Pension Plans

Pension plans also known as retirement plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement. Even if a person has a good amount of savings, a pension plan is nevertheless crucial. Savings get exhausted very fast and are sometimes used in emergencies, so selecting the best pension scheme helps you secure your cash flow for meeting basic daily needs post retirement. When you continuously invest in pension plans, the amount grows manifold due to the compounding effect which makes a lot of difference to your final savings corpus. A right pension scheme lets you plan for retirement in a phased manner. So it is advisable to choose a best pension plan that can act as a savior in your golden years.

What is Retirement Planning?

Retirement planning can be described as the process to determine the retirement income goal by managing and planning the long-term and short-term finances in order to achieve these goals.  Retirement planning involves identifying different income source, analyzing the financial objectives, estimating the expenses, implying savings program and managing risk and assets. It is important to estimate the future financial objectives in order to determine the retirement income goal.

In today’s day and age, it is very important to have a proper retirement planning so that you can deal with the eventualities after retirement and maintain a good lifestyle in the retirement years.  With the help of proper retirement planning, you can create a financial cushion for future so that you can live your golden days of retirement in a stress-free and hassle-free way.

Once you start earning it is important to plan your financial future at the early stage of life. For most of the individuals, retirement planning is an old age thing to do. But planning for a secured financial future with a retirement plan in India while you are single and in the job is a wise thing to do.

Though everyone has their own perspective when it comes to being financially independent, Retirement planning is an issue that needs deeper planning after considering the various choices available.

Retirement plans in India are one such option that ensures a safe and tension free retirement. They are among the most popular choices made in context to the planning of one’s retirement. Since there are many different types of retirement plans in India, it is important to consider your own needs before you decide to choose one for yourself.  Let’s take a look at the top 5 tips of retirement planning.

  • Save for Retirement Now- Many of us rely on social security benefits and personal savings in retirement. As a salaried individual, you may have pension income after retirement but an early life saving always works as a lifesaver.
  • Be Prepared for Emergencies- Since you have the benefit of only one income and you can fall back on any another income built up your emergency fund that can cover the expenses of three to six months. Singles’ should choose the coverage of six months so that all the unwanted expenses can be paid off without spending the credit card or retirement saving.
  • Explore Various Insurance options- In case you have any dependents then life insurance serves as the primary option of income replacement for those who depend on you. In case you don’t have any dependents then you can invest your income in different investment instruments where it can multiply and you can receive a good return on your investment at a particular time period. Moreover, having an insurance policy at an early stage of life is much easy as the premium rates are relatively less and the policies offer higher coverage as compared to the policy you buy in the later stage of life.
  • Diversify your Investments- Retirement planning doesn’t have to be boring. Since investing only in retirement plans and pension plans may not be enough to support your financial situation after retirement, you consider putting your money in different investment instruments for long term capital appreciation and return. Moreover, various investment plans also provide a tax advantage to individuals
  • Think about Your Retirement Wants- much before you reach your old age and get retire start saving money according to your retirement needs. For example, as you age the medical expenses automatically increases so secure yourself and your family with proper health insurance so that in case of any critical illness you are covered entirely. Do give a thought on many other factors like which city you want to settle after retirement, a major investment that can take place after retirement etc.

Why You Need to Start Retirement Planning Today

The early you start planning for retirement, the more wealth you can create over a long period of time in order to create a secured future after retirement. Let’s take a look at the reasons why you should start retirement planning while being young.

  • The money saved for retirement can help you to deal with any type of emergency situations, be it wealth wise or health-wise, in the future.
  • With the help of retirement plan in India, you will be able to take care of the financial needs of the family after retirement.
  • One of the most important advantages of retirement planning is that you can live a stress-free life after retirement and you will not have to be dependent on anyone.
  • With proper retirement planning, you can maintain a good lifestyle after retirement and can even fulfil your desire to travel around the world.
  • With the help of pension funds in India, you can assure a guaranteed income after retirement as an annuity to take care of your monthly expenses.

Best Pension Plans in India 2019

Pension Plan Name

Entry Age

Vesting Age

Policy Term

Annual Premium Amount

Sum Assured

Aegon Life Guaranteed Income Advantage Insurance Plan

20 - 55 years

85 years

85 - entry age

N/A

Rs.1 lakh (min)

Bajaj Allianz Retire Rich

30 - 73 years

N/A

7 -30 years

Rs.15000/- minimum

Rs.2,04,841/-

BSLI Empower Pension - SP Plan

25 -70 years

80 years

N/A

N/A

N/A

HDFC Life Assured Pension Plan - ULIP Pension Plans

18 yrs (min); 65 yrs (max)

45 yrs (min); 75 yrs (max)

10 yrs (min); 35 yrs (max)

Rs. 24,000 (min); No limit (max)

N/A

HDFC Life Guaranteed Pension Plan

35 - 65 years

55- 75 years

10 - 20 years

Rs. 24,000/-

Subject to underwriting

HDFC Life Pension Super Plus

35 - 65 years

55 - 75 years

10 - 20 years

N/A

Subject to underwriting

HDFC Life Personal Pension Plus

18 -65 yrs

55 yrs (min);75 yrs (max)

10 yrs (min);40 yrs (max)

Equal to the policy term

Rs. 2,04,841 (min); Depends on term, age and premium (max)

LIC JeevanAkshay VI

30 - 85 years

N/A

N/A

N/A

Rs. 500/- per month

LIC New JeevanNidhi

20 - 60 years

55 - 65 years

5 - 35 years

N/A

1lakhs

Reliance Immediate Annuity plan

20 - 80 years

N/A

  N/A

Rs.1000/-

Subject to underwriting

Reliance smart Pension plan

8 - 65 years

45 - 756 years

10 - 30 years

Rs. 24,000/-

N/A

SBI Life - Saral Pension

18yrs (min); Regular Pay -60 years Single Pay

40 years (min); 70 years (max)

Regular Pay - 10 years / Single Pay - 5 years (min); 40 years (max)

Equal to policy term or Single Pay

Rs.1 lakh (min); No limit (max)

 

Types of Pension Plans in India

Pension plans are way better investment options that ensure secure life after retirement. These plans have multiple classifications, based on the plan structure and benefits.These plans can be further divideded-

1. Deferred Annuity
2. Immediate Annuity
3. Annuity Certain
4. With Cover and Without Cover Pension Plans
5. Guaranteed Period Annuity
6. Life Annuity
7. National Pension Scheme (NPS)
8. Pension Funds

Deferred Annuity: A deferred pension scheme allows you to accumulate a corpus through regular premiums or single premium over a policy term. After the policy term is over, the pension will begin. The advantages of deferred pension plans are immense and these include tax benefits that are associated with this pension scheme. No tax is levied on the money that an individual invests in the plan unless he withdraws it. As deferred pension scheme can be bought by making the one-time payment or by making regular contributions towards it, therefore, the plan suits to all types of investors: those who want to invest systematically and those who have a chunk of money to invest.

