Top Ten Pension Plans in India

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Retirement is inevitable and for everyone it is an important reality. Even after you retire, you will continue to live a regular life. Therefore, the expenses do not escape your post-retirement life. After that, they will occur. Because of this truth, to meet the daily expenses you need a retirement plan. Early retirement planning gives you the chance to spend a better lifestyle on the golden years of post-retirement life. Early planning keeps you financially independent from the daily costs and medical expenses that may occur as you grow older. Careful retirement planning can assist you reassure yourself.

PolicyX is an internet portal that helps you transform your life savings into a periodic source of revenue for a lifetime by making the best comparisons between annuity plans.

If you are looking for the right pension plan after you have stopped working, you are in the right place. We have produced the list of Ten Best Pension Plans in India that are best suited for people looking to plan their retirement in 2019 effectively.

  1. LIC Jeevan Akshay 6 Plan

    2. The LIC Jeevan Akshay VI plan is an immediate annuity plan that can be purchased through a person’s payment of a gross amount. In a different timeline, the project offers annuity payments such as annual, half-yearly, quarterly or monthly.

    Salient Features

    • Minimum entry age in the plan is 30 years.
    • Maximum age in the plan is 85 years.
    • Age proof is mandatory.
    • Maximum Purchase Price is set at Rs. 1,00,000 for offline distribution channels.
    • Maximum Purchase Price is set at Rs. 1,50,000 for online distribution channels.
    • There is no maximum limit for the purchase price and annuity.

    Benefits

    • The premium amount is paid in lump sum.
    • Pension can be received in different time frames viz monthly, quarterly, half yearly or annually.
    • Premium paid is exempt from tax under chapter VI-A of the Income Tax Act, 1961.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  2. LIC Jeevan Nidhi Plan

    3. LIC Jeevan Nidhi is a deferred pension plan for annuities with assured profits. On the policy buyer’s survival more than the procedure term, the accumulated amount is used to generate the beneficiary’s pension. The scheme also provides a cover for the risk during the period of deferral.

    Salient Features

    • Under regular premium, the maximum sum assured is Rs.1,00,000
    • Under single premium policies, the maximum sum assured is Rs.1,50,000.
    • Minimum vesting age is 55years, and the maximum period is 65 years.

    Benefits

    • Premium paid are exempt under section 80CCC of the Income Tax Act, 1961.
    • There is no maximum limit for the necessary sum assured.
    • Guaranteed additions of ₹50 /- per thousand sum assured for each completed year, during the first five years.
    • The policyholder has the right to participate in the profits of the organisation from the sixth year onwards.
    • The policyholder is entitled to bonuses declared by the corporation.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  3. SBI Life Saral Pension Plan

    4. The SBI Life Saral Pension Plan (SBI Life Saral Pension Plan) is an individual participating non-linked traditional retirement plan linked to guaranteed rewards for the first five years and then fundamental reversion bonuses throughout the policy term if any.

    Salient Features

    • Minimum entry age is 18 years, and the maximum age is 65 years.
    • Minimum maturity age is 40 years, and the maximum age is 70 years.
    • Minimum Sum Assured is Rs 1 lakh with no maximum limit attached.
    • Minimum premium payment of Rs 7,500 per annum with no maximum limit.

    Benefits

    • Guaranteed bonuses for the first five years.
    • The policyholder is assured of vesting bonuses on the maturity of the plan.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  4. HDFC Life- Assured Pension Plan

    5. HDFC Life Assured Pension Plan is a linked unit plan provided by HDFC Life which offers market-related returns in conjunction with policy supplementation. The concept is perfect for those planning to retire, and this helps you set your objectives for retirement ahead of time.

    Salient Features

    • Secure your retirement with guaranteed maturity benefits.
    • Loyalty additions in the form of annuity multipliers every year, first starting in the 11th year.
    • Option to start as early as 18 years.
    • Maximum age decided for the plan is 45 years.
    • Limited pay and single payment options are available in one product.

