Top Pension Plans In India
Updated On Sep 18, 2023
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With the increasing fragility of life, retirement planning is becoming increasingly important. This year has been the same and shockingly more cruel on salaried groups, with many having to give up employment in the middle of the year, and many having to leave a long time before the deadline. As a result, you should start planning for retirement at a young age. The main goal of retirement planning is to guarantee that your basic needs are satisfied even if your primary source of income is no longer available.
The type of daily schedule you will have after retirement will be determined by how early you want to retire. Choosing the appropriate plan for your needs and financial goals might be a difficult but necessary decision, but it will result in a better life after retirement. Choose the finest option to meet your financial needs as you become older. With so many retirement plans to choose from, all you have to do is select the best one for you. To understand more about the top pension plans or schemes available in India, read on.
Top Pension Plans
Following are some of the listed top pensions plans in India that an individual can choose from -
LIC Jeevan Akshay 6 Pension Plan
The LIC Jeevan Akshay 6 Pension Plan is the most popular retirement plan at the moment. It is known to provide a lifetime annuity after retirement, but there is no growth benefit as such. However, the fact that LIC provides you with financial strength for the rest of your life makes it genuinely exceptional. Both normal compensation after retirement and life insurance are available at desired premium rates under this arrangement. It also provides exceptional tax benefits.
SBI Life Saral Pension Plan
The SBI Life Saral Pension Plan is a basic annuity plan in which you pay a set premium and get life insurance and other types of incentives from time to time, as well as development advantages. It's a unit-linked, semi-benefits plan that helps you develop a nest egg for your post-retirement years. Interests in the units also entitle the corpus to a piece of the pie in order to increase your wealth.
HDFC Life - Click To Retire
The HDFC-Click to Retire programme is recognised for saving a lot of money on fees, and it can help you earn an exemption of roughly 1.5 lacs every financial year as per the Income Tax Acts. Aside from that, it provides you with normal remuneration for the rest of your life when you quit.
This plan ensures a secure retirement with a guaranteed salary and a benefit. You will get rewards multipliers every other year commencing in the 11th year from the earliest starting point. When you reach the age of 18, you can pursue this arrangement.
Bajaj Allianz -Pension Guarantee
Bajaj Allianz-Pension Guarantee is a great method to ensure that your benefits are almost guaranteed throughout time, so you may enjoy life after retirement. It is paid a certain amount of money at the rate of the specified lease installments. Payments might be made monthly, quarterly, semi-annually, or annually on an annuity.
Max Life Guaranteed Lifetime Income Plan
The Max Life Guaranteed Lifetime Income Plan includes a lifetime annuity store that considers the individual's diverse needs. It comes with a variety of annuity options, as well as tax benefits and payment flexibility.
Birla Sun Life Empower Pension
The Birla Sun Life Empower Pension is a modestly benevolent plan with a diverse set of perks. The plan aids the individual in saving money for his retirement in order to assure a secure future. The Birla Sun Life Insurance plan gives a substantial corpus sum after retirement and offers a number of venture alternatives that may be chosen by the client.
For the Pension Plan, there are a few such decisions. You have the option of selecting a solution that tackles your problems in the long run while also fitting within your budget. These Retirement Funds assist you in achieving financial stability so that you can enjoy your wonderful post-retirement years without reservation and live lightheartedly.
You may also like to read - When Should I Start Investing In A Pension Plan?
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.