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Top 10 Pension Plans in India 2021

Published On Mar 22, 2021, Updated On Feb 14, 2022

Pension plans are saving and investment options that can be maintained either by an individual or by their employer, ensuring a secure financial future for them. It seeks to offer them monetary support in times of fiscal distress or any uncertainties that they may have to face in their post retirement life. These plans are specifically designed for senior citizens to help them plan an effective retirement plan. 

In this article we have listed the top 10 pension plans in India for you to choose from, as per your convenience. Let’s look at the following list - 

Top 10 Pension Plans in India

An individual or organisation can maintain a pension plan, which is a savings and investment plan for the benefit of their financial future. Their post-retirement financial well-being is the goal of this program, offering them monetary support during times of financial trouble or adversity. They help seniors plan a successful retirement by offering specific solutions for their needs. 

You can choose from the top 10 pension plans in India listed in this article. Below is the list: 

India's top 10 pension plans

In the following, we list the top 10 pension plans in India in 2021, along with features and benefits - 

1. HDFC Life Click 2 Retire

HDFC Life Click 2 Retire is an online unit-linked plan that provides a guaranteed income that helps in meeting the needs and demands of post-retirement life. The plan has the following features and benefits: 

1. In addition to a guaranteed income, the plan offers market bonuses
2. Subscribers can submit their application as early as 18 years of age, and as late as 65 years of age
3. It matures at 45 years of age and reaches maximum maturity at 75 years of age
4. When the policyholder passes away, the nominee will be entitled to a death benefit equal to 100% of the premiums paid till the time of death
5. Premiums and maturity benefits are not tax-deductible. 

2. HDFC Life Assured Pension Plan

Investors who invest in HDFC Life Assured Pension Plan receive market returns as well as loyalty additions. Its features and benefits are as follows - 

1. There is a guarantee of market returns along with additional market gains. 
2. From the 11th year onward, loyalty additions are added to the fund every alternate year.
3. Applicants must be at least 18 years of age to apply and have a maturation age of 45 years to become eligible
4. Plan participants have the option of paying both a limited pay and a single premium
5. In the event of the investor's death, the beneficiary receives 105% of the premiums paid up until that point. 

3. ICICI Pru Easy Retirement

If the salary of the policyholder is withheld, this plan provides a regular income. As a result, they are able to build upon their post-retirement savings through equity investments. The ICICI Pru Easy Retirement Plan produces the following benefits and protection over time: 

1. The tax-free premium of INR 48,000 without any upper limit on annualized premium
2. Paying premiums on a flexible schedule of monthly, half-yearly, and yearly installments
3. Applicants must be at least 35 years old and at most 70 years old
4. The minimum and maximum ages for maturity are 45 and 80 years old, respectively
5. There are policy terms available for 10, 15, 20, 25, and 30 years. 

4. Reliance Smart Pension

The Reliance Smart Pension Plan is a ULIP that allows investors to set aside funds steadily to generate a lump sum when they retire. The following are its features and benefits: 

1. The policy term can range from 10 to 30 years. 
2. Investing in equity and guaranteeing capital is a double benefit
3. Providing loyalty additions that are guaranteed
4. Age of maturity: 45 years minimum, 75 years maximum

5. Bajaj Allianz Pension Guarantee

In the post-retirement age, this plan provides a steady stream of income for the policyholder for as long as they live. It provides the following services: 

1. There are six options for annuities 
2. 37 years of age is the minimum eligibility age and 80 years of age is the maximum
3. There is no maximum purchase price, just a minimum of INR 25,000 
4. An annuity payment minimum of INR 1,000 per month and a maximum of INR 12,000 per year is required
5. The spouse of the policyholder may receive annuity income benefits 

6. Max Life Guaranteed Lifetime Income Plan

This insurance policy is a non-linked traditional annuity plan that promises the policyholder a regular source of income after their retirement. Its features and benefits include - 

1. The option of receiving life-long payments the policyholder and their spouse
2. A refund of the purchase price to the nominee on the unfortunate occasion of the death of the policyholder. 
3. An option of receiving the pension at monthly, quarterly, half-yearly or annual installments
4. 4 annuity options to choose from 
5. The option of paying the purchase price at a lump sum single payout. 

7. Birla Sun Life Empower Pension

As part of this ULIP plan, the policyholder will receive a guaranteed income after retirement based on their investments. There are several options available to policyholders: 

1. With a maturity age maximum of 80 years, a policy term of between 5 and 30 years is available
2. You must be at least 25 years old and no older than 70 years old to be eligible
3. It is possible to select the policy premium amount at your convenience
4. The investment accumulation period is between five and thirty years
5. Risk profiles can be chosen based on the client's needs and goals

8. LIC Jeevan Akshay 6 Plan

In this immediate annuity plan, a lump sum payment as one premium is required to buy the plan, and payments begin immediately. The plan has the following features and benefits: 

1. A lump-sum payment can be made for all premiums 
2. You may receive the pension in monthly payments, quarterly, half-yearly, or annually as well
3. Subscribing to this plan does not require a medical examination.
4. The minimum offline price is INR 1 lakh, and the online price is INR 1.5 lakh.
5. Applicants must be at least 30 years old and no older than 85 years old. 

9. SBI Life Saral Pension Plan

SBI Life Saral Plan is a traditional, non-linked, non-participating pension plan that insulates the policyholder against market volatility and market fluctuations. The plan offers the following features and benefits: 

1. The first five years will be guaranteed a bonus of 2.30% of the sum assured for three years and 2.75% for the last two years
2. Ten years as the minimum policy term and forty years as the maximum policy term
3. There is no maximum limit on the minimum annualized premium of INR 7,500 
4. Applicants must be at least 18 years of age and no older than 70 years of age 
5. An amount of at least INR 1 lakh without any upper limit as a minimum sum assured 
6. Payment options include single, monthly, yearly, and half-yearly premiums 

10. LIC Jeevan Nidhi Plan

Profitability is a characteristic of this pension plan. As long as you survive the entire term of this policy, it provides you with a pension. Policyholders are entitled to the following benefits: 

1. Every policy term for the first five years will be topped up with INR 50 per thousand Sum Assured
2. Since the 6th policy year, participation in corporate profits has increased
3. Regular premium policies require a minimum sum assured of INR 1 lakh, and single premium policies require a minimum sum assured of INR 1.5 lakh.
4. You can choose from a 5-35-year policy term
5. At least 55 years of age and no older than 65 years of age.v

Also Read:- Reasons Why You Should Purchase Retirement Plans

Take Away

In India, there are ten pension plans offering different features and benefits. You should use this checklist to decide on a pension plan according to your financial flexibility and long-term and short-term goals. You need to choose the plan depending on your affordability radar and immediate needs.

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