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How Can I Know Which Pension Plan Is Best For Me?

Updated On Mar 18, 2022

Individuals can ensure their retirement days financially by contributing a significant amount of money on a regular basis to pension schemes. A person's unforeseen expenses stemming from an emergency after retirement might be mitigated with the help of pension plans. A top pension plan is always a boon to retirees, whether it is for a health emergency or to fund an international trip. It also ensures that your income continues to flow even after you retire. 

Top Pension Plans In India

1. Aditya Birla Sun Life Empower Pension Plan

This is a non-participating unit-linked pension plan that assists policyholders in saving in order to build a financial corpus for post-retirement. Because it is a unit-linked insurance policy, a portion of the premium is invested in market instruments such as equity and debt in order to generate significant returns. The benefits of the policy, as well as some of its key aspects, are listed below. 

Benefits and Features

  • The policy term extends from 5 to 30 years, with a maximum vesting age of 80 years.
  • The minimum age to enter is 25 years old, while the maximum age is 70 years old.
  • You have the option of choosing the amount of your policy premium.
  • Option to set a vesting date for a 5- to 30-year accumulation period
  • Based on your risk appetite, select a risk profile.

2. HDFC Life - Click2 Retire

It is an online unit-linked insurance plan that gives you market-linked returns for a low monthly fee. This guaranteed HDFC pension plan helps you cover your post-retirement needs in this way. This plan aids in early retirement planning, and the insurance holder can benefit from a pension scheme for the remainder of his or her life.

Benefits and Features

  • Benefits from guaranteed vesting as well as further market gains
  • The minimum admission age is 18 years old, while the maximum age is 65 years old.
  • The minimum age of maturity is 45 years, and the maximum age is 75 years.
  • The higher of the policy's fund value or 105 percent of premiums paid up to that point will be paid to the nominee as death benefits.
  • Tax incentives are provided by Sections 80C and 10(10A) of the Income Tax Act of 1961.

3. LIC Jeevan Akshay 6 Plan

This is an immediate annuity retirement plan that you can acquire with a single lump-sum payment, making it one of the best pension plans in India. This LIC Retirement Pension Plan is the ideal pension plan for investors who require instant income. After acquiring this package, you can immediately begin taking advantage of its features. The plan allows for annuity payments to be made on a monthly, quarterly, half-yearly, or annual basis.

Benefits and Features

  • Premiums are paid in one go.
  • Payments from a pension or annuity might be made monthly, quarterly, half-yearly, or annually.
  • This plan does not require a medical evaluation.
  • For conventional distribution channels, the minimum purchase price is Rs 1 lakh, and for online distribution channels, the minimum buy price is Rs 1.50 lakh.
  • There are no maximums for purchase price, annuity, or other factors.
  • The minimum age to enter is 30 years old, while the highest age to enter is 85 years old.
    Proof of age is required.

4. SBI Life Saral Pension Plan

It is a classic top pension plan that protects you against market volatility and fluctuation. It is an individual, non-linked, participating plan. For the first five years, this top SBI pension plan delivers guaranteed bonuses.

Benefits and Features

  • If there is a financial need, a loan can be obtained.
  • If you are diagnosed with a serious illness, you have the option to surrender your coverage.
  • You get a 15-day free look period from the date you receive the policy. In the case of an electronic insurance purchase or a policy purchased through a remote mode, a 30-day free look period is available.
  • It is possible to obtain tax benefits in accordance with the existing income tax legislation.
  • Single life annuity and shared life annuity are the two forms of return of premium possibilities.

5. Max Life Guaranteed Lifetime Income Pension Plan

This plan, which is one of the top pension plans in India, is a classic non-linked annuity plan that guarantees you a regular income once you retire. The plan is regarded as one of the greatest pension plans in India, as well as a lucrative investment opportunity.

Benefits and Features

  • Option to receive money for the rest of your life and that of your spouse
  • After the policyholder's death, the purchase amount of the policy is repaid to the nominee.
  • Pension payments might be made monthly, quarterly, half-yearly, or annually.
  • There are four different annuity choices to choose from.
  • Option to pay for the policy with a one-time lump sum payment.

Take Away

These are some of the best pension plans in India; you can pick one that best suits your needs to secure your future. This is because financial independence is one of the most valuable assets you can have throughout your golden years, or post-retirement life. So do not be hesitant to choose a pension plan, buy one, and guarantee your future.

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