Immediate Annuity: In an immediate annuity scheme, pension begins immediately. One has to deposit a lump-sum amount and pension will start instantly,basedon the lump-sum amountinvested by the policyholder. A range of the annuity options is available to choose from.Moreover, the premiums paid are exempted for tax, as per Income Tax Act, 1961.After the death of a policyholder, his nominee will be entitled to get money.

With Cover and Without Cover Pension Plans:The "with cover" pension plans have life cover component in the plan. This implies that on the death of the policyholder, a lump sum amount is paid to the family members. However, the cover amount is not very high since a large part of premium is diverted towards growing the corpus rather than covering for life risk. The "without cover" pension plan implies that there is no life cover. In the event of unfortunate death of the policyholder, the nominee will get the corpus (till the date of the death). Currently, deferred pension plans are "with cover" and immediate annuity plans are "without cover".

Annuity Certain:As per this clause, the annuity is paid to the annuitant for a specific number of years. The annuitant can choose the period and if he dies before exhausting all payments, the annuity will be paid to the beneficiary.

Guaranteed Period Annuity:As per this annuity option, annuity is given to the life assured for certain periods like 5,10,15 or 20 years, whether or not he survives that duration.

Life Annuity:As per this annuity option, pension amount will be paid to the annuitant until death. After choosing the “with spouse” option, the amount of pension will be given to the spouse of the policyholder, in case of the death of the annuitant.

National Pension Scheme (NPS):New Pension scheme has been introduced by the government for people looking to build up pension amount. You can put savings in the new pension scheme which will be invested in equity and debt market as per your preference. You can withdraw 60% of the amount at retirement and rest 40% must be used to purchase the annuity. The maturity amount is not tax-free.

Pension Funds:In a way, investing in a pension plan is a good option indeed. As these plans remain in force for a long time, they offer comparatively better returns at maturity. Pension Fund Regulatory and Development Authority (PFRDA), the government body has allowed 6 companies as fund managers. 

Features of Pension Plans

Nowadays, people start planning for the retirement life at an early stage so that at a later stage they do not have to depend on others to make their ends meet. Usually, a conventional pension plan encompasses following features-

Annuity

The annuity is the most distinctive feature of pension plans and generally comes in two types, immediate and deferred. As its name suggests, immediate annuity starts immediately. The insurance company pays the annuitant the annuity pension plan amount right after the receipt of the lump sum premium. These plans offer the single premium route so that the insurance company can use the amount invested by the annuitant to build up a corpus for him or her. The deferred annuity plans are the normal plans that start paying a certain sum after a few years. The insurance companies offer a diverse range of pension plans for various terms that allow the annuitant to choose the period for which they want to receive the annuity. If you are thinking of retirement planning then look for the best pension plan in India by looking at the annuity they offer vis-a-vis the premium you will pay.

Sum Assured

The sum assured is the life insurance cover that the insured receives during the tenure of the pension plan. It gives the insured the benefit of being able to provide for his dependents if the worst comes to pass. The sum assured is generally given as a part of the ‘with cover’ pension plans. Such type of retirement pension plans give the mental peace necessary to carry on life without any worries. The life insurance companies in India calculate the sum assured in different ways. For instance, a few of them may offer pension plans with sum assured of say 10 times the premium amount, while others may provide a sum assured that equals the fund value of the policy taken by the individual. The calculation varies from company to company. In case, there is no sum assured, then the plan is more in the nature of pure play pension plan rather than an insurance plan with retirement benefits.

Vesting Age

The vesting age is the age when the investor starts receiving the pension income. Depending on when the policy was brought and the type of premium, the vesting age can be your current age if you opt for the pension plan payment to start right away (immediate annuity - lump sum premium) or after a few years such as 10-15 years. The minimum vesting age for most policies start from 40 years of age but on an average is around 50 years. The maximum vesting age is generally around 70 years, though some insurance companies may offer plans that have a maximum vesting age of 65 years or even 79 years or more.

Accumulation Period

This refers to the period when the premium is being paid by the investor for the pension plans. Some of the best pension plans in India offer the option to the investor to start paying off a part of the premium from any amounts due to be received by them. This decreases the outgo for the investor during the years leading up to retirement and helps them use their money on more urgent matters. However, most pension plans keep the accumulation period separate from the pay-out period. This helps in building up a significant corpus for the investor to receive a pension.

Payment Period

The payment period, as the name suggests, refers to the period in which the investor starts receiving the payments. This period is generally separate from the accumulation phase and helps the investor to increase his overall retirement corpus.

Surrender Value

The surrender value of pension plans is the amount the insurance company will pay the individual if they opt to surrender the pension plan before its due date, and if they have paid the premium for the required minimum period. Though people may need to surrender a plan for various reasons, including not being able to continue with the premium payment or needing the money, most experts suggest not surrendering a retirement plan due to the loss the individual will face. When the insured party chooses to surrender a pension plan, they lose all benefits attached to the plan, including the life cover, if any. Readers must note that the surrender value is a term associated only with insurance plans that have a savings corpus creation feature. The plans that do not have a savings component such as term plans do not have a surrender value. 

Minimum Guarantee of Pension Plans

Every pension plan needs to have a minimum guarantee. Each premium paid towards the insurance policy as well as the maturity benefits must have “on zero returns”, as instructed by IRDA. This should be no less than one percent of the premiums paid over the years. Though the minimum guarantee extends to all variable insurance plans, most of the companies offer various types of other pension plans that may offer better returns than the guaranteed plans. This, of course, varies from plan to plan and you should make sure that you pick ones that makes sense to you. What the minimum guarantee of pension plans offers you is awareness of the amount that you will definitely receive at the end of the policy period.

