List of Best Pension Plans Available in India For 2024
Updated On Dec 19, 2023
Table of Contents
A pension or retirement plan is a type of investment that allows money to be set aside for a specific purpose over a predetermined period of time. To get the most out of your retirement, you should invest regularly while you are working.
A good pension plan helps you keep up with inflation and helps you and your family take care of your needs after you retire. The Indian insurance market currently features a number of competitive pension plans that should allow you to have a comfortable retirement.
List of the Best Pension Plans Available in India 2024
This section describes the major characteristics of each of the aforementioned pension plans.
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New Jeevan Shanti Plan from LIC
The LIC New Jeevan Shanti Insurance Plan is a single-premium, non-linked, non-participatory plan that offers returns through deferred annuities. You can get this insurance policy both online and in person. Under this plan, there are two ways to get paid from a deferred annuity: a joint life annuity or a single life annuity.
Key Features of This Plan Are:
- You can get a long-term source of revenue from a one-time investment.
- . Policyholders can get extra coverage for disabled people who depend on them through the plan.
- The plan gives a discount on the annuity rates.
- Annuity payments can be made monthly, quarterly, half-yearly, or annually.
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HDFC Life Click to Retire Plan
The HDFC Life Click 2 Retire insurance plan is an online unit-linked insurance plan that gives market-based returns and helps the insured meet their needs after they retire.
Key Features of This Plan Are:
- The plan's death benefit is equal to the greater of the fund value or 105% of total premiums paid.
- The plan has benefits for vesting, and no premium allocation charges can be made.
- Under section 80CCC of the Income Tax Act of 1961, policyholders can get tax breaks.
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SBI Life-Sara Retirement Saver
It is an individual savings pension plan that is not linked to any other plans. With SBI Life Sara Retirement Saver, policyholders can set up a source of income for when they retire.
Key Features of This Plan Are:
- Corpus can be made with a simple reversionary bonus that is added to regularly over the life of the policy.
- The SBl Life-Preferred Term Rider can be used to get life insurance.
- Policyholders can get money when their policy ends or when they die.
- Section 80CCC of the Income Tax Act of 1961 lets people who own policies get tax breaks.
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ICICI Pru Easy Retirement Plan
Through stock investments, ICICI Pru Easy Retirement helps make sure that the insured has a steady source of income.
Key Features of This Plan Are:
- There are different ways to pay for the plan, such as monthly, bi-annually, and annually. Premiums can be paid once a year, every six months, or monthly.
- The amount of the death benefit is equal to 105% of the total amount paid in premiums.
- With this pension plan, policyholders can lower the amount of their income that is taxed.
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Max Life's Plan for a Guaranteed Income for Life
The Max Life Guaranteed Life Income Plan is a traditional pension plan that helps policyholders build a fund for a regular income for retirement.
Key Features of This Plan Are:
- The plan keeps giving you a pension as long as you and your spouse live.
- In the event of the insured's death, the plan pays the nominee the full purchase price.
- You can get a pension every month, every three months, every six months, or every year.
- The plan gives you six choices for an annuity.
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Bajaj Allianz LongLife Goal
The Bajaj Allianz LongLife Goal is a unit-linked Whole Life Cover that helps you save money and make money until you're 99 years old.
Key Features of This Plan Are:
- The plan has loyalty bonuses that are guaranteed.
- Policyholders are sure to get money until they turn 99.
- Policyholders can also get a return of life cover charges every so often.
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Kotak Premier Retirement Plan
The Kotak Premier Pension Plan is a traditional, participant-based pension plan for people who want to make sure they have enough money in retirement.
Key Features of This Plan Are:
- The plan includes guaranteed additions and bonuses that build up over time.
- Policyholders can choose from different ways to pay their premiums.
- It is possible to get more protection against accidental death and disability.
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Tata AL Life Insurance Guaranteed Monthly Income Plan
TATA AIA's Guaranteed Monthly Income Plan is an individual, non-linked, non-participating life insurance savings plan. It helps you set up a safety net in case you need money in the future.
Key Features of This Plan Are:
- It gives you money every month for up to 288 months after you retire.
- When you pay a high premium, your monthly income goes up.
- Policyholders can get loans against their insurance policies.
- Premiums can be paid once a year, twice a year, three times a year, or once a month.
Conclusion
Each plan has its own benefits, so determine what you need. If you're the only one earning money for your family, have debts to pay off, or need to save for your kids' college, the amount of your pension should be more than all of your expected expenses. The most important thing is to retire without financial responsibilities, and the greatest alternative is one that meets your long-term goals.
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