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What is The Most Popular Retirement Plan

Published On Aug 17, 2021

With the increasing uncertainty of life, retirement planning is becoming increasingly important. This year has been no different, and even worse on the salaried groups, as many had to leave their jobs in the middle of the year, and many had to retire years before the permitted period, so you should start retirement planning at a young age. The primary purpose of retirement planning is to ensure that your basic needs are satisfied even if your principal source of income is no longer available.

The kind of lifestyle you will lead after retirement is decided by how early you plan for it. Choosing an appropriate plan for your needs and financial goals is a difficult but crucial decision that will result in a better life after retirement. It is critical to select the best plan to satisfy your financial needs in old age. With so many retirement plans on the market, all you have to do is pick the best one for you.

9 Best Retirement Plans In 2021

Here is a list of the top 9 Best Retirement Plans to invest in for 2021; have a look and see which one best suits you:

  • LIC Jeevan Akshay 6 Pension Plan

The most popular retirement plan at the moment is the LIC Jeevan Akshay 6 Pension Plan. It is renowned to provide a lifetime pension after retirement; yet, there is no maturity benefit; however, the fact that it provides you with financial stability for the rest of your life makes it one of the best.

  • Jeevan Nidhi Pension Plan of the LIC

The LIC's Jeevan Nidhi Pension Plan is a deferred compensation pension plan. This plan provides both monthly incomes after retirement and life insurance at the desired premium rates. It also has significant economic tax advantages.

  • SBI Life Saral Pension Plan 

The SBI Life Saral Pension Plan is a standard pension plan in which you pay recurring premiums in exchange for life insurance and a variety of bonuses. It also offers maturity benefits.

  • Reliance – Smart Pension Plan

The Reliance Smart Pension Plan is a unit-linked and quasi-pension plan that helps you save for your retirement years. Investments in units also expose the corpus to market share, which increases your value.

  • HDFC Life – Click to Retire

The HDFC- Click to Retire is well-known for helping you save a lot of money on taxes, as it allows you to claim an exemption of roughly 1.5 lacs per fiscal year under the Income Tax Acts. Aside from that, it offers you ongoing income when you retire for the rest of your life.

  • HDFC Life – Assured Pension Plan

The HDFC Life- Assured Pension Plan assists in ensuring your retirement with a safe income and market profit. You will earn pension multipliers every other year commencing in the eleventh year from the commencement. You can sign up for this insurance as soon as you reach the age of 18.

  • Bajaj Allianz – Pension Guarantee

Bajaj Allianz- Pension Guarantee is an excellent approach to ensure your pension over time while also allowing you to enjoy life after retirement. It aids in obtaining a set revenue at the rate of payment of the chosen rent. Annuity payments might be made monthly, quarterly, semi-annually, or annually.

  • Max Life Guaranteed Lifetime Income Plan

The Max Life Guaranteed Lifelong Income Plan includes a lifetime pension fund that responds to the individual's various demands. It has a variety of annuity alternatives and, in addition to payout flexibility, it has tax advantages.

  • Birla Sun Life Empower Pension

The Birla Sun Life Empower Pension is a partially unit-linked pension plan with numerous benefits. The scheme assists the individual in saving for his retirement in order to ensure a secure future. The Birla Sun Life Insurance plan gives a number of investment options that the individual can choose from, as well as a good corpus sum after retirement.

Take Away

Pension Plans have numerous such options. You can choose a plan that fulfils your needs for a sustainable future while still being within your budget. These Retirement Funds help you achieve financial stability so that you can enjoy your golden years of post-retirement freely and worry-free.

Also Read:  

Which Riders are Suitable For Retirement Plans?

How Can a Rider Make Your Term Insurance Plan More Efficient?

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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