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What Are The Different Types of Retirement Insurance Plans?

Updated On Jul 14, 2021

With growing uncertainty about life, retirement preparation becomes ever more necessary. The wage-earning groups in 2021 were no different and even tougher, with many having to leave the work midway between them, many of them having to retire years before the specified period, so retirement plans should commence from extremely old age. The main objective of pension planning is to ensure that even if your income source is no longer accessible, your core necessities are satisfied.

How early you get ready to retire is life once you retire. The choice of the finest plan for your needs and long term financial goals could be difficult but absolutely necessary, but it will lead to a better life after retirement. It is very important and necessary to choose the finest method to meet your needs. The various pension plans on the market at the moment that are immediately accessible to you just have to choose the best.

Top Retirement Insurance Plans

While various forms of pension/ retirement insurance plans are accessible in the market it is highly recommended to have a pension plan for those who are about to retire as well. Here is  a list of the leading pension plans to invest in the current circumstances is included below. See which one for you will be the best according to your needs and requirements. 

1. LIC Jeevan Akshay 6 Pension Plan

Currently the most purchased retirement plan is the Jeevan Akshay 6 Pension Plan LIC. There is no maturity benefit as one and the same, but the fact that this provides you with financial stability for your entire life is one of the greatest. It is renowned to give a lifetime pension after retirement.

2. Jeevan Nidhi Pension Plan of the LIC

The LIC Pension Plan for Jeevan Nidhi is the delayed pension plan. This plan provides both regular and life-cycle income after retirement at the desired premium rates. It also offers huge tax advantages.

3. SBI Life Saral Pension Plan 

The SBI Life Saral Pension Plan is your standard pension plan and in return gives a lifetime cover and other kinds of bonuses, as well as maturity pension benefits. The pension plan is your traditional western pension plan.

4. Reliance – Smart Pension Plan

The Reliance Smart Pension Plan is a specifically related unit linked pension plan that would help you construct a corpus for retirement days after retirement. Unit investments also place and put the corpus under market share to enhance your wealth. 

5. HDFC Life – Click to Retire

The HDFC - Click to Retire is known to reduce taxes a great deal, and it lets you earn roughly 1.5 lacs exemption from taxation in accordance with revenue laws per fiscal year. In addition, it gives you consistent pay for a lifetime after your retirement.

6. Bajaj Allianz – Pension Guarantee

Bajaj Allianz - Pension Guarantee is indeed an excellent way to keep your pension secure throughout time, allowing you to enjoy life following retirement. It helps to fix the income at the rate at which the selected rent is paid. Annuity payment may take place every month, every quarter, every six months or every year.

7. Birla Sun Life Empower Pension

The Birla Sun Life Empower Pension is a quasi-unit pension scheme with a wide range of benefits. The system helps the user save for a safe future for his retirement. The Birla Sun Life Insurance Plan offers a number of investment options that the individual can choose from and gives a good amount of corporate capital after the eventual retirement.


There are numerous retirement insurance plan options. You can choose a plan that fulfils your requirements and matches your budget for a sustainable future. These pension funds help you to achieve financial stability so that your golden post-pension years are free and carefree.

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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.                     

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