Retirement planning is as important as planning any other crucial event of your life. One can earn and financially support their family even after facing huge losses in the earning age, but once retired, the same situation acts as a nightmare. Retirement planning and investing the money in the right funds and schemes predict the financial future of the individual.Read more
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With a huge range of funds and schemes in the market for all kinds of investors, it becomes a pain to make the right choice. This article will lead you to some of the best funds for Retirement Planning in 2022 for investment and make your investing life easier.
Here is a list of a few funds that will help in planning the retirement of the investor in a better way:
|Aviva Secure Pension|
|Bajaj Allianz Swarna Vishranti|
|HDFC Life Single Premium Pension Super Single Premium ULIP|
|HDFC Retirement Savings Fund Equity Plan Direct Growth|
|ICICI Prudential Retirement Fund Pure Equity Plan Direct Growth|
|ICICI PruForever Life|
|Kotak Capital Multiplier Plan|
|Max New York Life Partner Plus|
|SBI Lifelong Pension Plus|
|Tata Retirement Savings Fund Progressive Plan Regular Growth|
Aviva Secure Pension ULIP (Unit Linked Insurance Plan) is a traditional pension plan that gives the opportunity to investors to save regularly during the earning years and guarantees a fixed pension amount after retirement. This plan offers a guaranteed addition of Rs. 30 per Rs. 1,000 sum assured in the initial 3 years of the plan.
|Annual Premiums||Rs. 5000||No limit|
|Sum Assured||Rs. 1,00,000||No limit|
|Policy Term||10 years||40 years|
|Premium Payment Term (PPT)||Equal to Policy Term|
|Entry Age||18 years||60 years|
|Maturity Age||40 years||75 years|
|Death Benefit||Sum assured + Vested guaranteed additions + Simple revisionary bonus
Benefit paid as a lump sum or used to buy an annuity.
|Maturity Benefit||Sum assured + Vested guaranteed additions + Simple revisionary bonus + Terminal bonus (if any).|
|Tax Benefit||Premiums paid are eligible for deductions under Section 80CCC.|
HDFC Life Single Premium Pension Super Plan is a market linked, single premium, a unit linked deferred annuity pension plan that offers insurance plus investment options to its customers. This plan is beneficial to investors looking for a long-term retirement plan along with high returns on the invested amount.
|Entry Age||40 years - Minimum
75 years - Maximum
|Maturity Age||50 years - Minimum
85 years - Maximum
|Policy Term||10 years|
|Maturity Benefit||Higher of fund value till the end of the tenure
101% of the single premium (including top up premiums paid, if any).
|Death Benefit||Higher of Fund value till the end of the tenure
105% of the single premium (including top up premiums paid, if any).
|Surrender Benefit (before the completion of 5 years)||Fund value - Charges for discontinuation and payouts with accrued interests after 5 years.|
|Surrender Benefit (after the completion of 5 years)||The fund value is paid out immediately.|
|Free look Period||If purchased online - 30 days
If offline - 15 days
ICICI Prudential Pure Equity Plan is a solution oriented retirement plan that comes with a 5-year lock-in period. This fund involves moderately high risk as the annualized 3-year fund returns are as high as 17.4%.
|Minimum 1st time investment||Rs. 5,000|
|Minimum 2nd time investment||Rs. 1,000|
|Minimum SIP amount||Rs. 100|
|Fund Manager||Manish Banthia
|Annualized 1 year Returns||25.00%|
|Annualized 3 year Returns||17.40%|
|Lock-in Period||5 years|
Kotak Capital Multiplier is a pure pension plan wherein total safety is guaranteed. It is not market linked as it is a pure traditional insurance plan that offers an additional bonus facility. This plan offers minimum guaranteed returns of 3% along with 6 additional rider benefits and other benefits, making it a decent plan to buy.
|Policy Term||5 years||30 years|
|Premium Payment Term||Equal to Policy Term|
|Entry Age||8 years||60 years|
|Age at Maturity||-||65 years|
|Regular Premium||Rs. 10,000||No Limit|
|Payment modes||Monthly, Quarterly, Semi-Annually, Annually|
|Death Benefit||During the accumulation phase:
Basic Sum Assured + 10% of Sum Assured as death benefit + the remaining balance.
|During the withdrawal phase:
10% of the Sum Assured as death benefit + the remaining balance.
|Maturity Benefit||Higher of:
Basic Sum Assured
Accumulation Account within the 15 year period.
|Tax Benefit||Premiums paid up to Rs. 1,00,000 are eligible for deductions under Section 80C of the Income Tax Act, 1961.|
There are a plethora of plans in the financial market, from non-linked to linked and from high risk involvement to guaranteed decent returns, as per the choice and requirements of the investor. This list of Best Funds for Retirement Planning in 2022 is helpful for investors of all types. It is important to understand the investment plan carefully before investing.