Factors to Consider While Buying Pension Plans

Besides the type of pension plans, there are many different factors that should be considered while purchasing a pension plan are:

  • Monthly Expenses- while planning for retirement, it is very important to keep in mind the monthly expenses. After retirement, the regular source of income is cut-off. Thus, in order to maintain the regular monthly expenses of the family, it important to create a financial corpus big enough to take care of all these expenses. Apart from the monthly expenses, it is important to allocate ample fund for the post-retirement activities.
  • Inflation- while purchasing a pension plan, it important to keep in mind the growing inflation rate and plan accordingly that how much corpus will be sufficient enough to maintain a financially secured lifestyle after retirement.
  • Life Expectancy- there is no way through which you can predict how long an individual will live. Thus, while purchasing the best pension plans your retirement fund should be sufficient enough to support your financial needs at the time of old age.
  • Medical Expenses- Young people often tend to ignore the future medical expenses. However, when you get old, you may end up spending excessive money on medical check-ups and treatments. Thus, it is very important that your pension plan should provide you with an adequate fund to deal with any type of medical emergencies.
  • Assets and Loans- another important thing that you should consider while purchasing the best pension plans is your outstanding loans and current assets. In case you have any outstanding loans then pay off these loans while being in service. If you fail to pay these loans on time then it can take away a chunk of the annuity income.

Advantages of Retirement Plans in India 

If you are trying to find the best pension plan in India, it may be beneficial to understand the advantages of retirement planning and the retirement benefits each pension schemes in India provides. Though each pension scheme in India comes with its own specific retirement benefits, it makes sense to understand what the plans offer. For detailed information on the pension details, visit our website, PolicyBazaar.com, to understand to find the best retirement plan in India for you.

Savings for a Longer Term:

Irrespective of the premium payment mode selected by you, which can be multiple small payouts or a lump sum payment, one thing that you assure with a pension plan is savings for long term. A retirement plans India mainly focuses on creating the annuity that can further invest in generating a steady flow of cash for your post-retirement years.

Regular Income after Retirement:

The pension schemes in India offer you a guaranteed income that helps you to meet your living expenses. Looking at specific pension details offered by each plan will help you to better tweak your retirement planning and get the income you need in the future. Some of the insurance plans offer income for life, which ensures that the investor does not have to worry about the future. Since these life income plans offer better returns, a smart way to go for retirement planning is to opt for two plans, one each for the two heads of the family so that the proceeds from each plan can be used to meet their respective expenses.

Insurance Cover: 

The retirement planning solutions people invest in will help provide them with an insurance cover, to protect their family’s income if the worst comes to pass. Most life insurance companies offer an insurance cover along with their retirement plans so that the spouse does not have to face any financial difficulty if the unfortunate happens.

No Risk in Investment

The retirement plans in India protects you completely from any kind of investment risks. If your pension plan is offered by your employer, then also you need not to worry. This is because, even if the downfall in the stock market, the company has to make up to recover the lost money. However, there will not be any deterioration in your retirement benefit. Moreover, even if your company goes bankrupt, nothing happens to your pension even then. This is because, the government company, the Pension Benefit Guaranty Corporation, takes care of your pension payouts.

Tax Benefits of Pension Plans: 

The investment you make in the retirement planning solutions will help you to save significantly on your tax. In fact, if you plan it well, you may even be able to lower your income tax slab to a lower one from the higher one in which you were earlier bracketed. Checking the policy details will also allow you to understand if you can take advantage of all the exemptions available under section 80C.

Money When You Need It

Some of the plans offer lump sum payments that you can use to meet major expenses. The years leading up to retirement require a large expenditure for reasons, such as building a house or buying a flat. Some give the option for you to withdraw a large chunk of your corpus to meet such large expenses. Looking the policy details for the various plans will help you in retirement planning, as you will be able to pick the ones that suit your expected needs in the future.

Different Plans to Cater to Different Requirements

While going to buy a retirement plans in India, you will get numerous options. These options will be according to the age of retirement and the inclusions that you may want. You can pay a lump sum of approximately Rs.5 Lakh on one go and immediately start getting annuity payment. Or you may go for a differed annuity policy to get more interest before the start of payout.

Option to Enhance the Protection with the Help of a Rider

By option for an appropriate rider; you can enhance the inclusion of your retirement plans in India. Some of the worth considering riders under this plan are - disability because of an accident rider, critical illness rider, etc.

Enjoy the Benefit of Insurance Policy

Some pension plans in India also provide the facility of lump sum payout of the amount upon death or retirement of the policyholder, whichever occurs first. This clearly shows that your pension policy can also work as an insurance plan.

You can choose ULIP

With retirement plans in India, you can go for the option of ULIP, wherein your money can be invested in equity and debt investments or safer government securities. This means you will get a huge corpus at your retirement, which can help you to maintain your lifestyle without any complications.

Disadvantages of Retirement Plans India

You get High Returns only with Higher Risk Strategy

We all know that traditional investment options are safer; however, they do not provide high returns. Moreover, traditional options may not be able to effectively bear the neglect of the effects of inflation. In this way, in order to get adequate returns at your retirement age, it becomes essential for you to select a retirement plans in India that provides high returns though with higher risk.

It is Difficult to Anticipate the Future Needs

Though it is good to have a clear vision of future, no one can exactly predict a sudden downturn in the global financial sector or a sudden increase in the inflation, etc. In this way, there are many possible causes due to which your retirement plans in India may not provide adequate returns.

Tax Liability over Annuity Received

The annuity that you receive from a retirement plans in India is taxable. This for sure will make a significant dent in the cash that you will get post retirement for meeting your expenses.

The Latecomers are in Loss

The gap is huge among people who take this policy at the age of 21 years than those who take it at 30 or 35 years.

How to Calculate the Return of Pension Plans?

First, it is important to strategically invest your money and make savings for your retirement years. Savings is important and investment should be done in equity market well in advance if you decide to retire early. However, the best idea is to diversify your investment into

  • Unit Linked Insurance Plans
  • Equity Market
  • Fixed Assets
  • FD & Bonds
  • Pension Plans

This will help you to generate regular income. These types of investments in best pension plans should be done well in advance from the age of 25-27. If you start planning for such investment at the age of 25, then you will notice that when you attain the age of retirement you will have more than crores as a fixed asset and liquid money.

The Detailed Retirement Calculation

For Example: Let us assume that your age of 27 and want to retire at the age of 45. So, you have 18 years in hand to make planning for retirement. You expect to live for 80 years. Based on these figures, the total corpus with the monthly income you require now would be:

  • Currently total investment and savings - 10000000/-
  • Estimated life expectancy - 80 years
  • Expected retirement age - 45
  • Current Age - 27
  • The expected annual rate of return - 10 %
  • Current monthly expenses - 40000
  • Expected monthly expenses - 50000
  • Inflation rate - 7.5%

With the help of the online pension calculator you will come to know the monthly savings you need currently, the total sum required and monthly expenses required for the retirement years.

