Which Is The Best Retirement Insurance Plan In India In 2021?

Updated On Jul 15, 2021

What is An Insurance Plan?
Best Retirement Insurance Plans In India In 2021
- LIC Jeevan Akshay 6 Pension Plan
- SBI Life Saral Pension Plan
Endnotes

What is An Insurance Plan?

Retirement Planning should ideally begin when you're young and not old. Regular long-term contributions can lead to considerable retirement funds accumulating. Although the preceding solutions offer fiscal savings, tax efficiency is an important issue to take into account. Investing in a retirement plan can also save you taxes, as well as providing consistent income after retirement. Pension schemes and insurance plans can allow you to lead a respectable and worthy post-pension life.

Best Retirement Insurance Plans In India In 2021

Although many forms of insurance for pension / pension plans are available in the market, a pension plan for individuals about to retire is strongly advised. Below is a list of the leading investment pension plans in the current circumstances. See which of your wants and criteria will be ideal for you.

LIC Jeevan Akshay 6 Pension Plan

The insurance policy LIC Jeevan Akshay 6 is an immediate pension scheme which may be purchased by paying one lump sum premium. The pension begins right after the plan has been purchased.

Highlights of The Plan:

Payment of premiums can be done in lump sum.
The monthly, quarterly, half yearly or yearly payment can be made for Pension / Annuity
This plan does not need a medical evaluation.
Minimum purchase price of 1 lakh Rs for physical channels and 1.50 lakh Rs for online channels for distribution
No buying price, rent etc. maximum constraints.
The minimum entry age of entry is 30 years and the maximum age is capped at 85 years.
Evidence of age is required.
The payment of premium is tax-free.
Jeevan Nidhi Pension Plan of the LIC

The LIC Jeevan Nidhi is a pension scheme for profits. The amount of the accrued LIC Jeevan Nidhi plan is used to provide the policyholder with pension based on their survival after the policy period.

Highlights of The Plan:

Payment of premiums are excluded under the Income Tax Act Section 80CCC The policyholder will receive guarantees for the first five years @ Rs.50 per thousand Sum Assured for every year completed.
From the sixth year, the insurance will take part in the corporation's profits based on the company's terms.
The basic minimum sum is Rs 1 lakh assured for a regular premium and Rs 1.50 lakhs for a single premium policy
No basic sum maximum limit is assured
The period of policy is from 5 to 35 years
55 years of age minimum and 65 years of age maximum
SBI Life Saral Pension Plan

SBI Life Saral Pension Plan is a participating, unrelated, conventional pension plan which provides security to policyholders against changes in the market and volatility.

Highlights of The Plan:

Guaranteed incentives for the first 5 years, 2.50% of the amount for the first 3 years and 2.75% of the amount for the next two years.
The insured is certain that the plan would be awarded bonuses
The insurance minimum duration is 10 years and the maximum period is 40 years.
At payment of Rs 7,500 per year, the minimum yearly premium begins without limit
The minimum age of entry shall be 18 and the maximum age of 65
Age of entry is at least 40 years and at most 70 years;
Rs 1 lakh minimum sum guaranteed without a maximum restriction
You can choose individual, monthly, annual and semi-annual premium options
SBI Life - Preferred Term Rider offers a lifetime policy.

Endnotes

The LIC Jeevan Akshay 6 Pension Plan, The Jeevan Nidhi Pension Plan of LIC and SBI’s Life Saral Pension Plan are the top three retirement insurance plans in India, to invest into, right now. As you are heading towards retirement, make sure you choose the best plan for you.