Best Life Insurance Plans For Retirement Planning
Updated On Apr 22, 2021
Table of Contents
Retirement of an individual requires efficient planning, insurance companies offer various pension plans to secure the declining years without imposing any dependence on your family. Pension plans provide a source of stable income for a long period of time and help in dealing with uncertainties. After continuously investing in a retirement plan, the amount emerges into a corpus which provides during retirement in a systematic manner. There are abundant life insurance companies which provide pension plans, best among them are as follows:
Best Retirement Plans in India
|
Retirement Plans |
Age of Entry |
Vesting Age |
Plan Term |
Sum Assured |
|
Bajaj Life-long Goal Pension Scheme |
Min- 0 years Max- 65 years |
99 years |
99 minus Age at Entry of Life Assured |
10 X Annualised Premium |
|
DHFL Pramerica Golden Age Plus |
Min- 18 years Max- 40,45 and 50 years |
45 to 75 years |
15 , 20 and 25 years |
Min- INR 1.5 Lakh Max- INR Crore |
|
Aditya Birla Empower Pension Plan |
Min- 25 years Max- 70 years |
80 years |
5-30 years |
- |
|
Aviva Next Innings Pension Plan |
Min-42 years Max- 60 years |
- |
13, 16, or 18 years |
- |
|
Aegon Life Guaranteed Income Advantage Plan |
Min- 20 years Max- 55 years |
85 years |
85 minus age at entry of life assured |
Min- INR 1 Lakh Max- No Limit, subject to underwriting |
|
Exide Life Golden Years Retirement Plan |
Min- 18 years Max- 65 years |
55 - 75 years |
10-42 years |
- |
|
Future Generali Big Dreams Pension Scheme |
Min- 18 years Max- 75 years |
- |
5-20 years |
For regular and limited premium pay- 10 X annualised premium For single pay-1.25 X single premium |
|
HDFC Life Click 2 Retire |
Min- 18 years Max- 65 years |
75 years |
10 or 15-35 years |
- |
|
Kotak Premier Pension Plan |
Min- 30 years Max- 55 or 60 years |
45-70 years |
10, 15 and 17-30 years |
Min- INR 2 Lakh Max- No Limit, subject to underwriting |
|
SBI Life Saral Pension Plan |
Min- 18 years Max- 60 or 65 years |
40-70 years |
For regular pay-10-40 years For single pay- 5-40 years |
Min- INR 1 Lakh Max- No Limit, subject to underwriting |
Also Read:- Monthly Income Plans for Senior Citizens
Types of Pension Plans
There are 11 different type of pension plans which are as follows:
1. Deferred Annuity
2. Immediate Annuity
3. Annuity Certain
4. With Cover And Without Cover Pension Plans
5. Life Annuity
6. Guaranteed Period Annuity
7. Pension Funds
8. National Pension Scheme
9. Whole Life Ulips
10. Defined Contribution
11. Defined Benefit
Must Know Term For Retirement Plans
1. Annuity
Annuity is known as the contract between investor and insurance company where the company provides monthly income, partial withdrawal or lump sum at future convenience.
2. Vesting Age
Vesting age is known as the age when the investor commences receiving the monthly pension. The average vesting age of insurance policies is 45 or 50 years.
3. Accumulation Period
The accumulation period is the total term during which the investor is covered in the insurance plan.
4. Fund Value
The total due amount at the end of term of the policy, the fund value either depends upon the pension plan you choose or the predetermined fund value selected at the inception of the policy.
5. Payment Period
The payment period refers to the certain period during which the investor receives the payment post retirement.
Conclusion
Retirement or pension plans come handy when you have entered your retirement. You keep investing in a retirement plan which will benefit you when you are financially independent in your retirement phase. Every person would want to have a financially secured retirement, because no one likes to be a burden. You can consider the above mentioned plans to start planning your financially secure retirement. You can compare these retirement plans and select the best plan that fulfills your requirements. Financial planning for safe and sound retirement is very important nowadays.
You May Also Like to Read:- Best Term Insurance Policies For Senior Citizens
