance||HDFC Life Assured Pension Plan||45-75 years||18-65 years||10-35 years||Rs.24,000 per annum|
|Reliance Life Insurance||Reliance Life Insurance Smart Pension Plan||45-75 years||18-65 years||10-30 years||Rs.20,000 per annum|
|Bajaj Allianz Life||Bajaj Allianz Life Pension Guarantee||NA||37-80 years||NA||Rs.25,000|
|Aditya Birla Sun Life Insurance||ABSLI Empower Pension Plan||80 years||25-70 years||5-30 years||Rs.18,000 per annum|
|Life Insurance Corporation of India||Pradhan Mantri Vaya Vandana Yojana||NA||60 years-no limit||10 years||Rs.1,56,658 per annum|
The HDFC Life Click 2 Retire insurance plan is basically a unit-linked online insurance plan that offers market based-returns and also assists the insured to meet the post-retirement needs. This plan can be availed at affordable premium rates.
ICICI Pru Easy Retirement is one of the popular pension plans that provide a steady income to the insured when his/her salary ends after retirement by making an investment in stocks. This plan offers long-term returns and protects the insured against market volatility.
The Max Life Guaranteed Life Income Plan is a traditional pension plan that assists the policyholder with a regular income after retirement.
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.
Each of them offers its own set of benefits.
The SBI Life Saral Pension Plan is a non-linked, participating, and traditional individual plan that offers protection to the policyholders against market volatility.
The HDFC Life Assured Pension Plan is a unit-linked pension plan that offers market-based returns and loyalty add-ons that assist policyholders to meet the desired pension goals.
The Reliance Smart Pension is a unit-linked and non-participatory pension plan that helps you to save systematically. It allows you to build a lump sum, which can provide you with a regular income after retirement.
The Bajaj Allianz Pension Guarantee Plan provides a regular income and immediate annuity benefits to you during the post-retirement period.
The Birla Sun Life Empower Pension is a unit-linked and not a participating pension plan. The plan assists you to build a financial corpus for the post-retirement days.
Pradhan Mantri Vaya Vandana Yojana is a pension scheme, which is specifically designed for senior citizens by the government of India. It is a great plan for senior citizens as it provides an assured return of 7.4% per annum. The scheme can be purchased online through Life Insurance Corporation of India as they have been given sole rights to operate it.
Pension plans help you to gain financial independence so that you can enjoy the retirement period of your life. So, don't wait and invest in an appropriate pension plan today to safeguard your future.
Written By : Naval Goel
Last Updated : December, 2019
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