Top 15 Pension Plans in India^~

List of Top 15 Pension Plans in India in 2024

The following table enlists the best investment plans in India for retirement to help you make better retirement planning for a secure future:

*Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.

Overview of Top 15 Pension Plans in India

In this section, let us have a look at the key features of all the best pension plans in India we have seen in the table above. This will help you in having an idea of the plans for better selection per your need. You can check the details of the pension plans from the links given in the table and by downloading the brochures of the particular plans.

1. Bajaj Allianz LongLife Goal Plan

   Bajaj Allianz LongLife Goal Plan is a Unit Linked Insurance Plan (ULIP) designed for retirement planning. It combines investment and insurance aspects to offer you a retirement corpus and life cover.

   Key Features of the Plan:

   • Yearly loyalty additions from the 5th to the 25th year.
   • Two plan variants: with or without Waiver of Premium.
   • 4 investment strategies and 17 funds, with premium reduction option.
   • Whole life cover and income until age 99, with return enhancer.
   • Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

2. ABSLI Wealth Smart Plus Plan

   ABSLI Wealth Smart Plus is a Unit Linked Insurance Plan (ULIP) offered by Aditya Birla Sun Life Insurance Company (ABSLI). It combines life insurance protection with investment potential. You can invest your premiums in a variety of fund options to grow your wealth.

   Key Features of the Plan:

   • Two plan options: Smart Life (coverage till 75) and Whole Life (coverage till 100).
   • No premium allocation or policy administration charges.
   • Choose from 5 investment strategies and 19 funds.
   • Systematic and partial withdrawals available.
   • Potential tax benefits on premiums and benefits under Section 80C and 10(10D).

3. Tata AIA Fortune Maxima Plan

   The Tata AIA Fortune Maxima Plan is a Unit Linked Insurance Plan (ULIP) offered by Tata AIA Life Insurance. It provides life insurance protection for your entire life, up to 100 years old.

   Key Features of the Plan:

   • Pay premiums once or for a limited period for lifetime coverage.
   • Receive regular loyalty additions to boost savings.
   • Choose from 21 fund options for enhanced investment opportunities.
   • Customize your plan with a range of riders.
   • Enjoy tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.

4. Max Life Flexi Wealth Advantage Plan

   Max Life Flexi Wealth Advantage Plan is a Unit Linked Insurance Plan (ULIP) offered by Max Life Insurance. It provides coverage for your entire lifetime and allows your wealth to grow till you turn 100.

   Key Features of the Plan:

   • Refund of ULIP charges adds back to your fund value.
   • Guaranteed loyalty additions enhance fund value from the 8th year.
   • Auto Debit Booster provides additional benefits after 5 policy years.
   • Choose from 2 plan variants (Wealth/Whole Life) with flexible premium and policy terms, and 5 investment strategies.
   • Enjoy whole life coverage with wealth accumulation till age 100, along with tax benefits.

5. HDFC Click2Wealth Plan

   HDFC Click2Wealth is a Unit Linked Insurance Plan (ULIP) plan offered by HDFC Life. This investment option offers market-linked returns, whole life cover, and flexibility with fund options.

   Key Features of the Plan:

   • Fund Management charge for fund management and Mortality charge for life cover.
   • Return of Mortality Charges (ROMC) on maturity; Mortality charges cover only the Proposer's life with Premium Waiver option.
   • Invest Plus Option combines insurance and investment benefits.
   • Premium Waiver Option safeguards dependents' milestones.
   • Choose from 13 funds with free switches and Systematic Transfer plan for Rupee Cost Averaging

6. ICICI Pru Signature Plan

   ICICI Pru Signature Plan is a Unit Linked Insurance Plan (ULIP) that offers life coverage, potential wealth accumulation through market investments, and benefits like wealth boosters and tax savings. It provides flexibility with investment options and allows policyholders to stay covered till age 99.

   Key Features of the Plan:

   • Premium fully invested in funds, with no deductions. Mortality and policy administration charges returned at maturity.
   • Earn Wealth Boosters regularly by maintaining investment.
   • Policy benefits available until age 99 with the Whole Life option.
   • Choose from 4 portfolio strategies and diverse funds (equity, balanced, debt). Enjoy unlimited free switches and systematic withdrawals.
   • Tax-free maturity amount under Section 10(10D) and tax rebate on premiums paid under Section 80C.

7. Tata AIA Fortune Guarantee Pension Plan

   Tata AIA Fortune Guarantee Pension Plan offers guaranteed income after retirement with flexible annuity options and death benefit protection. You can pay premiums in various ways and get tax breaks.

   Key Features of the Plan:

   • Immediate and Deferred annuity options available.
   • Receive income based on needs: Monthly, Quarterly, Half Yearly, or Annual.
   • Option to include spouse for Joint Life Coverage.
   • Increase income by topping up premiums.
   • Ability to obtain a loan against the policy.

8. ICICI Pru Guaranteed Pension Plan

   The ICICI Pru Guaranteed Pension Plan is a single-premium annuity plan designed to provide you with a guaranteed, lifelong income stream. It offers flexibility in choosing the frequency of annuity payouts, along with a variety of annuity options to cater to individual financial requirements.

   Key Features of the Plan:

   • Pay once (Purchase Price) for guaranteed lifelong annuity income.
   • Choose when to start annuity payments: immediate or deferred (1 to 10 years).
   • Flexible payment intervals: monthly, quarterly, half-yearly, or yearly.
   • Options for single or joint life coverage.
   • Select from 11 annuity options tailored to financial needs, with features like early return of purchase price and top-up options.

