Pension Plans/Retirement Plans in India

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A retirement plan is an investment option where you build a fund through regular or lump sum payments. This corpus provides steady payments during retirement and ensures that you have a source of income after you stop working. These best pension plans offer you financial security and peace of mind, making it an essential part of your long-term financial strategy.

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What is a Pension Plan/Retirement Plan?

A pension plan is an investment option designed for your retirement. It allows you to save money either through a one-time lump sum or regular payments over time. These plans guarantee a steady income during your retirement, ensuring a secure financial future.

A ULIP-based retirement plan is a good choice for investors who seek insurance cover along with high investment growth through market-linked returns. 

By consistently contributing to a retirement plan during your career, you can create a significant fund to support your retirement needs.

What are Market-Linked Pension Plans?

Market-Linked Pension Plans are a type of investment plans that combine features of both pensions (providing regular income in retirement) and investments (exposure to market returns). Your contributions are invested in the best marekt-linked funds. The value of your retirement plan grows based on the performance of these investments. Unlike annuity plans, which mainly provide you 100% guaranteed income during retirement. 

Best Retirement Plans in India 2024

The following list will help you to choose the best pension plan for you among various best investment plans:

Pension Plans in India Entry Age Maturity Age Policy Term (PT) Tax Benefits (under the Income Tax Act, 1961) Minimum amount to Invest (yearly)
Tata AIA Fortune Maxima 18 – 60 years 100 years 100 minus issue age Section 80C and 10 (10D) Single: Rs. 25,000; Limited: Rs. 12,000 p.a.
Max Life Online Savings Plan 18 – 60 years 85 years 5 – 52 years Section 80C and 10 (10D) Rs. 12,000 p.a.
HDFC Life Click 2 Wealth 18 – 60 years 18 – 99 years of age 20 – 64 years Section 80C and 10 (10D) Rs. 12,000 p.a.
Max Flexi Wealth Advantage Plan 18 – 50 years 18 – 75 years 10 – 40 years Section 80C and 10 (10D) Rs. 24,000 p.a.
Bajaj Allianz Life LongLife Goal 18 – 65 years 99 years 99 years minus Entry age Section 80C and 10 (10D) Rs. 25,000 p.a. 
ICICI Prudential Signature 18 – 60 years 18 – 75 years 10-30 years Section 80C and 10 (10D) Rs. 30,000 p.a.
PNB Goal Ensuring Multiplier 18 – 60 years 99 years 39 – 99 years Section 80C and 10 (10D) Rs. 18,000 p.a.
Canara Promise4Growth - Life 18 – 60 years 18 – 80 years 10-30 years Section 80C and 10 (10D) Rs. 12,000 p.a.
Kotak E-invent - Retire Rich Plan 18 – 50 years 28 – 60 years 10/ 12/ 15/ 20 years Section 80C and 10 (10D) Rs. 24,000 p.a.
Edelweiss Life Tokio Wealth Secure Plus 18 – 60 years 18 – 70 years 5-25 years Section 80C and 10 (10D) Rs. 24,000 p.a.
Tata Fortune Guarantee Retirement Ready Plan 18 – 75 years 40 – 85 years 5 – 15 years Section 80C and 10 (10D) Rs. 12,000 p.a.
Max Life SWP – Long Term Income Plan 18 – 60 years 60 – 85 years 60  – 80 years minus Entry Age Section 80C and 10 (10D) Rs. 11,000 p.a.
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Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. The tax benefit is subject to changes in tax laws. *Standard T&C Apply

Features of Best Pension Plans by Insurance Companies

Choosing the right retirement plan is important as it helps you secure your financial future after retirement. Here are some of the best retirement plans offered by insurance companies in India:

1Tata AIA Fortune Maxima:

The Tata AIA Fortune Maxima is a participating Unit-Linked Pension Plan (ULPP) offering market-linked returns and life insurance cover.

Features:

  • Invest in 4- or 5-star Equity, Debt, or Balanced funds to grow your wealth.

  • Get life insurance coverage up to age 100 for your family's security.

  • Receive extra units starting from the 6th or 11th policy year to boost your investment.