If you will estimate based on the above table, you will need 1,00,87,666/- total corpus to retire early at the age of 45. If you will invest smartly in pension funds in India and make great savings during your working years you can easily save from your earnings the required corpus for your retirement years. If you live for 75-80, which means 25 years after retirement, then you will have income coming from your fixed assets and other investments. Along with the inflation, the income coming from the investments will also increase simultaneously which would be sufficient for you to lead a luxury life after your retirement at 45.

Tips to Choose the Right Pension Plan

  • Understand your needs: It is crucial that you understand how much you need to sustain yourself and your dependents after you retire. Make allowance for the inflation and thus, the increased expenses in the future.
  • Do some research: Read through the pension details in depth to understand what you are opting for. Some policies will explain in the pension details the type of income you are likely to receive. Look up your needs from your retirement planning calculations and pick the plans that make sense. The pension details in the policies will offer information on the periodicity of your income, how much is guaranteed, how much is dependent on market performance etc.
  • Understand the different products: There are a large number of retirement solutions in the market. Choose the ones that can give you the income you need. You can know this number from your retirement planning calculations.
  • Know about other retirement planning options: Do not stick to a retirement planning solution just because someone says so. One product that suits your friend may not suit you. Look up the provident funds, the pension plans offered by the asset management companies and those offered by the insurance companies to get what you need.
  • Do not look at only the tax benefits: Though tax benefits matter, they form only a part of the overall picture. If you plan for your retirement, considering only the tax benefits, you may not be able to build up the corpus you need for your retirement. So, do your retirement planning calculations and invest the amount you know you should get a secure future.

Best Time to Invest in Retirement Plans in India

The early you plan your retirement by taking retirement plans in India, the more return you will get from your policy. So, it is good to start investing as early as you get your first salary. However, initially, you can start with small amounts and gradually with an increase in your salary you can increase this contribution also.

Why Do I Need a Retirement Plan?

With Like life insurance and health insurance plans, a retirement plan is also important because of the below reasons:

You Cannot Work Always

If you are also the one who wants to work until the last day of your life, then you are seeing an impossible dream. Though you can work till your late 60s or early 70s, there will be times when your body will not allow you to work. For such times, having a regular source of income like retirement plans in India work as a virtue.

To Save for Medical Emergencies

The old you get, the more prone to become towards health issues. A medical emergency may leave a big hole in your pocket especially post-retirement. However, having a retirement plan can help you in such financial crises.

To Fulfill your Bucket List

From childhood to young age you might have made so many compromises especially with your bucket list of traveling or having something else. However, if you have planned your retirement gracefully by taking a useful retirement plans in India, you can check off your bucket list items easily.

To Stay Financially Independent

Being financially independent, you will not become a burden for your children in your post-retirement time. This will not only give you mental peace instead it will give your family (children) a sense of satisfaction that their parents are financially sound.

You Can Help your Family as Well

Another benefit of retiring gracefully with a retirement plans in Indian is helping out your family in their bad time or when they need. Moreover, with your good savings plan, you can purchase a beautiful holiday home which you can pass down to your family. You can even give nice gifts to your grandchildren or children.

Eligibility for Retirement Plans in India

The three main aspects that play the major role are while planning to purchase retirement plans in India are:

  • Entry Age: You can purchase a pension plan only after you attain a certain age. There are different age brackets for different insurance providers, but the minimum age to take a pension plan that most of the companies offer are - 18 years. However, there are some companies that allow an individual to be at least 30 years before taking a retirement plans in India. In the same way, there is an upper limit on the entry age of the pension plans and in most of the cases, it is around 70 years.
  • Premium: There is a minimum premium requirement for taking a pension plan. This is because the pension is received according to the premium selected and paid by you.
  • Vesting Age: This is the age at which you start getting a pension. This age can start from 40 years and go up to the limit provided by the insurance provider. However, the minimum vesting age can also vary.

Pension Plans - Latest News 2018-19

  • Budget wish list: Push for pension plans, zero GST on term policies

    In the latest budget released by the Indian Government, it announced the launch of term policies with zero GST, which will encourage people to buy term policies, and hence, eventually help the country to have a better GDP percentage for life insurance schemes. As annuity schemes in India have always been taxable, they have always been considered as an unattractive investment option. The government has thus, made a big move to make term insurance plans available at zero GST or at a minimum rate of 5% to deepen financial inclusion amongst the middle-class investors. There isn’t also much attention focussed towards the health & protection needs of the middle and lower income class individuals. Allowing tax deduction provisions for life & health insurance schemes under Section 80 will help address the needs of this class, which forms a major chunk of the country’s population.

  • Budget 2018: PMVVY Limit to Increase to 15 Lakh

    Under budget 2018, the Finance Minister of India has proposed the extension of scheme Pradhanmantri Vaya Vandana Yojana(PMVVY) till March, 2020. Moreover, it has also been proposed by the FM that the current limit of investment will increase to Rs 15 lakh from the pre-existing limit of Rs 7.5 lakh for every senior citizen. PMVVY is a government backed pension scheme that was introduced to secure the future of senior citizens in India. The scheme was launched on May 4th 2017 and was initially available for 1 year. The amount invested in PMVVY is known as purchase price. As per the pension plan option chosen by an individual i.e. (monthly, quarterly, yearly), the pension is provided as arrears starting from the end of the period chosen. Based on the amount invested, the maximum tenure of the policy is 10 years. The increase in the investment limit is proved to be beneficial to seniors.

  • TATA Steel Backed New Pension Plan to Be Joined By a Large Number of UK Workers

    A throng of 1,22,000 workers have signed a deal to switch to a new pension scheme backed by TATA Steel UK after they were affected by the end of the 15 billion pound pension scheme. According to the reports, it has been confirmed that approximately 97,000 members have indicated their shift from British English Pension Scheme to the New Plan by returning their option form, whereas, just 14% of the members chose to stick with the old pension scheme. As a part of the biggest pension conference conducted in the UK, the options form was distributed to around 1,22,000 scheme’s members. Among which 97,000 members filled the forms completely and returned them. TATA Steel UK has welcomed the outcome of the conference conducted as a positive choice. However, the spokesperson of the company has stated that much work is still required to deliver a secure future for their UK business.

  • Budget 2018 and the Financial Aid for Senior Citizens

    In his Budget speech 2018, Finance Minister Arun Jaitley focused on caring for the senior citizens. He announced various tax & related incentives to decrease the fiscal burden on people above 60 years of age and above. All these moves are very welcome since senior-citizens face rising health-care expenses and depend upon their income earned from interest & pension. From affording a 5-fold increment in the tax exemption limit on income earned from savings, recurring deposits and fixed deposits held with post offices and banks of Rs.50, 000, to eliminating the tax deducted at source on this income, budget 2018 offers well-deserved relief to senior citizens. This is done by leaving a more money in the hands of senior citizens savers who are totally dependent on earned interest to meet their day to day expenses. Another tax change is the offer to increase the yearly tax deduction limit for medical insurance premium or/and medical reimbursement to Rs. 50,000 for the elderly. An applause-worthy step is setting the ceiling for tax deduction for medical costs incurred on specific critical diseases to Rs. 1 lakh, regardless of the age of the senior citizen.

