Top 10 Pension Plans

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Everyone thinks to retire gracefully and enjoy post-retirement life. The best way to be independent and enjoy the golden period of your life is by taking a pension plan. Most of the top pension plans offer both insurance and investment benefits for your post-retirement time. To avail, such benefit all you need to do is to purchase a best pension plan by paying its premium during your employment tenure. A well-selected pension plan enables you to even beat the inflation and accumulate corpus so that you can easily manage your day to day needs. Here in this article, we are going to discuss the top 10 pension plans from which you can select the most suitable:

Top 10 Pension Plans of the Year 2019

LIC Jeevan Nidhi Plan:

This is one of the best pension plans wherein the accumulated amount is used for generating your pension according to your survival after the term of the policy.

Benefits and Features:

  • The premiums that you pay are eligible for tax exemption under section 80CCC of the Income Tax Act, 1961.
  • For the first five years of the policy, you will get guaranteed additions at Rs.50/- per thousand Sum Assured for every completed year.
  • From the sixth policy year, the policy starts participating in the profits of LIC.
  • There is no maximum limit for the basic sum assured. However, the minimum sum assured offered by the company under this plan is Rs.1 Lakh, if you pay regular premiums. For single premium policies, the basic sum assured is Rs.1.50 Lakhs.
  • The policy term may range from 5 years to 35 years.
  • The minimum vesting age for this top pension plan is 55 years and the maximum is 65 years.

LIC Jeevan Akshay 6 Plan:

This is an annuity retirement plan that you can buy by paying a single premium of lump sum amount. This LIC Pension Plan for Retirement is best pension plan for investor who need immediate annuity. You can start availing the benefits of this plan immediately after purchasing the plan.

Benefits and Features:

  • The premium is paid in lump sum.
  • You can get the pension monthly, quarterly, yearly, or half-yearly.
  • There is no maximum limit for annuity or price of purchase, etc.
  • The minimum price to purchase this plan is Rs.1 Lakh for offline channels of distribution and for online distribution channels it is Rs.1.50 Lakhs.
  • You do not require undergoing any medical tests to avail of this policy.
  • The minimum age to take this policy is 30 years and the maximum age is 85 years.
  • The premium you pay is eligible for tax exemption.

HDFC Life - Click2Retire:

It is an online unit Linked Insurance Plan that provides you the market-linked returns in minimum premium rates. In this way, this guaranteed HDFC pension plan helps you to meet your post-retirement needs.

Benefits and Features:

  • The plan provides you the guaranteed vesting advantages with additional market gains.
  • The minimum age to take this plan is 18 years and maximum age is 65 years.
  • The low maturity age is 45 years and maximum maturity age is 75 years.
  • Tax benefits are provided under section 80C and section 10A of the Income Tax Act, 1961.
  • The plan provides the death benefits which can be higher of the policy’s fund value or 105% of the premiums that are paid till then.

SBI Life Saral Pension Plan:

It is an individual, non-linked, participating, traditional top pension plan that offers protection to you from volatility and fluctuation of the market. This top SBI pension plan offers guaranteed bonuses for first five year.

Benefits and Features:

  • Guaranteed bonuses are provided for the first 5 years.
  • You can also get the vesting benefits on plan’s maturity.
  • The plan also provides loan tenure ranging from 10 years to 40 years.
  • Minimum entry age for this top pension plan is 18 years and maximum age is 65 years.
  • The minimum premium that you can pay annually is Rs.7, 500 with no cap on maximum limit.
  • The minimum maturity age of this plan is 40 years and maximum age is 70 years.
  • The sum assured does not have any maximum limit whereas the minimum sum assured that you can expect from this plan is Rs.1 Lakh.

HDFC Life - Assured Pension Plan:

This Unit Linked Pension plan provides market linked returns along with loyalty add-ons so that you can easily meet with your retirement goals.

Benefits and Features:

  • This plan provides guaranteed vesting benefits with additional market gains.
  • The minimum age to get this plan is 18 years and the minimum maturity age is 45 years.
  • The loyalty additions start from the 11th policy year and are provided in every alternate year.
  • This one of the top 10 pension plans offers a single and limited pay option.
  • The plan also provides tax benefits under Section 80C of the Income Tax Act, 1961.
  • The plan as well provides the death benefits to your beneficiary. The death benefit can be higher of 105% of the premiums paid till then or policy’s fund value.

Reliance - Smart Pension:

This is a non-participating Unit Linked Best Pension Plan that enables you to save your money in a systematic manner so that you can build a lump sum amount in a systematic way. In this way, this plan enables you to get a regular income after your retirement.

Benefits and Features:

  • The term of this policy ranges from 10 years to 30 years.
  • This top pension plan ensures you to provide guaranteed loyalty additions.
  • With this plan, you become eligible to get double benefits of equity and capital guarantee.
  • The minimum vesting age of this plan is 45 years whereas the maximum vesting age is 75 years.
  • The plan also provides income tax benefits under section 80C and 10A of the Income Tax Act.

ICICI Pru Easy Retirement:

This is a best pension plan in equity category which enables you to get regular income after retirement by investing your money in equity. The good long term returns generated by this plan offer protection against the volatility of the market.

Benefits and Features:

  • You can select monthly, yearly, or half-yearly premium payment mode.
  • The minimum premium that you can pay for this plan is Rs.48, 000/ year without any minimum limit.
  • The minimum entry age for this plan is 18 years and maximum age is 70 years.
  • The term of the policy may range from 10 years to 30 years.
  • Minimum vesting age for this plan is 45 years and the maximum is 80 years.
  • The plan also offers tax benefits.

Bajaj Allianz Pension Guarantee:

This one of the top 10 pension plans assures guaranteed regular income to you after your retirement. The plan also offers a range of immediate annuity to you as well.

Benefits and Features:

  • Under this plan, you get six annuity options to choose from.
  • The plan also provides the option to extend annuity to your spouse.
  • Minimum entry age for this plan is 37 years and the maximum age is 80 years.
  • Minimum price to purchase this plan is Rs.25, 000 without any maximum limit.
  • Minimum installment for an annuity is Rs.1, 000.

Birla Sun Life Empower Pension:

This is a unit-linked, non-participating and one of the best pension plans of Birla Sun Life Insurance Company. This plan is designed to improve your savings that you can utilize post-retirement.

Benefits and Features:

  • The term of the policy ranges from five years to 30 years.
  • The minimum age to enter in this plan is 25 years and the maximum age is 70 years.
  • The plan gives you an option to select the vesting date to have an accumulation period of five years to 30 years.
  • The plan also provides you option to choose your premium amount.
  • You can choose the risk profile as per your risk appetite.

Max Life Guaranteed Lifetime Income Plan:

This plan is a traditional non-linked annuity plan that ensures to provide you a regular income post your retirement.

Benefits and Features:

  • This top pension plan gives pension until your spouse and you are alive.
  • You can receive a pension on a quarterly basis, monthly basis, yearly basis, or half-yearly basis.
  • Your nominee gets the purchase price of the policy after your death.
  • You can choose from four annuity options.
  • You can also select the one-time lump-sum payment option for purchasing the plan.

Summit It Up!

These are some of the top pension plans available in India; you can select one as per your requirements to safeguard your future. This is because being financially independent is one of the biggest blessings that you can have while you are at your golden age i.e. your post-retirement life. So, do not hesitate to select a pension policy, purchase one and secure your future.

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