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Best Life Insurance Plans For Retirement Planning

Published On Mar 02, 2021, Updated On Apr 22, 2021

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.


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

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