  • Choose from multiple funds or the Enhanced SMART strategy for your investments.

  • Add optional riders to your ULIP policy for greater protection.

Benefits: Potential for higher returns than traditional pension plans, life insurance cover, market participation, and flexibility.

2Max Life Online Savings Plan:

A unit-linked, non-participating traditional investment plan that provides both life cover and wealth creation benefits.

Features:

  • Receive a lump sum equal to the Fund Value on maturity, using the next working day's NAV if needed.

  • Death Benefits:

    • Variant 1: Highest of Sum Assured, 105% of premiums paid, or Fund Value on death.

    • Variant 2: Immediate lump sum, Family Income Benefit, total Fund Value at term end, and company-funded premiums after death. Higher death benefits, lower returns.

  • Choose from 13 funds or a Dynamic Fund Allocation strategy.

  • Unlimited free fund switches, no Premium Allocation or Policy Administration charges. Only Mortality and Fund Management charges apply.

Benefits: Guaranteed returns, predictable income after retirement, tax benefits, no market risks.

3HDFC Life Click 2 Wealth:

A participating Unit-Linked Pension Plan (ULPP) with guaranteed life cover and loyalty additions.

Features:

  • Only fund management and mortality charges apply when managing your funds and life coverage.

  • Receive a special addition of 1% of annualized premium for the first 5 years.

  • Get Mortality Charges back on maturity.

  • Choose from 13 fund options with unlimited free switching if you opt for the Premium Waiver.

  • Utilize the Systematic Transfer Plan for Rupee Cost Averaging benefits.

Benefits: Offers life cover, maturity benefit, investment flexibility, and online convenience.

4Max Life Flexi Wealth Advantage Plan:

A Unit Linked Insurance Plan (ULIP) designed to help you build a wealth portfolio for you and your loved ones for regular income during retirement.

Features:

  • Refund of ULIP charges added back to your fund value.

  • Guaranteed loyalty additions to your fund from the 8th year.

  • Extra boost after 5 years for auto debit payments.

  • Choose between Wealth and Whole Life plans, various premium and policy terms, 5 investment strategies, and 12 funds.

  • Change your investment style anytime with unlimited free switches and premium redirections.

Benefits: offers potential for wealth creation, life cover, tax benefits, and investment flexibility.

5Bajaj Allianz Life LongLife Goal:

A non-participating Unit-Linked Pension Plan (ULPP) with guaranteed life cover and annuity payout.

Features:

  • Receive yearly loyalty additions from the 5th to the 25th policy year.

  • Choose between LongLife Goal without Waiver of Premium and LongLife Goal with Waiver of Premium.

  • Select from 4 investment strategies and 15 different funds.

  • Benefit from the periodic return of Waiver of Premium charges and the option to reduce your premium.

  • Enjoy life insurance coverage until age 99 with Retired Life Income and Return Enhancer

Benefits: Guaranteed returns on annuity payout, market participation, flexibility in payout options, and life insurance cover.

6ICICI Prudential Signature:

A participating Unit-Linked Pension Plan (ULPP) with guaranteed life cover and loyalty additions.

Features:

  • Additional boosts every 5 years starting from the 10th policy year.

  • Enjoy benefits until 99 years of age with the Whole Life policy option.

  • Entire premium is invested in your chosen funds without deductions.

  • Get back Mortality and Policy Administration Charges at maturity.

  • Choose from 4 portfolio strategies and a variety of funds across equity, balanced, and debt to suit your savings needs.

Benefits: Potential for higher returns with market participation, guaranteed benefits, life insurance cover, flexibility in premium payment and policy terms.

7PNB Goal Ensuring Multiplier Plan:

PNB Goal Ensuring Multiplier (GEM) is a Unit Linked Insurance Plan (ULIP) that combines life insurance coverage with investment options, aiming to help you achieve your long-term financial goals.

Features:

  • Get back Fund Management, Premium Allocation, and Mortality Charges.

  • Choose from 13 different funds.

  • Exclusive feature for child-related benefits.

  • Adaptable premium payment options.

  • Premiums waived on death or critical illness.

