An investment strategy that helps to direct savings toward building a corpus over time is a pension or retirement plan. You must routinely invest during your years of employment in order to receive the greatest benefits after retirement. A good pension plan will enable you to overcome
During the post-retirement period, it helps you and your family manage the necessities that arise due to inflation
Currently, the Indian insurance industry provides some of the best pension plans to help you live a comfortable life after retirement. Our selection of the Top 10 Pension Plans in India should make it easier for you to achieve your objectives
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List of India’s Top 10 Pension Plans
- New Jeevan Shanti from LIC
- Click 2 Retire from HDFC Life
- Saral Retirement Saver SBI Life
- Easy Retirement with ICICI Pru
- Max Life’s Guaranteed Lifetime Income Plan
- Bajaj Allianz Long-Term Objective
- Premier Pension Plan by Kotak
- Plan for ABSLI Empower Pension
- Plan for Guaranteed Monthly Income from Tata AIA Life Insurance
- Plan for Guaranteed Annuities from India First
Top 10 Pension Plans in India: A Brief Description
Each of the aforementioned pension plans’ salient characteristics is covered in this section. For more details, you can send a message to PolicyX.com or refer to the plan brochures on the company’s websites.
Plan New Jeevan Shanti from LIC
The LIC New Jeevan Shanti Insurance Plan, which is non-participatory, non-linked, and only requires a single premium payment, offers the benefit of returns through alternate Deferred Annuity options. Both offline and online methods of application are permitted for this policy. The Joint Life Annuity and Single Life Annuity are the two Deferred Annuity payment options under this plan.
Key Features
- • By making a one-time investment, you can gain access to a reliable stream of income.
- The add-on coverage for dependents with disabilities is a benefit available to policyholders under the plan.
- There is a reduction in annuity rates offered by the plan.
- Policyholders have a choice of four annuity modes: monthly, quarterly, half-yearly, and annual.
HDFC Life’s Click 2 Retire Program
A unit-linked online insurance product called HDFC Life Click 2 Retire helps the insured to satisfy their post-retirement expenses while also providing market-based returns.
- In accordance with the terms of the plan, the death benefit would be equal to the greater of the fund value or 105% of the premiums paid.
- The benefits of the plan vest over time, and there are no expenses associated with the premium allocation.
- Section 80CCC of the Income Tax Act of 1961 provides tax advantages to policyholders.
2. The Click 2 Retire Program of HDFC Life
Key Characteristics
The insured is assisted in covering their post-retirement needs through the unit-linked online insurance product HDFC Life Click 2 Retire, which also offers market-based returns
Key Features:
- The death benefit would be equivalent to the larger fund value or 105% of the premiums paid in accordance with the provisions of the plan.
- The plan’s benefits vest over time, and allocating premiums has no related costs.
- The Income Tax Act of 1961’s Section 80CCC grants policyholders tax benefits.
3. Saral Retirement Saver SBI Life
Based on savings, a unique, non-linked, participatory pension product is offered. The SBI Life Saral Retirement Saver program aids policyholders in establishing a source of retirement income
Key Features
- Simple reversionary bonuses that are added frequently over the course of the policy term might be used to create a corpus.
- SBI Life’s Preferred Term Rider is available for Life Cover.
- The right to both maturity and death payments exists for the policyholder
- Policyholders may benefit from tax benefits under Section 80CCC of the Income Tax Act of 1961.
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4. Easy Retirement Plan from ICICI Pru
ICICI Pru Simple Retirement helps the insured have a steady source of income by offering stock investment alternatives
Key Features
- The plan gives customers the choice of monthly, biannually, or annual payments. Monthly, yearly, or biennial premium payments are also acceptable.
- The death benefit is equal to 105 percent of the sum of the premiums.\
- This pension plan allows policyholders to reduce their taxable income.
5. Max Life Guaranteed Income for Life Plan
A conventional pension plan that helps policyholders accumulate assets in preparation for a steady income after retirement is the Max Life Guaranteed Life Income Plan.
Key Features
- Up until your death and the death of your spouse, the plan continues to pay a pension.
- In the event of the Insured’s passing, the plan pays the nominee the full purchase amount.
- A pension can be paid to you every month, every quarter, every six months, or every year.
- The plan provides six Annuity choices.
6. Bajaj Allianz Long-Term Objective
Unit-linked, whole life insurance from Bajaj Allianz LongLife Goal enables you to save savings and generate income up to age 99.
Key Features
- The program guarantees assured loyalty increases.
- A stream of income is promised to policyholders till age 99.
- Policyholders can profit from Section 80C and Section 10 tax benefits.
- Periodic charges for returning Life Cover are favorable (10D).
7. Premier Pension Plan by Kotak
For those wishing to safeguard their retirement, the traditional, participating Kotak Premier Pension Plan is an alternative that is available online.
Key Features
- The plan gives cumulative incentives and guaranteed additions.
- Policyholders have a variety of premium payment options to select from.
- The guaranteed payout is equal to 105 percent of the total premiums paid on death or vesting.
- It is possible to obtain additional protection against accidental death and disability.
8. Plan for ABSLI Empower Pension
Unit-linked and non-participating pension plans include Aditya Birla Sun Life Empower Pension. The strategy aids in the development of a financial reserve for your post-retirement years.
Key Features
- The policy includes enhancements to your Sum Assured as well as vesting advantages.
- The guaranteed Sum Assured or the policy fund value at the policy’s inception, whichever is higher, is used to determine the death benefit that will be paid.
- You can select the ideal fund selection within the self-managed option of the plan based on your level of risk tolerance.
9. Plan for Guaranteed Monthly Income from Tata AIA Life Insurance
An individual Life Insurance Savings option that is non-participating, non-linked, and provided by TATA AIA is the Guaranteed Monthly Income Plan. It aids in the development of a safety net for your finances.
- Up to 288 months after reaching retirement age, it provides a monthly income.
- Paying a high premium amount results in an increase in monthly revenue.
- Policyholders have the option of taking out loans secured by their policies.
- Premium payments can be made yearly, biannually, quarterly, or monthly.
- Plan for a Guaranteed Annuity from IndiaFirst
10. Assurance Plan for IndiaFirst Life
Key Elements
Under this Deferred Life Annuity plan, policyholders can pay a single payment and receive lifetime benefits. Policyholders can select one of 12 options from the plan’s
Options for annuities based on their requirements.
Key Features
- When a policyholder dies, the Return of Purchase Price option is available.
- The option of supporting a loved one under the Joint Life Cover is given to policyholders.
- With the Escalating Life Annuity option, the annuity amount increases continuously.
