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What are Pension Plans?

Pension plans are also popularly known as retirements plans. Under the same you can use a part of your current savings to secure your post-retirement life. Some people think that they have enough savings for their retirement, but it is a fact that savings get exhausted quickly, so with the help of the best pension plan you can safeguard your post-retirement life easily. Appropriate pension plans allow you to enjoy your post-retirement life in a systematic way without any tension. That's why it is important to have a pension plan that will act as a savior in your golden years.

Types of Pension Plans

A retirement plan is a crucial investment, considering the prevailing inflation rates. Retirement plans vary in terms of their advantages they offer.
Widely, those plans can be further divided into:

Deferred Annuity

A deferred pension scheme allows you to accumulate a corpus through normal charges or single premium over a policy term. After the coverage term is over, pension will start. No tax is levied on the cash that a man or woman invests inside the plan except when he withdraws it.

Immediate Annuity

Under an annuity scheme, pension starts right away. One has to deposit a lump sum quantity and pension will begin immediately primarily based on the lump-sum quantity, the policyholder will invest in winning annuity costs.

Annuity certain

As consistent with this clause, annuity is paid to the annuitant for the specific time period. The annuitant can choose the length and if he dies earlier than the payment term ends, all payments, annuity might be paid to beneficiary.

Guaranteed Annuity

As in line with this annuity choice, annuity is given for regular intervals like 5,10,15 or twenty years, whether or not or not he survives that length.

Life Annuity

As consistent with this annuity alternative, pension amount can be paid to the annuitant till demise. If annuitant chooses "with partner" alternative, then after the demise of annuitant, pension can be paid to the partner.

National Pension Scheme

National Pension scheme has been developed by the government for people ooking to build up pension amount. NPS is transparent and cost effective wherein the pension contributions are invested in the pension fund schemes.

Pension funds

Pension funds are an awesome way to build up a corpus amount. Pension price range are meant for long term and as a result, they pay out better. Pension Fund Regulatory and Development Authority (PFRDA) has allowed 6 corporations as fund managers.

How To Choose Best Pension or Retirement Plan?

Think of the scenario after your retirement. Would you want to be dependent on others for your living at the old age? If not, then you should plan for your retirement today itself. Pension Plans essentially help you invest your savings so that it can be used after your retirement. Government of India has pension schemes for its employees but there is no such provision in private sectors. If you're not a government employee then Pension Plans by the insurance companies are designed for you.

There are various companies offering Pension Plans in India and you should choose the plan as per your needs & requirements. We, at, make you understand your present requirement and enable you to foresee your future needs and provide you a comparison of a number of pension schemes available in India from the leading brands such as Max Life, HDFC Life, Bajaj Allianz, etc.

Importance of Retirement Plans

Income source

When you stop earning after the retirement, pension plan acts as your source of income


You don't need to depend on anyone else for your survival when you'll be getting a fixed income after the retirement

Benefit to dependants

In case of any unfortunate event, your nominee (dependent) can get the sum assured on maturity

Tax Benefits

You can avail the tax deduction for contribution to Pension fund to the extent of Rs. 1,00,000 under section 80C of Income tax Act.

Documents Required To Buy Pension Plan

  • Age proof- Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Any one)

  • Identity proof- Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship

  • Address proof- Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address

  • Income Proof- income proof specifying the income of the person buying the insurance

  • Proposal Form- duly filled in proposal form is required

  • Medical Tests- Some companies may require medical check-up in order to make sure that the insured does not suffer from any chronic illness

Why Choose PolicyX for Best Retirement Plan in India? is an online insurance web aggregator that helps you in finding the best pension plan for yourself. It is an IRDA approved portal thus and hence is reliable. There are several benefits that this portal offers starting from free quotes, comparison charges, videos, cash flow charts and effective information that helps you in choosing the best. is an IRDA registered portal and follows the guidelines for accurate and reliable services. Comparison of Pension plan is completely free of cost at PolicyX and it-

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