Types of Retirement Plans in India

Without a sturdy retirement plan, it is impossible to lead a happy and fulfilling post employment life. Besides the employer-induced pension plans sometimes it may become necessary to invest in an additional schemes that adds to what you stand to gain when your job situation ends. It is necessary to remember that one simply cannot work throughout their lives. There comes a time eventually when one has to call it quits. What is there to fall back on during this time?  Ask yourself this question and then choose a best pension funds in India that offers a complete peace of mind.

Read more
Best Pension Options
  • Get Tax Free Pension For Life

  • Flexibility to withdraw fund value any time

  • Guaranteed Tax Savings

    Under Sec 80 C & 10(10D)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best returns & make the most of your Golden years

+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

Some of the types of plans available include the following.

Retirement Plans by default

When it comes to retirement plans by default the very first option that springs to mind is the provident fund. Here, the organization where you are employed forces you to deduct definite sums of money on a regular basis. This type of forced savings helps you to reap the benefits in your advanced years. The Central Government in India offers a contributory PF for the employees where the government contributes the exact sum you save every month.

Employees working in a single concern for over five years become eligible for gratuity. The gratuity bonus depends upon the last salary you draw as an employee in an organization. Leave encashment is another benefit you can get post retirement from the concern you work for presently.

Government Plans

There are safe government plans, which individuals can choose in order to ensure a financially well-protected post retirement life. One of these is the Monthly Income Scheme (MIS). This comes with a high rate of interest at over eight percent. Then there is the Senior Citizen Savings Scheme (SCSS) with a nine percent annual interest. PPF scheme is another option for those interested in opting for a safe retirement planning.

Other Retirement Plan Options

Opening up a savings bank account is a good way to keep aside money for the post retirement scenario.  You can get interest ranging from 4% to 7%. Fixed deposits in banks can allow your money to grow steadily at 3-10% interest rates and thus offer a viable plan to individuals. Mutual funds are another option, which offer a safe way to help your money grow on a long-term basis.

With so many available options, it is not going to be difficult to find a retirement plan that works wonders in your case. Turn your post job period into the Golden Years of your life with a reliable scheme that not only provides a regular source of income but also helps you to tide over the bad phases that invariably come up, especially during the advanced years. Retire gracefully and confidently with a sturdy plan that WORKS!

Written By: PolicyBazaar - Updated: 11 August 2021
Best Endowment Plans
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Retirement Plans
Monthly Pension Plans
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about Pension Plans.
Higher Returns Than Fixed Deposit

Pension plans articles

Recent Articles
Popular Articles
How to Transfer Money to NPS Account?

05 Jan 2022

Pension accounts maintained by the NPS (National Pension System)...
Read more
How to Deposit Money in an NPS Account?

05 Jan 2022

Pension accounts such as an NPS account allow regular...
Read more
NPS Tier 2

04 Jan 2022

The NPS Tier 2 account is the non-retirement component, while...
Read more
NPS Tier 1

04 Jan 2022

NPS Tier 1 is the compulsory component of the National Pension...
Read more
NPS Death Benefits

04 Jan 2022

The National Pension Scheme or NPS is a government-sponsored...
Read more
Saral Pension Yojana
In India, there are various individual immediate annuity products offered by life insurance companies. These...
Read more
NPS Calculator: National Pension Scheme Calculator Online
National Pension Scheme Calculator is an online tool, which allows the individual to calculate the estimated...
Read more
National Pension Scheme (NPS)
National Pension Scheme (NPS) is an investment cum pension plan launched by the Indian Government. This scheme is...
Read more
Top Pension Plans in India
Pension plans are one of the most sought-after investment options that have gained huge popularity over the...
Read more
Post Office NPS Calculator 2022
National Pension System is a scheme launched by the Government of India that offers stability to all Indian...
Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL