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8 Best Pension Plans in India to Invest in 2021 - IIFL Insurance
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Best Pension Plans in India for 2021

A pension plan or retirement plan is an investment plan that assists individuals in enhancing their financial future and also, safeguards them from any unanticipated situations that may come to the picture post-retirement. The pension scheme in India is typically suitable for senior citizens who need a steady flow of cash after their retirement.

What is a Pension Plan?

A pension plan aids you to accumulate a portion of your savings over a long-term period so that you can strengthen your financial portfolio in the future. Though you save a chunk of money for your future, the best retirement plans are crucial for all.

The best pension plans in India will create financial support in the long term so that you can lead a healthy future post-retirement. Retirement plans in India, offer an individual insured member an opportunity to contribute a certain amount regularly till the time of retirement. The amassed amount is paid back to the insured person as pension or annuity on a regular basis at a pre-defined interval. The best retirement plan in India not only secures the financial portfolio of a person but also helps him/her to deal with all eventualities after retirement.

Types of pension plans in India

Let’s take a look at different types of retirement investment plans in India.

  • Deferred Annuity
  • Immediate Annuity
  • Annuity Certain
  • Life Annuity
  • Nation Pension Scheme (NPS)
  • Pension Funds
  • Whole Life ULIPs
  • Defined Benefit
  • Defined Contribution

 

8 Best Pension Plans in India for 2021

  1. LIC Jeevan Akshay 6 Plan
  2. SBI Life Saral Pension Plan
  3. HDFC Life Click2 Retirement Plan
  4. HDFC Life Assured Pension Plan
  5. ICICI Pru-Easy Retirement Plan
  6. Bajaj Allianz Pension Guarantee
  7. Maxlife Guaranteed Lifetime Income Plan
  8. Birla Sunlife Power Pension

 

1. LIC Jeevan Akshay 6 Plan

This indemnity annuity plan is one of the best retirement planning schemes in India. You can purchase this plan by paying a hefty single premium. After purchasing the plan, you will start getting a pension. Some features of the plan are,

  • The minimum entry age is 30 years and the maximum age is 85 years
  • You will get the pension or annuity payment either monthly, quarterly, half-yearly or yearly
  • No medical examination is needed
  • Minimum purchase price of Rs 1 lakh for offline distribution channels and Rs 1.50 lakh for online distribution channels
  • No maximum limits for the purchase price, annuity, etc.
  • Age proof is required
  • You will eligible for tax benefits for your premium

 

2. SBI Life Saral Pension Plan

This is the best pension online plan that helps you to lead a worry-free future. This non-linked and conventional pension plan protects policyholders from market fluctuation and volatility. Some features are,

  • The minimum entry age is 18 years and the maximum is 65 years
  • Minimum maturity age of 40 years and maximum of 70 years
  • The minimum sum assured amount is Rs. 1 lakh but there is no maximum limit
  • The minimum annualized premium amount starts at a payment of Rs 7,500 per annum with no maximum limit
  • You are free to choose premium modes (single, monthly, yearly, and half-yearly)
  • Through SBI Life Preferred term rider, you may enjoy life cover
  • You are eligible for guaranteed bonuses for the first 5 years

 

3. HDFC Life Click2 Retirement Plan

If you are looking for the best pension scheme, then this online unit-linked plan helps you to meet all your post-retirement needs and requirements. Some features are,

  • Guaranteed vesting benefits and additional gains from the market
  • The minimum entry age is 18 years and the maximum age is 65 years
  • The minimum maturity age is 45 years and the maximum age is 75 years
  • You are eligible for tax benefits under Section 80C and Section 10(10A) of the Income Tax Act 1961

 

4. HDFC Life Assured Pension Plan

If you are looking for an intriguing retirement pension plan, then you must go for this plan. This unit-linked pension plan offers market-linked returns with loyalty additions to policyholders. Some features are,

  • Guaranteed vesting benefits and additional gains from the market
  • You are eligible for loyalty additions every alternate year from the 11th year onwards
  • The minimum entry age is 18 years and the maturity age is 45 years
  • Death benefits are given to the nominee (105% of premiums paid till then)
  •  Tax benefits under Section 80C and Section 10(10D) of Income Tax Act 1961

 

5. ICICI Pru-Easy Retirement Plan

If the policyholder doesn’t get any regular income post his/her retirement, then this plan helps them receive income through equity investment. This plan generates good long-term returns and safeguards you from market volatility. Some features are,

  • Your minimum premium amount will be Rs 48,000 per annum but there is no maximum limit
  • You can choose your payment modes (Monthly, half-yearly and yearly payment)
  • The minimum entry age is 35 years and the maximum age is 70 years
  • The policy is offered for 10, 15, 20, 25, and 30 years
  • You are eligible for tax benefits on premiums

 

6. Bajaj Allianz Pension Guarantee

This plan offers a guaranteed regular income to policyholders after their retirement. Some interesting features are,

  • You are free to choose from six annuity options
  • The minimum entry age is 37 years and the maximum age is 80 years
  • Minimum purchase price of Rs 25,000 with no maximum limit
  • The minimum annuity installment is Rs 1,000(monthly) and the maximum annuity installment is Rs.12,000 (yearly)
  • The annuity will be extended to the spouse

 

7. Maxlife Guaranteed Lifetime Income Plan

By opting for this non-linked traditional annuity plan, you will get a regular flow of income after your retirement. Some features are,

  • As long as you and your spouse will alive, you will receive lifelong payments
  • After the death of the policyholder, the purchase price of the policy is returned to the beneficiary
  • You may receive the payment amount on a monthly, quarterly, half-yearly or yearly basis
  • Four annuity options to choose from

 

8. Birla Sunlife Power Pension

This non-participating unit-linked plan will uplift your financial standing after your retirement. Some features are,

  • Policy term ranges from 5 – 30 years subject to a maximum age of vesting of 80 years
  • The minimum entry age is 25 years and the maximum age is70 years
  • You are free to choose your policy premium amount option
  • Option to choose vesting date to have accumulation period of 5 – 30 years
  • Based on risk appetite, you can choose your risk profile

 

These are some of the best pension plans in India in 2021. If you want to lead your post-retirement life without any financial obligations, you must opt for a pension plan that suits all your requirements and needs.

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