Benefits: Offers life insurance, investment growth, return of charges, tax benefits, and flexible goal-oriented options.

8Canara HSBC Promise for Growth – Life Plan:

Canara HSBC Promise for Growth is a retirement plan that helps you achieve your long-term financial goals while providing life insurance coverage for your family.

Features:

  • Choose from three plans - Promise4Wealth, Promise4Care, or Promise4Life - based on your life stage needs.

  • Mortality Charges deducted during the policy term are added back to the Fund Value at maturity.

  • Premium funding benefits ensure that your savings contributions continue even in your absence.

  • Receive Loyalty Additions every 5 years starting from the 5th policy year, and Wealth Boosters every 5 years starting from the 10th policy year.

Benefits: Offers life insurance coverage, investment flexibility, and potential wealth growth through various fund options.

9Kotak e-Invest Retire Rich Plan

The Kotak e-Invest Retire Rich Plan is a type of investment plan that combines investing your money in the market with some life insurance protection.

Features:

  • Enjoy 100% allocation of your premiums.

  • Receive yearly additions from the 6th policy year until maturity or death.

  • Gain additional fund value from 25% to 200% of Life Cover charges deducted.

  • Opt for the Rising Star option for Triple Protection Benefit on the parent's death.

  • Ensure post-retirement expenses are covered with Retirement Income and Income Booster.

Benefits: Offers investment growth, insurance coverage, flexible withdrawals, retirement income with booster, and tax benefits.

10Edelweiss Life Tokio Wealth Secure Plus:

Edelweiss Life Tokio Wealth Secure Plus is a non-participating unit-linked best pension plan in India with guaranteed life cover and maturity benefits.

Features:

  • Ensure continued policy coverage for your child in the event of your unfortunate demise

  • Guaranteed death benefit and guaranteed maturity benefit.

  • Choose from a selection of 7 funds and enjoy unlimited switches if you opt for the Self-Managed Strategy.

  • Start your savings journey with premiums as low as Rs. 1,000 per month.

Benefits: Guaranteed returns on maturity and death benefits, market participation, flexibility in payout options, and life insurance cover.

11Tata Fortune Guarantee Retirement Ready Plan

Tata Fortune Guarantee Retirement Ready Plan is an individual, non-linked, non-participating pension plan designed to provide you with a guaranteed income after retirement, along with life insurance coverage.

Features:

  • Choose from 3 flexible plans: My Pension, Partner Pension, and Partner Pension Plus.

  • Enjoy a boost to your retirement corpus with guaranteed additions of 6% of the sum assured on vesting.

  • Receive a lump sum Vesting Addition at the time of vesting.

  • Special discounts for women, transgenders, and customers under 35 years of age.

Benefits: The retirement plan offers guaranteed income after retirement, life insurance coverage, flexibility, guaranteed additions, and discounts for women, transgender individuals, and young policyholders.

12Max Life SWP – Long Term Income Plan

Max Life SWP, which stands for Smart Wealth Plan is a whole-life insurance based retirement plan in India that is designed to provide income for a long period.

Features:

  • Choose from Early Income, Early Income with Guaranteed Money Back, or Deferred Income Plans, all offering guarantees and cash bonuses.

  • Accrue and withdraw survival benefits as needed, with flexible withdrawal options.

  • Select an income period, including Whole Life Income, up to ages 100, 85, 75, 70, 65, or 60.

  • Customize protection with optional riders for added security.

  • Ensure continuity of benefits in case of the insured's death, without the need for premium payments, with PCB.

Benefits: Offers customizable long-term income options, death benefit, maturity benefit, tax benefits (subject to tax laws), and flexibility in choosing your income payout.

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Types of Retirement Pension Plans in India

A wide range of the best retirement plans in India are available to cater to your various requirements. These retirement and pension plans are classified based on the plan structure and benefits.