  • The Central Government Unwinds Atal Pension Plan Norms

    Payment banks and small finance banks can now offer the Atal Pension Yojana or APY. The Central government believes that such a move will considerably increase the coverage of the plan. The government is of the opinion that these banks will strengthen the current distribution channels of the APY scheme. As per the Ministry of Finance, this step will further help in boosting outreach to subscribers under the scheme. As of now, ten small finance banks and eleven payment banks have obtained licenses from RBI to initiate banking operations in India. Participation in Atal Pension Yojana helps in building a pensioned society and also provides viable fee revenue to banks by way of alluring incentives for mobilizing the scheme at the rate of Rs 120 to 150 per account.  As per government reports, by the end of January 2018, more than 84 lakh subscriptions were registered under the scheme.

  • Indians Best at Retirement Planning: Survey, 2017

    Indians resumed their position of best placed in retirement planning in a global survey conducted by Aegon Retirement Readiness Index (ARRI), in 2017. The superannuation survey was done among 15 countries. Aegon Retirement Readiness Survey 2017, was based on 6 parameters including - personal responsibility of the respondents, mindfulness, financial understanding and responsibilities, retirement planning, and income replacement. ARRI said that the report is not illustrative of the general population and is directed towards the medium and high-income earners across these cities. India ranks the highest on the ARRI score index with 7.6 score, among the 15 major economies of the world. US, Brazil, China and UK follow the trail with a score of 6.9, 6.4, 6.3 and 6.2 respectively. Spain (4.7) and Japan (5.1) scored the lowest on the index.

  • SeLFIES for India

    In a major decision taken by the Indian Government, it has decided to allocate a total of Rs 50 lakh crore for the infrastructure, in the budget released for the current financial year. At the same time, there are also certain provisions introduced in the budget to improve the life of retirees/senior citizens. “A life of dignity” comes with the confidence to ensure the income security of senior citizens in India. SelFIES (Standard of Living indexed, Forward-starting, Income-only Securities) is a long-term bond introduced to help retirees lead their pre-retirement lifestyle even after their retirement. Most of the times, part-time employees, people from low-income group, rural workers, etc. can’t save enough for their retirement due to the obvious lack of funds. SeLFIES will give them access to invest in low-cost, safe and liquid bonds issued by the Indian Government. Financial literacy rate in India is still relatively low; hence, SeLFIES is a welcoming change that will allow people to access their funds when they actually need it, eventually simplifying the process of retirement planning.

  • Plea against pension for ‘freedom fighter’

    In a latest statement released by the Madurai Bench of the Madras High Court, the Madurai Bench has favoured an appeal to grant freedom fighter pension to a senior citizen. Earlier, the claimant, Govindarajulu, 91 years of age, was denied pension based on the fact that he was not able to fulfil the specified eligibility criteria for the requirement. According to the set criteria to claim freedom fighter’s pension, the claimant should already have attained the age of 18 at the time of her or his imprisonment. Also, s/he is required to submit a copy of jail records by the authorized committee. In an earlier judgement, Govindarajulu was denied pension, stating that he wasn’t able to submit relevant documents to specify his date of birth. In its statement, the Madras High Court has expressed regrets and apologized for the state’s insensitive approach toward the whole matter. In the latest statement released, Justice K Ravichandra Babu chided the system for its ‘bureaucratic dogmatism” and said that pension facility for freedom fighters is not a charity done by the government, but is a bestowal of honour for those who fought for our freedom. In the judgement released by the Madras High Court, the Tamil Nadu Government has been ordered to grant the pension for Govindarajulu in two weeks.

  • A Panel to Analyze Pension plan

    The Kerala state government is to appoint a ‘committee’ to analyze the socio-economic & legal significance of the CPS (Contributory Pension Scheme). The committee will analyze the effects of 2 facets of the CPS: the transfer of states’ funds to (private) fund managers and the co-occurring existence of 2 schemes in the state- the statutory schemes and the contributory schemes. An announcement was made by finance minister of Kerala Dr. T M Thomas Isaac in a reply to a Calling Attention motion put forward by MLA Mullakkara Ratnakaran. Mr. Ratnakaran demanded the establishment of a ‘commission’ for studying pension plans. Dr. Isaac has accepted Mr. Ratnakaran’s demand for specifying a time-duration for the committee to present its report. The committee members and schedule are yet to be announced later. As per the contributory pension scheme, a government employee contributes a decided percentage of his/her basic salary, it is then combined with the dearness allowance and an equal portion is contributed by the government.  A pension fund manager will be entrusted with the same. The fund manager will invest the money in the shares and mutual funds.

  • Sale of Traditional Pension Plans Increase Owing to recent market fluctuation

    Looking at the fluctuations in the equity market, Indians have now started opting for traditional pension plans as well as life insurance plans instead of ULIPs. As reported by Insurance Regulatory and Development Authority, people are now inclined more towards life insurance policies such as life insurance (67.8% of products in the market were purchased). Moreover, 18.6% pension plans were purchased in the financial year 2015-16. The sales of these products have increased as compared to year-on-year sale.

    Sales of ULIPs have gone down, and its contribution to the insurance pool has slipped from 16.1% (2014-15) to 13.6% (2015-16). Out of Rs. 25 lakh crore invested by life insurance policies, only Rs. 3.4 lakh crore was from ULIPs. The traditional products have a major share in the current market. In this sector, life funds contributed Rs 16.9 lakh crore. Moreover, Rs 4.6 lakh crore was the contribution of the pension funds.

