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Do Banks Offer Retirement Plans?

Updated On Jul 26, 2021

What is An Insurance Plan?

Retirement planning must ideally begin while you are young, rather than when you are elderly. Long-term payments made on a regular basis can lead to significant retirement savings. Although the prior strategies provide budgetary savings, tax efficiency is a significant consideration. Investing in a retirement plan can also save you money on taxes while also providing you with a steady income after you retire. Pension plans and insurance policies can help you live a dignified and worthwhile post-pension life.

Banks That Offer Retirement Plans

Although there are many types of pension insurance / pension plans available on the market, a pension plan for individuals about to retire is strongly advised. Nowadays not only government insurance companies and private insurance companies but also public and private banks have also jumped into the insurance area and are performing well.

The following is a list of the top banks that provide retirement plans to the general population. These are well-known banks that have been serving the public for a long time. Determine which of your desires and criteria are the best fit for you.

  • HDFC Life Pension Guaranteed Plan 

The HDFC Life Pension Guaranteed Plan is a very popular single-premium annuity that provides guaranteed income for life. This plan can be purchased online, on the internet as well as in offline mode. HDFC Life Guaranteed Pension Plan is an HDFC Life-guaranteed pension plan. This pension plan guarantees you retirement earnings throughout your post retirement life tenure. 

  • SBI Life Saral Pension 

This State Bank of India or SBI insurance is yet another trusted single premium, individual, non-linked, non-participating immediate annuity policy. This plan gives you a steady income as well as a return on your investment. Choosing this plan eliminates all of your financial worries after you have finished your active job life as it gives monthly income after retirement. 

  • ICICI Pru Guaranteed Pension Plan

By making a single payment, an individual can obtain a guaranteed recurring income for the rest of his or her life as an annuity under this Guaranteed Lifelong Annuity offered by ICICI Pru Guaranteed Pension Plan. The insured may receive the annuity immediately after paying the lump-sum payment or after 1–10 years.

  • HDFC Life – Click to Retire

The HDFC- Click to Retire is well-known for assisting you in saving a significant amount of money on taxes by allowing you to claim an exemption of around 1.5 lacs every fiscal year under the Income Tax Acts. Aside from that, it provides you with continual income for the rest of your life when you retire.

Endnotes

Pension Plans currently include a plethora of such alternatives. You can select a plan that meets your needs for a sustainable future while remaining within your financial constraints. These Retirement Funds assist you in achieving financial stability, allowing you to enjoy your golden years of post-retirement freely and without concern. You are now ready to enjoy your retirement days thanks to some of the top retirement insurance plans provided by some of India's best organisations. All of these things contribute to you having a stress-free and secure future, as well as setting preparations for your lovely days.

Also read 

Top Questions To Ask When Buying Retirement Insurance Plans

Which Riders are Suitable For Retirement Plans?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard. 

 

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