Let us explore the following types of pension plans in detail:

Pension Plans Description
Deferred Annuity - Allows you to accumulate a corpus through regular or single premium payments
-Pension is provided after completion of the policy tenure.
-1/3rd of the corpus is tax-free on withdrawal, while 2/3rd is taxable.
-Amount invested in a Deferred Pension Plan is locked and cannot be withdrawn for emergencies until you reach retirement age.
Immediate Annuity -Provides regular income immediately after payment of a lump-sum amount.
-Premiums paid towards immediate annuity scheme are tax-exempted as per Income Tax Act, 1961.
-Policy nominee receives the money in case of your unfortunate demise during the policy tenure.
Annuity Certain -You receive regular annuity payments for a specific number of years, chosen by you.
-If you pass away before receiving all complete payments, the annuity is paid to your beneficiary.
Guaranteed Period Annuity -Offers annuity payments to you for specified periods, such as 5 years, 10 years, 15 years, or 20 years.
-You get annuity regardless of whether you survive that duration or not.
Life Annuity -Provides you with regular pension payments during your lifetime.
-If the option of 'with the spouse' is chosen under the life annuity plan, the pension amount is transferred to your spouse in the event of your unfortunate demise.
National Pension Scheme (NPS) -Introduced by the Government of India to secure the financial future of the government and private employees after retirement.
-Money in the National Pension Scheme is invested in equity and debt funds to generate returns on investment.
-60% of the amount can be withdrawn at retirement, while the remaining 40% is used to purchase an annuity.
-Maturity proceeds are not tax-free.
-You can use the NPS Calculator to easily calculate your potential returns from the scheme.
Pension Funds -Long-term pension scheme regulated by the Government under the Pension Fund Regulatory and Development Authority (PFRDA).
-Offers better returns upon maturity compared to other savings plans.
-Remains active for a specified period.
-You can withdraw an amount from your pension fund during the contribution stage in case of emergencies, providing you with financial stability.
Whole Life ULIPs -Money stays invested in the market-linked funds for your entire life.
-Partial withdrawals are allowed upon retirement, providing tax-free income.
-Additional withdrawals can be made as needed.
Defined Benefit -This pension plan guarantees a specific retirement income for life.
-Calculation under Defined Benefit Plans are based on earnings and years of service with the employer.
Defined Contribution -Retirement income is not guaranteed, but contributions are guaranteed.
-Both you and your employer can contribute to this retirement plan.
-Retirement amount depends on contributions and investment returns.
HDFC Life Insurance Pension Plans -One of India's leading life insurance providers offers specialized pension plans in India.
-Offers a range of retirement plans tailored to individual needs.
-Best retirement plans available at affordable costs for complete financial protection.
Retirement Plans Available in USA 
SIMPLE IRA -Savings Incentive Match Plan for Employees (SIMPLE) Individual Retirement Account (IRA) or Simple IRA.
-Designed for small businesses with 100 or fewer employees.
-Easy and suitable for employees of small businesses.
SEP-IRA -Simplified Employee Pension (SEP) Individual Retirement Account (IRA).
-Opted by self-employed individuals or employers.
-Tax deductions applicable.
-Contributions made to employees based on eligibility.
Roth IRA -Special Individual Retirement Account (IRA) plan.
-Under a Roth IRA taxes are paid on deposited money.
-Future withdrawals are tax-free.
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Benefits of Pension/Retirement Plans

Buying retirement and pension plans online comes with a lot of benefits. Take a look at them below:

1Annuity

An annuity is the fixed amount you will receive each year throughout your life tenure on the purchase of an annuity Plan. The annuity can be immediate or deferred, depending upon the nature.

2Sum Assured

The sum assured is a definite amount offered to the nominee of the selected best pension plan at the end of the plan tenure. It is generally 10 x of the annual premium or the fund value of the policy.

3Vesting Age

The vesting age is the age when you start receiving the monthly pension from your retirement plan.

4Payment Period

The payment period is when you start receiving the regular pension payouts post-retirement.

5Accumulation Period

The accumulation period is the complete time period wherein you pay a regular premium towards your retirement policy.

6Surrender Value

The surrender value of a pension plan is the amount the insurance company will pay you if you surrender the plan before its maturity.

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Who Should Invest in a Retirement Plan Today?

  1. Young Professionals

    Start early to benefit from compounding interest and build a secure retirement fund.

  2. Self-employed Individuals:

    Take control of your retirement savings since there are no employer- sponsored plans available.

