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Top 10 Pension Plans in India

If you are looking for a pension plan which would allow you to take care of your needs after you have stopped working, visit the BankBazaar website to find the top 10 pension plans in India and make your decision regarding which one is the best for you.
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Pension plans are plans maintained by employers that help individuals secure their financial future and protect them from any uncertainties that may arise post retirement. These plans are best suited for senior citizens that are looking to effectively plan their retirement.

The following are considered the top 10 pension plans in India at present:

  1. LIC Jeevan Akshay 6 Plan:

  2. The LIC Jeevan Akshay 6 policy plan is an immediate annuity plan, which can be bought by paying a lump sum amount as a single premium. The pension starts immediately after buying the plan.

    Features and benefits:

    • Premium paid in lump sum
    • Pension can be received either monthly, quarterly, half yearly or yearly
    • No medical examination required to avail of this plan
    • Minimum purchase price of Rs 1 lakh for offline distribution channels and Rs 1.50 lakhs for online distribution channels
    • No maximum limits for purchase price, annuity etc
    • Minimum entry age is 30 years and maximum is 85 years
    • Age proof is mandatory
    • Premium paid is exempt from tax
  3. LIC Jeevan Nidhi Plan:

  4. The LIC Jeevan Nidhi plan is a with profits pension plan. The accumulated amount of LIC Jeevan Nidhi plan is used to generate pension for the policyholder based on his or her survival past the policy term.

    Features and benefits:

    • Premiums paid are exempt under Section 80CCC of the Income Tax Act
    • For the first five years, the policyholder will receive guaranteed additions @ Rs.50/- per thousand Sum Assured for each completed year
    • The policy will participate in profits of the corporation from the sixth year onwards
    • Minimum basic Sum Assured is Rs 1 lakh under regular premium and Rs 1.50 lakhs under single premium policies
    • No maximum limit for basic Sum Assured
    • Policy term ranges from 5 - 35 years
    • Minimum vesting age of 55 years and maximum of 65 years
  5. SBI Life Saral Pension plan:

  6. The SBI Life Saral Pension plan is an individual, participating, non linked, traditional pension plan, which offers the policyholder protection from market fluctuation and volatility.

    Features and benefits:

    • Guaranteed bonuses for the first 5 years
    • The policyholder is assured of vesting bonuses on maturity of the plan
    • High loan tenure ranging from 10 - 40 years
    • Minimum premium payment of Rs 7,500 per annum with no maximum limit
    • Minimum entry age is 18 years and maximum is 65 years
    • Minimum maturity age of 40 years and maximum of 70 years
    • Minimum Sum Assured of Rs 1 lakh with no maximum limit
  7. HDFC Life - Click2Retire:

  8. The HDFC Life - Click 2 Retire plan is an online Unit Linked Plan that offers the policyholder market linked returns with minimal charges, which helps in meeting post-retirement requirements.

    Features and benefits:

    • Guaranteed vesting benefits as well as additional gains from the market
    • Minimum entry age of 18 years and maximum of 65 years
    • Low maturity age of 45 years and maximum of 75 years
    • Death benefits to the nominee will be higher of the fund value of the policy or 105% of premiums paid till then
    • Tax benefits under Section 80C and Section 10(10A) of Income Tax Act 1961
  9. HDFC Life - Assured Pension Plan:

  10. The HDFC Life - Assured Pension Plan is a Unit Linked Plan that offers market linked returns with loyalty additions to the policyholder to meet retirement goals.

    Features and benefits:

    • Guaranteed vesting benefits as well as additional gains from the market
    • Loyalty additions every alternate year from the 11th year onwards
    • Minimum entry age of 18 years and low maturity age of 45 years
    • Limited and single pay options
    • Death benefits to the nominee will be higher of the fund value of the policy or 105% of premiums paid till then
    • Tax benefits under Section 80C and Section 10(10D) of Income Tax Act 1961
  11. ICICI Pru - Easy Retirement:

  12. This plan helps the policyholder receive regular income once his or her salary stops post retirement by investing in equity. ICICI Pru Easy Retirement generates good long term returns and offers protection against market volatility.

