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  • Top 10 Pension Plans in India

    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:

    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

    2. LIC Jeevan Nidhi Plan:

    The LIC Jeevan Nidhi plan is a with profits pension plan. The accumulated amount of the 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

    3. SBI Life - Saral Pension:

    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

    4. HDFC Life - Click2Retire (Online):

    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

    5. DFC Life - Assured Pension Plan:

    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

    6. CICI Pru - Easy Retirement:

    This plan helps the policyholder receive regular income once his or her salary stops post retirement by investing in equity. This 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

    7. Reliance - Smart Pension:

    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

    8. Bajaj Allianz - Pension Guarantee:

    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

    9. Max Life Guaranteed Lifetime Income Plan:

    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

    10. Birla Sun Life Empower Pension:

    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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