  3. Employee Without Pension Benefits:

    Do not rely solely on government schemes; secure your retirement with your own plan.

  4. Individuals Planning Early Retirement:

    Plan ahead to accumulate sufficient savings for an early retirement and maintain your lifestyle.

  5. Parents Saving for Children’s Future:

    Ensure your financial security to avoid depending on your children while also investing in their future.

  6. High-Income Earners:

    Optimize taxes and maximize retirement savings by investing in efficient retirement plans.

  7. Individuals Seeking Financial Independence:

    Prioritize retirement savings to achieve financial freedom and independence.

Pension Plans Eligibility Criteria

The three main eligibility criteria for purchasing a retirement plan in India are:

  • Entry Age: Typically, the minimum entry age for a retirement pension plan is 18 years, but some plans require an entry age of 30 years. Maximum entry age is usually around 70 years.

  • Premium: You must pay a minimum premium for your retirement plan, as the pension amount is based on the premium paid.

  • Vesting Age: The age at which you start receiving your pension is known as the vesting age, which is usually set at 40 years but can vary depending on the insurance provider.

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Why to Buy a Retirement Plan in India?

Retirement plans in India offer financial security with systematic savings, tax advantages, and customisable investment options. Support from the government and the employer enhances financial accessibility, ensuring a comfortable and stress-free retired life. Let us learn some basic advantages offered by pension plans in India:

Benefits of Pension PlanBenefits of Pension Plan

  • Financial Security: Provides a steady income post-retirement.

  • Tax Advantages: Contributions are tax-deductible, reducing taxable income.

  • Compounding Benefits: Early investment grows your fund through compounding.

  • Encourages Saving Habits: Promotes financial discipline and better money management.

  • Diverse Investment Choices: Offers various investment options to match your goals.

  • Protection for Loved Ones: Includes life insurance benefits for dependents.

  • Enhanced Coverage with Riders: Enhance retirement plans with riders like critical illness or accident disability coverage.

  • Steady Cash Flow Post-Retirement: Pension plans create an annuity for a steady cash flow after retirement.

  • Guaranteed Income for Daily Expenses: These plans provide guaranteed income to cover daily expenses.

What is Retirement Planning?

Retirement planning is the process of preparing your finances for the retirement stage of your life. It involves setting goals, estimating your income needs, and taking steps to accumulate and manage funds to support those needs throughout your retirement years.

Retirement Planning – Plan for Your Golden Years

  1. Define Your Goals

    (Imagine your dream retirement - travel, hobbies, lifestyle.)

  2. Estimate Your Income Needs

    (Consider ongoing expenses and desired activities.)

  3. Grow Your Retirement Fund

    (Explore savings plans, investment plans, and tax benefits.)

  4. Manage Your Funds

    (Budget wisely, track progress, and adjust as needed.)

    Start Planning Today - Secure Your Tomorrow

    It is important to have a well-thought-out retirement plan that considers factors such as inflation, healthcare costs, and changing lifestyle needs.

KEYNOTE: It is crucial to start planning for retirement as early as possible to accumulate enough funds for future expenses and maintain a standard of living during retirement years.

Pension Plan Calculator

A pension plan calculator is a tool designed to help you estimate the future value of your pension savings and the income you can expect to receive during retirement. This retirement plan calculator takes into account various factors to provide projections and insights into retirement planning. 

Why Should You Start Retirement Planning Today?

Start retirement planning for financial independence and capitalise on compounding to bring peace of mind. Prioritise your golden years way ahead for the following reasons: 

  • Secure your future: Retirement planning ensures financial security in your later years.

  • Beat inflation: Starting early allows your investments to grow and beat inflation over time.

  • Reduce financial stress: Planning ahead helps alleviate worries about money during retirement.

  • Enjoy retirement: With proper planning, you can maintain your lifestyle and pursue your passions.

  • Take advantage of compounding: The longer your money is invested, the more it can grow through compound interest.

  • Prepare for unexpected expenses: Planning early allows you to build an emergency fund for unexpected costs.

  • Ensure independence: Retirement planning empowers you to maintain independence and not rely solely on others or government support.