    Features and benefits:

    • Minimum premium of Rs 48,000 per annum with no maximum limit
    • Monthly, half yearly and yearly payment frequency modes
    • Minimum entry age of 18 years and maximum of 70 years
    • Minimum vesting age of 45 years and maximum of 80 years
    • The policy term ranges from 10 - 30 years
    • Tax benefits on premiums and benefits
  13. Reliance - Smart Pension:

  14. The Reliance Smart Pension Plan is a non participating Unit Linked Plan that helps the policyholder save in a systematic manner in order to build up a lump sum to generate regular income after retirement.

    Features and benefits:

    • The policy term ranges from 10 - 30 years
    • Double benefit of equity participation plus capital guarantee
    • Receive guaranteed loyalty additions
    • Minimum vesting age of 45 years and maximum of 75 years
    • Income tax benefits under Section 80C and section 10(10A) of Income Tax Act 1961
  15. Bajaj Allianz - Pension Guarantee:

  16. The Bajaj Allianz Pension Guarantee plan assures the policyholder of a guaranteed, regular income post retirement for the duration of his or her lifetime, with a range of immediate annuities to choose from.

    Features and benefits::

    • Six annuity options to choose from
    • Minimum entry age of 37 years and maximum age of 80 years
    • Minimum purchase price of Rs 25,000 with no maximum limit
    • Minimum annuity installment of Rs 1,000
    • Option to extend annuity to the spouse
  17. Max Life Guaranteed Lifetime Income Plan:

  18. The Max Life Guaranteed Lifetime Income Plan is a non-linked traditional annuity plan that guarantees the policyholder a regular stream of income after his or her retirement.

    Features and benefits:

    • Option to receive life-long payments for as long as you and your spouse are alive
    • Purchase price of the policy is returned to the nominee after death of the policyholder
    • Pension can be received on a monthly, quarterly, half-yearly or yearly basis
    • Four annuity options to choose from
    • Option to choose a onetime lump sum amount to pay to purchase the policy
  19. Birla Sun Life Empower Pension:

  20. The Birla Sun Life Empower Pension plan is a unit linked, non-participating pension plan designed to enhance the policyholder’s savings post retirement.

    Features and benefits:

    • Policy term ranges from 5 – 30 years
    • Minimum entry age of 25 years and maximum age of 70 years
    • Option to choose your policy premium amount
    • Option to choose vesting date to have accumulation period of 5 – 30 years
    • Choose risk profile based on risk appetite

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      GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Life Insurance Reviews

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  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    It has been a good policy and i had started this insurance a long time back. The premium amount has not been not too high and i have been paying it annually where the payment method has not been high. The policy is good and can be suggested to others.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy with Life Insurance Corporation of India. I have selected the LIC because of the wife's suggestion. I have chosen the Jeevan Bhima policy. I am paying the premium amount of Rs. 30000 every year. I have no idea about the coverage value. I make the premium through agent via money transfer.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have my life insured with LIC from last 15 years and it is a long term policy. I pay my premium once on 6 months through direct payment and i am convenient with the payment options. I am not happy with the returns and tenure period for this policy is for 25 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Trusted Insurance"
    0.5 5.0/5 "Blown Away!"
    They saving our money and providing the loan based on the premium but we need to maintain proper track record for the LIC. I have taken the policy for the tenure of 25 years, I need to pay the premium for whole year I expect good value from my three policy.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Life Saving Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured with Life Insurance Corporation of India. I have purchase a plan called Jeevan Bhima Yojana. Since my father is paying the premium, I'm not sure about the amount. This is a 20 years tenure period policy. I never had any trouble with this policy.
    Was this review helpful? 1
    , chandigarh
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took this insurance long bank , the agent had explain me clearly about the policy coverage and plan benefit,and i pay premium on quarterly basis, i pay up to 2700-2800 rupees which was nominal for me,it use to get auto debited from my account.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
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