9. LIC New Jeevan Shanti Plan

   LIC's New Jeevan Shanti is a single premium deferred annuity plan offering guaranteed monthly income for life after a chosen deferment period. This investment plan can be purchased online or offline with no medical exam required.

   Key Features of the Plan:

   • Single Premium Deferred Annuity plan with two customizable annuity options.
   • Choose between Single Life or Joint Life annuity plans.
   • Flexible payment frequencies: yearly, half-yearly, quarterly, or monthly.
   • Options for death benefit payout: lump-sum, annuitization, or installments.
   • Enjoy tax-free maturity benefits under Sec 10(10D) and tax rebates on premiums paid under Sec 80C.

10. Max Life Guaranteed Lifetime Income Plan

    Max Life Guaranteed Lifetime Income Plan is an annuity plan that lets you convert your savings into a guaranteed monthly income for life, with options to start payouts immediately or defer them for higher rates.

    Key Features of the Plan:

    • Guaranteed lifelong income with options for single or joint life annuity.
    • Deferred annuity allows early planning with higher annuity rates and secure payments.
    • Flexibility in choosing premium payment terms and deferment periods.
    • Minimum return of Premium on death ensures financial security for nominees.
    • Choose payout frequency: yearly, half-yearly, quarterly, or monthly based on your needs.

11. HDFC Life Systematic Retirement Plan

    HDFC Life Systematic Retirement Plan is a deferred annuity plan that lets you build a retirement corpus with flexible premiums and defer annuity payouts to receive guaranteed income for life.

    Key Features of the Plan:

    • Choose a deferment period for annuity payouts.
    • Guaranteed lifelong income with limited premium payments.
    • Receive annuity payments monthly, quarterly, half-yearly, or yearly.
    • Option for Return of Total Premiums Paid on death.
    • Systematic premium payments for a limited term.

12. Tata AIA Saral Pension

    Tata AIA Saral Pension is a retirement plan offering a guaranteed lifetime income with a one-time investment and no medical tests required. You can choose a single or joint life annuity with 100% return of purchase price if you pass away.

    Key Features of the Plan:

    • Guaranteed* lifetime annuity post-retirement for Single Life or Joint Life (with spouse).
    • Annuity rate guaranteed* for life based on plan choice, entry age, and purchase price.
    • Single Premium option for one-time investment, no need for multiple payments.
    • Tax benefits under Section 80C and 10(10D).
    • Plan issuance without medical tests, ensuring easy enrollment.

13. Canara HSBC iSelect GFP- LTI with ROP

    Canara HSBC iSelect GFP- LTI with ROP is a guaranteed income plan that provides life insurance coverage (death benefit) along with a regular income (guaranteed pension) and a Return of Premium (ROP) option. It offers financial protection for your family and a steady income stream after retirement.

    Key Features of the Plan:

    • Provides life insurance for family financial security.
    • Guaranteed Maturity Benefit supports planned milestones.
    • Enhanced by Guaranteed Additions in the final five policy years.
    • Optional benefits include Payor Premium Protection and Accidental Death Benefit.
    • Flexible terms for Premium Payment and Policy Term cater to varying life stages. Tax benefits are applicable as per laws.

14. Max Life SWP- Long Term Income Plan

    Max Life SWP (Smart Wealth Plan) Long Term Income Plan is a life insurance policy that provides guaranteed income for a chosen period after the policy term ends, along with a death benefit for your loved ones.

    Key Features of the Plan:

    • Three options available: 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.
    • Flexible income and life cover periods up to ages 100, 85, 75, 70, 65, or 60 years.
    • Additional protection with optional riders and Policy Continuance Benefit (PCB).
    • Eligible for tax benefits under Section 80C and 10(10D).

15. ICICI Pru GIFT Pro- Increasing Income with ROP

    ICICI Pru GIFT Pro- Increasing Income lets you build a customizable savings plan with guaranteed income that grows annually to fight inflation, along with life insurance coverage and optional money back benefits.

    Key Features of the Plan:

    • Flexible options for duration and type of Guaranteed Income.
    • Customize MoneyBack Benefit percentage and payout timing.
    • Enhance Guaranteed Income with Low Cover Income Booster.
    • Choose income payout date with Save the Date option;
    • Potential tax benefits apply under Section 80C and 10(10D).

Basis of Selection of the Top 15 Pension Plans in India

Below are the basis of selection of the top pension plans in India:

• New Business Premium (NBP) Annual Incomes: Pension plans are often ranked by the amount of new business premium collected, which reflects the popularity and financial strength of the plans among new investors.
• Life Expectancy Consideration: Plans are evaluated based on their ability to provide sufficient income over a long post-retirement lifespan.
• Coverage for Medical Emergencies: Plans that provide for or integrate healthcare coverage are favored.
• Monthly Expense Management: Ability to ensure regular payouts and help retirees manage day-to-day expenses in retirement.
• Flexibility: Plans with options for premium payment, payout mode (lump sum or regular), and other features are given priority.
• Returns and Security: The type of returns (guaranteed or market-linked), risk profile, and protection from market volatility are crucial factors.
• Inflation Adjustment: Preference is given to plans that are likely to keep pace with inflation.
• Key Features and Benefits: Such as death benefit, tax efficiency, partial withdrawals, and pension payout options

Wrapping It Up

Selecting the right retirement plan plays an important role in shaping your post-retirement life. The top 15 pension plans listed here are designed to meet different income levels and retirement goals. Whether you're just starting out or nearing retirement, timely investment in a trusted plan can make a significant difference. Smart retirement planning today ensures peace of mind and financial independence in your golden years.