    Benefits

    • Guaranteed vesting benefits along with additional benefits from the market.
    • When the policy matures at the end of the policy term, the benefit will be higher of the Fund Value or Assured Vesting Benefit.
    • Assured Vesting Benefit can be calculated as: [101% + 1%* (Policy term- Premium Paying Term)* Total Premium Paid.]
    • There will be loyalty additions in the form of pension multipliers will be added to the fund value, every alternate year starting from the end of 11th year.
    • In the event of the death of the policyholder before the end of the policy term, the legal heir of the policyholder will receive higher of the following amount:
    • Fund Value
    • 105% of the premium paid.
    • Tax benefits under section 10(10D) and 80(C) of the Income Tax Act, 1961.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  5. ICICI Pru- Easy Retirement

    6. ICICI Pru- Easy Retirement Plan is another unit-related pension plan designed to reward the policyholder with a higher fund value or assured vesting benefits equal to 101% of the total premium paid up to the date.

    Salient Features

    • The policyholder has the option of extending the vesting age given he/she is below 55 years of age.
    • Four free switches are allowed every year to switch between the funds.
    • The premium payment can be increased or decreased by the terms and conditions attached to the plan.
    • Easy Retirement Balanced Fund and Easy Retirement Secure Fund are available for investment.

    Benefits

    • Tax benefits are available on premiums and other benefits.
    • The plan offers payment in different time stream of monthly, half yearly or yearly.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  6. HDFC Life – Click 2 Retire

    7. HDFC Life – Click 2 Retire is an online unit-linked pension scheme offering market-related returns and helping policyholders achieve retirement goals by planning well ahead of time. The project helps prepare for early retirement and through this pension scheme, the policyholder can enjoy the regular income for the rest of his life. Furthermore, HDFC Life- Click 2 Retire plan to let the money work for you instead of you working for the money.

    Salient Features

    • It is an online pension plan.
    • It has an option of starting early at the minimum age of 18 years.
    • Lower vesting age of 45 years.
    • It secures the retirement of the policyholder with guaranteed maturing benefits.
    • There are these following options available in one single product- Regular, Limited Pay and Single Pay.

    Benefits

    • Vesting Benefit: When the policy of the policyholder matures at the end of the term, the maturity benefit will be higher of the following:
    • Fund Value
    • Assured Vesting Benefit.

    Assured Vesting Benefit can be calculated as:

    [101% + 1%* (Policy term- Premium Paying Term)* Total Premium Paid.]

    On maturity, the policyholder has the opportunity to buy an annuity from the range of options provided by HDFC. In this scheme, the policyholder will get guaranteed income for himself/herself and spouse.

    • The deferment of retirement date can be intimated any time before maturity.
    • The policyholder can postpone the maturity date any number of times subject to maximum vesting age of 75 years as long as you are below the age of 55 years.
    • In case of death of the policyholder, before the term ends, the nominee will receive the higher of the fund value or 105% of the premium paid.**

    **The policy will terminate after the death of the policyholder and remaining funds paid to the family. After that, no more benefits will be payable.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  7. Reliance Life Smart Pension Plan

    8. Reliance Life Smart Pension Plan is a non-participating unit-related pension plan that enables the policyholder to save on a regular basis. The premium can be charged under this scheme in the following ways:

    Single Premium Paying Term- The premium amount is released in a lump sum.

    Limited Premium Paying Term- The premium amount is paid for a limited period.

    Regular Premium Paying Term- The premium is divided equally by the number of years of policy term and is paid throughout the tenure.

    Apart from this, there is an additional loyalty that begins at the end of the sixth policy year and is paid at the end of each third policy year.

    Salient Features

    • It is a deferred annuity plan with a single, limited and regular premium paying term.
    • Under this scheme, there is only one plan for investment.
    • There are five riders in this plan
    • There are two stages to this plan:

    Accumulation Stage: In the Accumulation Stage, the premium needs to be paid to build up the desired fund value for the corpus.

    Distribution Stage: In the Distribution Stage, the annuity needs to opt among three possible options:

    • Life Annuity
    • Annuity Certain for five, ten or fifteen years.
    • Life Annuity with return of purchase price.
    • The policy term ranges from 10 years to 30 years.
    • There is loyalty addition which starts from the end of the 6th policy year and is paid at the end of every third policy year.
    • The policyholder can defer the vesting period by a minimum of 5 years as long as you are below the age of 55 years.