  • Leave a legacy: Proper planning enables you to leave behind a financial legacy for your loved ones.

What is the Right Amount to Save for Retirement?

Some of the key factors you should consider to estimate the amount you need to save for your retirement are mentioned below:

  • Start Early: You should start retirement planning as early as your 20s. The sooner you start saving, the more time your money has to grow.

  • Set a Goal: Aim to save 10-15% of your income for retirement plans.

  • Target a lifestyle, not a number: Do not get stuck on a generic savings rate. Think about what kind of retirement you want (travel adventures? relaxing by the beach?) and estimate the cost.

  • Account for Inflation: Remember that the cost of living will increase over time.

  • Use this rule of thumb: Aim to replace 70% of your pre-retirement income. Social Security and a pension can cover the rest (if you have them).

  • Diversify Investments: Spread your investments across different assets to reduce risk.

  • Save Consistently: Make saving a regular habit, not just a one-time effort.

  • Factor in the power of time: Starting young is key! Even small amounts saved early can grow significantly thanks to compound interest.

  • Use a retirement calculator: A pension plan calculator can help you estimate your future needs based on your current situation.

  • Review and adjust: Your savings goals might change over time. Revisit your plan every few years to stay on track.

How Do Pension Plans Work?
How does Pension Plan work
Step 1
You make regular contributions during your working years
How does Pension Plan work
Step 2
Compound interest & market returns help your money grow over time
How does Pension Plan work
Step 3
You stay invested for a certain period to be eligible for pension benefits
How does Pension Plan work
Step 4
At your retirement age, start receiving a monthly pension
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Pension Plans Vs. PPF Vs. NPS

Aspect Pension Plans PPF NPS
Type of Scheme Insurer pension plans Government savings Government pension
Purpose Retirement savings with life insurance. Retirement savings. Retirement savings.
Returns Market-linked returns The fixed interest rate set by the government. Market-linked returns based on investments.
Tax Benefits Tax benefits under Section 80C and 10(10D) on premiums and returns. Tax exemption on investments, interest, and withdrawals. Tax benefits on contributions, returns, and withdrawals.
Lock-in Period 5 years 15 years, partial withdrawals after 6 years. Until retirement age (60 years), partial withdrawals are allowed.
Flexibility High flexibility. Partial withdrawals, loans available. Flexible contributions, investment options, partial withdrawals.
Annuity Options Various annuity options are available. No annuity, lump-sum withdrawal, or extension. Choice of annuities upon retirement.
Regulation Regulated by IRDAI. Governed by the Ministry of Finance. Regulated by PFRDA.

Lifelong pension rate for you and your spouse Lifelong pension rate for you and your spouse

What are the Steps to Buy a Retirement Plan?

To buy a retirement plan, assess your financial goals and follow the general steps mentioned below:

  • Step 1- Research: Explore retirement plans on this page or through the Policybazaar homepage.

  • Step 2- Compare: Assess the features and premiums of different plans.

  • Step 3- Select: Choose the most suitable plan.

  • Step 4- Customize: Add-ons or adjust coverage if needed.

  • Step 5- Purchase: Make payment online and receive confirmation.

Conclusion

Pension Plans play an important role in securing financial stability during retirement. With a diverse range of options, you can tailor your choices to meet specific needs, ensuring a comfortable and worry-free post-retirement life. Planning ahead and selecting the right retiremetn plan are essential steps towards a secure and fulfilling retirement journey.

Frequently Asked Questions

  • Which is the best pension scheme?

    Some of the most popular investment options for a regular pension are listed below:
    • LIC New Jeevan Shanti Plan

    • SBI Life Saral Pension Saver

    • HDFC Life Click 2 Retire

    • ICICI Pru Easy Retirement

    • Max Life Guaranteed Lifetime Income Plan

  • What are pension plans in India?

    Retirement plans in India are financial products designed to provide you with a steady income stream after retirement. These plans are offered by insurance companies and other financial institutions.
  • How do pension plans work?

    Retirement plans operate like this: During your working years, you put money into the plan, which the provider invests. When you retire, the saved amount is used to give you regular payments, securing your financial future.
  • What types of pension plans are available in India?