Plan Name Plan Features Entry Age - Min/Max Maturity Age - Min/Max Policy Term(PT) & Policy Paying term(PPT) Plan Benefits Sum Assured in case of Death
HDFC Life Click to Retire
  • Secure your retirement with Assured Vesting Benefit and also gain from upside in the market
  • Lower vesting/maturity age of 45 years
  • No Entry or Exit charges.
  • Partial Withdrawls allowed post the 5th policy year.
  • Tax deduction is available under sec 80(C) when Sum Assured is atleast than 10 times Annual premium.
 18 - 65 Years 45 - 75 Years PT: 10, 15 - 35 Years
PPT: Single Pay, 8, 10, 15 Years
  • Policy vests at the end of the policy term, and your Maturity Benefit it will be the higher of: Fund Value or Assured Vesting Benefit.
  • Death Benefit: Incase of demise of life assured before end of policy term, Nominee receives higher of fund value or Sum Assured
 105% of the cumulative premiums paid.
Birla Sun Life Wealth Secure
  • Pay premiums for a limited term and get life cover for whole life
  • Flexibility to choose from 3 investment options to suit your investment needs
  • Flexibility of partial withdrawals to meet any emergency fund requirements
  • Tax deduction is available under sec 80(C) when Sum Assured is atleast than 10 times Annual premium.
 1 - 60 Years NA PT: whole life
PPT: 5 to 30 Years		 *On maturity you get entire Fund Value that is the Total value of your investments. *Guarenteed additions in the form of additional units will be added every year post the 10th policy anniversary. *Death Benefit: In the unfortunate event the life insured dies while the policy is in effect, the nominee will get higher of Base Fund Valu or Base Sum Assured.
 For Age less than 45:
Higher of
10 *Annual Premium or [(70 - entry age)/2]* Annual Premium

for age equal to or greater than 45:
Higher of
7 *Annual Premium or [(70 - entry age)/4]* Annual Premium
Max Life FYPP
  • Guaranteed Maturity Benefit
  • Option to choose the maturity age as per your requirement
  • Option to guarantee the retirement benefit for your spouse in the unfortunate event of your death, if you have opted for Max Life Partner Care Rider
  • Guaranteed Loyalty Additions added to the fund, starting 11th year
  • Tax deduction is available under sec 80(C) when Sum Assured is atleast than 10 times Annual premium.
 30 - 65 Years 50 - 75 Years PT: 10 - 75 minus entry age
PPT: Single Pay, Regular Pay from 1 Year to Policy Term		 Maturity Benefit:
  • Pension Maximiser Option: you will receive an amount equal to the higher of Fund Value or 101% of cumulative premiums (including top up premiums, if any)at maturity. If you opt for the Pension
  • Preserver Option: you will receive an amount equal to the higher of Fund Value or 110% of cumulative premiums (including top up premiums, if any)at maturity.
  • Death Benefit: Higher of the Fund Value as on date of death or Sum Assured
 105% of the cumulative premiums paid (including top up premiums, if any)
HDFC Life Click to Invest
  • Premium payment option of single pay, 5 pay, 7 pay, 10 pay or regular pay
  • Choose from the range of 8 fund options
  • Lump Sum partial withdrawls allowed post the 5th year.
  • Tax deduction is available under sec 80(C) when Sum Assured is atleast than 10 times Annual premium.
 0 - 65 Years 18 - 75 Years PT: 5 - 20 Years
PPT:
Single Pay,
Limited: 5,7 and 10 years
Regular: 5 to 20 Years		 Maturity Benefit: You will get the fund value of your investments & will have the option to take the fund value as periodic installments also.
Death Benefit: Nominee will receive highest of Sum Assure or Fund Value or 105% of all premiums.		 Single Premium: 125% of single Premium
Regular and Limited premium (age < 55): 10 * Annual Premium
Regular and Limited premium (age > 55): 7 * Annual Premium
Sbi Life e-Wealth
  • Twin Benefit of life insurance cover and market linked returns
  • Choice of two plan options based on overall exposure to equity, debt and money market instruments
  • Liquidity through partial withdrawals from 6th policy year onwards
  • Tax deduction is available under sec 80(C) when Sum Assured is atleast than 10 times Annual premium.
 18 - 50 Years 60 Years PT: 10 - 20 Years
PPT: Same as policy Term		 Maturity Benefit: On maturity the current Fund Value of investments made is paid as Lumpsum alternatively option to choose periodic installment options is also there.
Death Benefit:Nominee will receive highest of Sum Assure or Fund Value or 105% of all premiums.		 10 * Annual premium
Q:

What is Provident Fund?

Ans:

The Provident Fund (PF) scheme was launched by the Government of India in 1968 to create a pan India scheme for the citizens for their retirement planning. Any Indian above the age of 18 years can open the PF account and deposit amounts from as low as Rs. 500 to Rs. 1.5 lakh per year. The PF interest rate is compounded over its 15 years tenure to build up a large retirement corpus base for the individual. It has a lock-in period of 7 years and allows the investors to make withdrawals from the eight year onwards, though withdrawal of all the funds is allowed only after the maturity period. The plan can be renewed beyond the initial 15 years for additional periods of 5 years each.
Q:

What is Employees' Provident Fund or Employees’ Pension Scheme?

Ans:

Employees' Provident Fund (EPF) is a provident fund and insurance scheme administered by the Government of India for all employees of various organisations across the country. The provident fund requires employees of a member organisation to make a contribution of 12% of their income towards the fund along with an equal contribution by their employers. The Employees' Provident Fund Organisation that manages the fund invests most of the amounts received from employees in debt securities though the Government allows 5% to 15% to be invested in the stock market.

The Employees’ Pension Scheme (EPS) is a completely different scheme but which is interrelated with the Employees' Provident Fund, both being managed under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952. The Employees’ Provident Fund Organisation diverts 8.33% of the 12% salary contribution that the employers have made for their employees’ EPF into the employees’ EPS accounts. The 12% contribution that the employees have made from their own salary stays in the EPF.
Q:

What Is New Pension Scheme and It’s Benefits?

Ans:

The National Pension Scheme or the New Pension Scheme is a Government of India initiative to give policyholders a pension plan that will take care of them at old age. The retirement planning becomes easier with the new pension scheme as the pensioners receive a pension depending on their contribution towards the pension plan during the accumulation stage. The voluntary new pension scheme in India is managed by the Pension Fund Regulatory & Development Authority that was set up by an act of the Indian Parliament in 2013. 

The new pension scheme is a voluntary scheme that is open to all people in the age group of 18 to 60 years. It seeks to inculcate a discipline of savings among Indians to take care of their future. The new pension scheme contribution starts with Rs. 500 per month or Rs. 6,000 per year. There is no limit on the maximum contribution, though. The Income Tax Act allows a deduction of only Rs. 50,000 under section 80CCD (1B).

The new pension scheme provides a range of benefits such as the option to select from a range of investment choices and to choose the pension fund manager of one’s choice. The new pension scheme also allows individuals to switch between different investment options and also between different fund managers. Let’s look at them in more detail to answer the question what is new pension scheme?
Q:

What is PM Pension Scheme?