    Benefits

    • With Reliance Nippon Life Smart Pension Plan, the policy-holders can
    • Build a corpus for their life after retirement.
    • Decide their retirement age.
    • Live life on their terms.
    • Ensure regular income for a lifetime.
    • Get tax benefits with predetermined terms and conditions.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  8. Bajaj Allianz Pension Guarantee Plan

    9. Bajaj Allianz Pension Guaranteed Plan is a non-unit-linked traditional insurance plan offered with a single premium option by Bajaj Allianz Life Insurance. The policyholder can secure a periodic revenue after retirement with this scheme. The policyholder has chosen the first annuity payment in a month, three months, six months or a year after the beginning of the policy subject to an annuity payment mode, i.e. monthly, quarterly, semi-annual or annual. Under this system, the instant annuity alternatives are:

    • Life Annuity
    • Life Annuity with return of purchase price
    • Annuity Certain for period five years, ten years, 15 years, 20 years and life after that.
    • Joint Life Last Survivor with 50% of annuity to spouse
    • Joint Life Last Survivor with Return of Purchase Price on the death of the Last Survivor (100% of pension to spouse)
    • Joint Life Last Survivor with 100% of premium to the spouse

    The annuity amount will depend on the annuity option chosen by the annuitant and the prevailing annuity rates at the time of purchase and will be guaranteed in accordance with the annuity option chosen for the annuity payment period.

    Salient Features

    • Minimum age at entry should be 37 years, and the maximum age should be 80 years under regular annuity plan.
    • Minimum age at entry should be at least 37 years, and maximum age should be 80 years of annuitant and spouse under joint life last survivor policy.
    • The minimum purchase price is Rs 25,000 while there is no limit on maximum purchase.
    • Annuitant will get tax benefits as per applicable tax laws.

    Benefits

    • The annuity is paid to the annuitant as long as he/she is alive.
    • The annuitant and his/her spouse are covered under Joint Life Survivor Policy, and the annuity is paid to the annuitant or his/ her spouse as long as one of them is still alive.
    • In the event of the death of annuitant amid policy period, other than Joint Survivor Policy, the annuity will be paid to a legal heir or nominee of the annuitant.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  9. Max Life Guaranteed Lifetime Income Plan

    10. Max Life Guaranteed Lifetime Income Plan is a traditional non-participating instant annuity plan that provides periodic cash flow after retirement and enables policyholders to transform their savings into lifelong revenue.

    Salient Features

    • The plan provides payout flexibility; thus the policyholder can choose payout option to receive payout monthly, quarterly, half-yearly or yearly.
    • It comes with multiple annuity options, and one can choose between single life annuity and Joint life annuity as per the needs.
    • Guaranteed income to cater to the financial needs at old age.
    • Annuity options that provide a return of the purchase price.
    • Minimum entry age is 50 years whereas the maximum age is 80 years.

    Benefits

    • Guaranteed income to the policyholder as long as he/she is alive.
    • Under the joint life annuity plan, the surviving spouse can enjoy the benefits after the death of their partner.
    • After the death of the insured person, legal heir or nominee will get the purchase price of the policy.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

  10. Birla Sun Life Empower Pension

    11. Birla Sun Life Insurance Plan is a unit linked, non participating general retirement/pension plan to help policyholders enjoy his life post-retirement.

    Salient Features

    • Policy term ranges from 5 years to 30 years.
    • Minimum entry age is 25 years, and the maximum age is 70 years.
    • Option to select the maturity date to have an accumulated period of 5 to 30 years.

    Benefits

    • The policy has survival, death and maturity benefits.
    • The plan provides an opportunity to choose the policy premium amount.
    • The policyholder is benefitted to choose risk profile based on risk appetites.

    Everyone has hopes of retirement because it is the golden lifespan. PolicyX is here to make sure you choose the best strategy to enjoy a better life ahead. Invest in one of the above plans to attain a worry-free retired life. You can look forward to the best pension plan with monthly payouts and competitive benefits. The PolicyX family wants you all a happy and healthy life after your retirement.

    To know more about Pension Plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029

Location: 51, Gurukripa, Old Sneha Nagar, Wardha Road, Nagpur – 440015

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