Top Ten Pension Plans in India

Updated On Apr 22, 2021

Top Ten Best Pension Plans in India
Final Words

The pension or the retirement plan allocates savings to accumulate over a fixed tenure, preferably during the earning years of an individual to reap benefits after retirement. A suitable insurance plan assists the individual and the family to deal with their financial needs post-retirement. For a happy and relaxed retirement life, it is important to buy a pension plan at the earliest.

Top Ten Best Pension Plans in India

Pension plans help people to enjoy excellent financial independence so that they can enjoy the retirement period of their life peacefully. The following is the list of the top ten best pension plans in India:

Name of the Plan	Age of Entry	Maturity Age	Unique Features
Pradhan Mantri Vaya Vandana Yojana	10 years	NA	There is no minimum age to invest and the pension will be made through Aadhar linked payment systems.
LIC New Jeevan Shanti	30 years	80 years	Renders long term source of income, with one-time investment. Possible to avail add-ons cover for disabled people. Available in four annuity nodes.
HDFC Life Click 2 Retire	18 years	75 years	Offers the benefit of a pension plan with market-linked returns. Offers death benefit and tax benefits.
Max Life Guaranteed Lifetime Income Plan	45 years	90 years	Offers pension for the policyholders, until the insured and the spouse is alive. Insured can receive the pensions in six annuity options.
ICICI Pru Easy Retirement	18 years	75 years	Offers a steady income for the insured in the retirement years and is available for a term of 10,15,20, 25, and 30 years.
SBI Life-Saral Pension	18 years	70 years	Renders guaranteed income for the initial five years with 2.5% of the sum insured for the first three years and at 2.75% for the rest of the years.
HDFC Life Assured Pension Plan	18 years	75 years	Guarantees vesting benefits along with revenues. Renders loyalty additions from the 11th year of the policy.
Reliance Life Insurance Smart Pension Plan	18 years	75 years	People can choose a policy tenure of 10-30 years along with guaranteed loyalty additions. Insured can also choose a list of optional riders to boost the policy coverage.
Bajaj Allianz Life Pension Guarantee	25 years	80 years	There are six pension options available and is possible to gain a minimum of 1000 rupee per month.
Aditya Birla Empower Pension Plan	25 years	80 years	The plan offers regular premium paying options along with the flexibility to choose the desired fund option.

You May Also Like to Read: National Pension Scheme (NPS) Quick Guide

What are Retirement Plans? How Do They Work?

Best Term Insurance Plans for Senior Citizens

Final Words

To lead a relaxed and comfortable life post-retirement, it is important to start planning in the present. During old age, where there will not be any energy left to earn and reap money, these pension plans in India can be of tremendous help to meet critical financial needs. When savings get exhausted with daily expenses and medical bills, the pension amount will help people to lead a better quality of life at sunset years.