Ans:

The Pradhan Mantri Atal Pension Yojana or PM pension scheme for short is a unique retirement planning option introduced to bring the rural population under the ambit of pension schemes in India. The retirement planning solution allows any individual within the age group of 18 to 40 to contribute and get the necessary retirement benefits that were hitherto not available for them. The premium can be paid through monthly, quarterly and half yearly payment options.
Q:

What is Participating and Non-Participating Pension Plan?

Ans:

The participating pension plans are also called the traditional type of insurance plans, since the bonus in these products are similar to the reversionary bonuses of the standard insurance policies. In traditional plans, the insurance company offers the insured a bonus that is a percentage of the sum assured of their policy. This bonus is generally declared by the insurance company each year based on its performance in the previous year. The reversionary bonus is generally of the nature of simple interest where the bonus of the previous period does not get added to the sum assured. These bonuses declared in the tenure of the retirement policy get accumulated and the lump sum amount distributed to the insured party when the policy matures. The participating pension scheme in India allows for a planned approach to retirement planning.

The non-participating plans declare their bonus amounts at the time of the investor signing up for the plan. The insurance company has no discretion in non-participating pension plans and have to deliver on the amounts promised under the pension plan. Most of the top pension plans in India offer retirement benefits or bonuses that are pegged to certain indices. These may be the larger market index or smaller indices comprising of a few securities or government bonds. The non-participating plans offer more definite returns and make it easier for people to do their retirement planning.
Q:

What is a Pension Plan?

Ans:

Pension Plan is a kind of insurance cum investment plan. In this plan, the insured pays regular premium to the insurance company to build up a corpus over time. On maturity (retirement), this corpus is paid back to the insurer in the form of regular income. However, in case the insured dies, the beneficiary will get the sum assured along with the bonuses.
Q:

What is annuity?

Ans:

The regular payouts you get of your pension plan post retirement is called annuity. The annuity can be availed on a monthly/quarterly/half-yearly/yearly basis.
Q:

Why do I need pension plans?

Ans:

Pension plan assures a regular income post retirement when you enter the no-more-paychecks phase of your life. Retirement is perhaps the best time to enjoy leisure activities. Pension plan funds your to-do-lists post retirement. A pension plan is a great way to be financially independent in your second innings.
Q:

I already have a provident fund account. Do I still need a pension plan?

Ans:

Yes, you do. 'PF is simply not enough.' The ever growing inflation will make your PF amount look quite minuscule in the future. It will not suffice your future expenses. This becomes all the more important, as you become more vulnerable to health problems in your old age. A lone provident fund amount will utterly fail to financially support the healthcare needs.
Q:

How do I calculate the retirement corpus?

Ans:

You can do that with a Retirement Calculator. You need to put in the following details in the calculator and it’ll sum up an ideal corpus.

Present cost of living (monthly expenses) Inflation rate Retirement age Number of years you expect to live post retirement.
Q:

What are the types of Pension Plans?

Ans:

Pension Plans can be classified on various parameters. Here On the basis of mode of premium payment

Deferred Annuity Pension Plan - The premium is paid regularly on a monthly/quarterly/annual basis. The annuity begins after a time period as specified by the policyholder in the annuity contract.

Immediate Annuity Pension Plan - A lump sum is paid as a one-time premium and the annuity begins almost immediately and continues for the policy term or throughout the insured’s life.

On the basis of nature of investment

ULIP Pension Plans - The pool of funds created by the premiums of the insured persons is invested both in debt instruments and equity instruments. Since it’s a market linked plan, the potential for returns is high.

Traditional Pension Plans - The pool of funds created by the premiums of the insured persons is invested only in debt instruments. The returns are steady but not substantial.

On the basis of tenure

Life annuity Pension Plan - The annuity is paid out to the insured until his/her death.

Fixed Term Annuity Pension Plan - The annuity is paid out to the insured until a fixed term (decided by the policyholder). The term could be quite earlier than the insured’s death.
Q:

How is a Pension Plan different from a Term Plan?

Ans:

 

Term Plan

Pension Plan

Objective

To get a financial back up for your family in case of your demise

To get a financial back up for yourself and your family while still living. Though, like a term plan, it also provides a sum assured to your family in case of your demise

Maturity Benefit

Entire maturity amount is paid out at once and is tax exempted

1/3rd maturity amount is paid out as lump sum and is tax exempted The rest 2/3rd is paid out as annuity and is taxable
Q:

What are the tax benefits on Pension Plans?

Ans:

As per section 80CCC of the Income Tax act, the premiums paid out for the pension plan are subjected to a deduction of up to a maximum of Rs 10,000 on taxable income.
Q:

Which annuity retirement plan should I choose- Deferred annuity or immediate annuity?

Ans:

Choosing the right annuity plan can bring major changes to your retirement income. Nowadays, many people consider buying annuity pension plans as the part of their retirement option. Annuity plans can be broadly categorized into immediate annuity plan and deferred annuity plan. To know which retirement plan you should choose it is important to learn more about these plans: 

Deferred Annuity Plan: Under this plan, annuity phase is preceded by saving phase. Such types of policies are designed for people who don't require immediate pensions and have several years till the retirement age. It means they have enough time to invest and build a corpus. All premiums which are paid get invested till the maturity date.

Immediate Annuity Plan: In immediate annuity plan, if you are above 30 years, you can pay a lump sum amount and then start earning annuity benefits immediately after retirement. The payments can either be scheduled for a fixed tenure like 5, 10 or 15 years. Here, it is important to mention that immediate annuity plans are non-participating products and thus, they don't earn bonuses.

You can choose any of the above plans based on your risk appetite, fund requirement and current annual income.
Q:

What is accumulation phase?

Ans:

It is the time period during which you regularly pay premiums to the insurance company to receive income post retirement in the form of pension.
Articles
view more

Customer Reviews

Average Rating / 5
Pension Plans Insurers
Pension Plans Insurance Reviews
Pritum
Mahuva
August 16, 2016
Pension Policy

My retirement plan is fantastic with more benefits in less investments. The policy is from bajaj allianz life insurance. The policy covers maximum expenditures and premiums are less. Claiming process is easy and fast due to fast service provided by the executives and staff members.

Tanishk
Kolhapur
July 15, 2016
Good Plan

The pension plan which i purchase from bajaj allianz life insurance company limited is fantastic with full coverage. Service facilitate by the company is perfect and hassle free documentation. Claiming is easy with fast service response given by the executives and staff members.

Vaibhav
Delhi
March 01, 2016
Awesome.