    In India, pension plans can be broadly categorized into two types: defined benefit plans and defined contribution plans. Defined benefit plans guarantee a specific payout upon retirement, while defined contribution plans depend on the amount contributed and the investment returns.
  • Who can invest in retirement plans in India?

    Pension plans in India are typically available to you after a certain age, usually starting from 18 years old. Some of the best retirement plans may have specific eligibility criteria based on income or employment status.
  • Are retirement plans in India tax-efficient?

    You can claim deductions for contributions up to Rs. 1.5 lakh towards pension plans under Section 80CCC of the Income Tax Act. Some plans offer tax exemptions on the maturity amount received.
  • Can I withdraw money from my retirement plan before retirement?

    Generally, pension plans in India have a lock-in period, and premature withdrawals may attract penalties or have restrictions. However, some plans offer partial withdrawals or loans under certain circumstances.
  • What happens to my pension plan if I change jobs?

    If you change jobs, you may have the option to continue the existing retirement plan, transfer the accumulated corpus to a new plan, or withdraw the amount, subject to applicable rules and regulations.
  • Are pension plans in India inflation-adjusted?

    Some retirement plans in India offer inflation-adjusted payouts to ensure that the purchasing power of the pension income remains relatively stable over time. However, not all plans may provide this feature.
  • Can I nominate someone to receive benefits from my pension plan in case of my demise?

    Yes, most retirement plans allow you to nominate a beneficiary who will receive the benefits in case of your demise. This nomination can typically be updated at any time during the tenure of the plan.
  • Are retirement plans in India regulated?

    Yes, pension plans in India are regulated by the Insurance Regulatory and Development Authority of India (IRDAI) or the Pension Fund Regulatory and Development Authority (PFRDA), depending on the type of plan and the provider. These regulatory bodies oversee the operations of the retirement plan providers and ensure compliance with the relevant regulations and guidelines.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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Efficient service from PolicyBazaar for Kotak Premier Pension Plan. Thank you for the support
Rakesh
Dhanbad, June 18, 2024
IndiaFirst Life Guaranteed Annuity Plan Hassle free Investment
Hassle free investment with IndiaFirst Life Guaranteed Annuity Plan via PolicyBazaar. Impressed with the service
Deepa
Aurangabad, June 15, 2024
Aditya Birla Sun Life Empower Pension Plan Smooth Process
Smooth process with Aditya Birla Sun Life Empower Pension Plan via PolicyBazaar. Recommend them
Vivek
Srinagar, June 10, 2024
Max Life Guaranteed Lifetime Income Pension Plan Great Experience
Great experience with Max Life Guaranteed Lifetime Income Pension Plan via PolicyBazaar. Highly satisfied!
Manisha
Varanasi, June 04, 2024
LIC New Jeevan Shanti Pension Plan Reliable Service
PolicyBazaar provided reliable service for LIC New Jeevan Shanti Pension Plan. Thank you for the assistance
Suresh
VasaiVirar, June 01, 2024
LIC Jeevan Akshay Pension Plan Smooth Process
Smooth process with LIC Jeevan Akshay Pension Plan via PolicyBazaar. Happy with the support
Ankit
Dombivli, May 30, 2024
ICICI Pru Easy Retirement Plan Great Assistance
Great assistance from PolicyBazaar for ICICI Pru Easy Retirement Plan. Satisfied with the service
Vandana
Rajkot, May 28, 2024
Max Life Forever Young Pension Plan Efficient Service
Efficient service from PolicyBazaar for Max Life Forever Young Pension Plan. Thank you for the support!
Prakash
Meerut, May 24, 2024
Bajaj Allianz Pension Guaranteed Pension Plan Hassle free Investment
Hassle-free investment with Bajaj Allianz Pension Guaranteed Pension Plan via PolicyBazaar. Happy with the service!
Anjali
Faridabad, May 20, 2024
Tata AIA Life Guaranteed Monthly Income Plan Smooth Process
Smooth process with Tata AIA Life Guaranteed Monthly Income Plan via PolicyBazaar. Recommend them!
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