I have bajaj allianz pension policy plan which has low premiums and payed thrice a year. Policy coverage and claims are high and the payback amount is around Rs.28 K per month. Service is very good and fast. Nice policy, I like it.
Plan Name: Future Gain
Agent Code: BBE05217

Abhishek
Anand
February 28, 2016
Fine Policy.

I gift pension policy plan to my father from bajaj allianz life insurance. Investment is average but the returns are very attractive i.e., 28K per month after 30 years. Service is quick and the service of the executives are good.
Plan Name: Future Gain
Agent Code: BBE04737

Suryakant
Pune
February 27, 2016
Fine pension plan.

I buy bajaj allianz life insurance pension plan. Plan is above average and the payback amount is 30K every month after policy get mature. Claims are easy to get because the service is fantastic.
Plan Name: Future Gain
Agent Code: BBE04737

T
Delhi
February 26, 2016
Okay pension plan

Policy coverage is 60%, claims are 20 K per month after policy get mature. Premium is 3999 for 30 years. Service is slow and waiting is normal thing. Bajaj allianz life insurance are good in claims.
Plan Name: Future Gain
Agent Code: BBE06895

Praveer
Delhi
February 26, 2016
Average Policy.

I buy bajaj allianz life insurance pension plan. The policy coverage is 60%. Claims are fine according to premiums. Service is okay and main thing is nice investment for future. Just improve your website.
Plan Name: Future Gain
Agent Code: BBE06895

Ratikanta
Bhadrak
February 19, 2016
Best Plan Ever.

I buy pension policy for my parents. My parents are happy with the policy due to low premiums. The returns are high ~Rs.20000 per month. The policy coverage is high and service is rapid and on time.
Plan Name: Future Gain
Agent Code: BBE06895

Naresh
Ahmedabad
February 19, 2016
"Bad Policy Plan"

I have pension plan from bajaj allianz insurance. Policy doesn't work for me. Except policy coverage the rest of the things and stuff are bad. Service is really very slow. Claims take's ages to clear. Not satisfied.
Plan Name: Future Gain
Agent Code: BPW00249

Samarpal
Karnal
February 19, 2016
Low Policy Coverage.

Bajaj allianz life insurance pension plan is introduce by an agent of policybazaar and i took the policy plan. Policy coverage is not that good as i expected. Service is good. Claims are also easily sanction.
Plan Name: Future Gain
Agent Code: BPW00249

Bachcha
Delhi
February 18, 2016
Bad service

I buy pension plan from bajaj allianz life insurance but the policy is not that good according to my expectations. Service is really very slow and claim are take ages to sanctioned. Even policy coverage is less ~20-40 %. Bad experience.
Plan Name: Future Gain
Agent Code: BBE06895

Dhaval
Mumbai
February 18, 2016
Bad claiming experience.

I have my policy i.e., bajaj allianz life insurance pension plan. Policy coverage is good. Service is also nice provided by the executives and stuff but the claim sanctioning time is really long which make policy down. Please improve your services.
Plan Name: Future Gain
Agent Code: BPW00249

Md
Delhi
February 15, 2016
Better Plan Than Others.

I own the bajaj allianz life insurance pension plans. The investment is low and the returns is huge. Policy coverage and claims are unpredictable. The service is awesome with very calm behaviour of executives and team.
Plan Name: Future Gain
Agent Code: BPW00249

MANISH
Delhi
February 04, 2016
"Fantastic"

Unexpectedly got a very fine policy from Bajaj Allianz Life Insurance. Now, I'm tension for old age because of great pension policy plan. The coverage is good, service is great, even the claims are unimaginable. Great policy, very happy.
Plan Name: Future Gain
Agent Code: BPW01312

Ankur
Saharanpur
February 04, 2016
"Not Bad"

I got pension plan from Bajaj Allianz Life Insurance from last five year. The coverage is average. No doubt the service is good. The claim experience is really bad. And the cashless garages is nice.
Plan Name: Future Gain
Agent Code: BBE06765

Read All Reviews

What our clients say

You guys saved me from getting cheated. Your timely advice and the clarity with which the information was downloaded helped me save my hard earned money. Best part, I now know what I have bought despi...

Priyadarsh Upadhyaya

Transparency - best; Support - Best; One stop shop for insurance requirements is wht they claim to be and they are. Good job guys

Mahendar Sharma

Buying an investment plan online through PolicyBazaar.com was an amazing experience. The step by step guidance and support whenever desired was all I could have asked for.

Vineet Goswami

Thanks to the team for being extremely helpful in explaining the terms and conditions of the policy. The information provided on the website as well as the knowledge & patience of your advisors is com...

Vikas

Visting policybazaar was the best thing I did over the last month. Had I not, I would have wasted my money and spoiled my plan for retirement as well. You rock!

Mayur Harne

I am not going to explore much for my future insurance needs. PolicyBazaar will be the place. You perfectly corelate with your name. Best comparison site with complete assistance.

Deepak Kumar

This was my first investment in life. Thanks to PolicyBazaar.com to make this an easy task. Excellent explanation and assistance by the advisors.

gopal krishna

I must compliment you guys for the excellent customer service & seamless experience on the website. I have always been more than happy with the service that your company has provided me with. This t...

Raj Daki

Thanks for all the support you guys have provided for my policy. Your dilligent followups & efforts ensured that I received my policy in this timeframe.

Bhanu Singh

It is my privilege to have been connected to you in some way. I had bought a policy through your portal, and it was an amazing experience.

Pankaj Das

I had a good experience while using your website for online purchase of a plan in category wealth- accumulation plan of Edelweiss Tokio.

Piyush Jain

It was pleasure to visit PolicyBazaar and complete my purchase using their website. Comprehensive information, polite advisors, complete with online demonstration which was real time.

Prabhat Mithariya

Best experience I had for my insurance needs. This was the 5th policy I have purchased for myself. Recommend this to all my friends.

Satya Prakash Gupta

Never thought there would be such transparent work happening in india. With the field you're in, this is the best you could have done for customers like us. You empower us…power of informed decision...

Apoorv Gupta
Our Partners
You May Also Know About : Life Insurance Policy | SIP Plan | Child Plan | ULIP Plan | Investment Plans
Help us spread the Word
Follow, like, tweet or post. We Would love to interact with you
logo
Our Investors

CIN: U74900HR2014PTC053454 Policybazaar Insurance Web Aggregator Private Limited, Registered Office no. - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001

IRDAI Web aggregator Registration No. 06 Registration Code No. IRDAI/WBA21/15 Valid till 13/07/2021

Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers.

*The information provided on this website/page is only for information sake. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices.

The product information for comparison displayed on this website is of the insurers with whom our company has an agreement.

Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2019 policybazaar.com. All Rights Reserved..