The Pension Plan, also known as a Retirement Plan is the best investment instrument allowing individuals to build a huge corpus towards their financial security. It helps the investors to achieve their goals and fulfil family aspirations even after they retire. While investing small amounts of money little by little now, one can create huge wealth for their post-retirement period.
Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
Top insurance companies are offering the best pension plans in India today, like LIC pension schemes and HDFC pension plans. To simplify the selection making for you here is a list of the top 15 pension plans in India in 2023.
Let us learn the Top Pension Plans in India that will give you the best annuity plan options for holistic planning of your post-retirement life.
LIC New Jeevan Shanti Plan
LIC Jeevan Akshay 7 Plan
SBI Life Saral Retirement Saver
HDFC Life Click2Retire
HDFC Life Assured Pension Plan
ICICI Pru Easy Retirement
Bajaj Allianz Life LongLife Goal
Bajaj Allianz Life Pension Guarantee Plan
Max Life Guaranteed Lifetime Income Plan
Aditya Birla SunLife Empower Pension Plan
Tata AIA Life Insurance Guaranteed Monthly Income Plan
Kotak Premier Pension Plan
Reliance Nippon Smart Pension Plan
IndiaFirst Life Guaranteed Annuity Plan
Canara HSBC Life Pension4Life
| Company Name | Plan Name | Type of Plan | Entry Age | Maturity Age | Policy Term | Tax Exemption Benefits |
| LIC | LIC New Jeevan Shanti Plan | Non-linked, Non-Participating, Deferred Annuity Plan | 30-79 years of age | 31-80 years of age | NA | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| LIC | LIC Jeevan Akshay 7 Plan | Non-Linked, Non-Participating, Immediate Annuity Plan | 30-85 years of age (except for 100 years in Option F) | NA | NA | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| SBI Life | SBI Saral Retirement Saver | Traditional Savings Plan | 18-65 years of age | 40-70 years of age | Regular Premium: 10-40 years Single Premium: 5-40 years |
Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| HDFC Life | HDFC Click 2 Retire | ULIP | 18-65 years of age | 45-75 years of age | 10-35 years | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| HDFC Life | HDFC Assured Pension Plan | ULIP | 18-65 years of age | 45-75 years of age | 10-35 years | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| ICICI Pru | ICICI Pru Easy Retirement SP Plan | ULIP | 35-80 years of age | 45-90 years of age | 10, 15, 20, 25, 30 years | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Bajaj Allianz Life | Bajaj Allianz Life LongLife Goal Pension Plan | Unit-Linked Non-Parti cipating Whole Life Insurance Plan | 18-65 years of age | 99 years of age | 99 years– Entry age | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Bajaj Allianz Life | Bajaj Allianz Life Guaranteed Pension Goal Plan | Non-Linked, Non-Participating,Deferred and Immediate Annuity Plan | Immediate Annuity: 30-85 years of age. Deferred Annuity: 45-84 years of age. |
NA | NA | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Max Life | Max Life Guaranteed Lifetime Income Plan | Non-Linked, Non- Participating, Immediate/ Deferred Annuity | Immediate Annuity: 0-80 years of age. Deferred Annuity: 30-80 years of age. |
31-90 years of age. | Single Life: Till the death of the Annuitant. Joint Life: Till the death of last survivor. |
Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Aditya Birla Sun Life | Aditya Birla Sun Life Empower Pension Plan | ULIP | 25-70 years of age | Maximum 80 years of age | NA | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Tata AIA Life | Tata AIA Life Guaranteed Monthly Income Plan | Non-Linked, Non- Participating, Traditional Plan | 6-60 years of age | 68 years of age | 5,8,12 years | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Kotak Life | Kotak Life Premier Pension Plan | Participating, Traditional Pension Plan | 30-60 years of age | 45-70 years of age | 10-30 years | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Reliance Nippon Life | Reliance Nippon Life Smart Pension Plan | Unit-Linked, Non-Participating, Individual Pension Plan. | 18-65 years of age | 45-75 years of age | Single Pay: 10 years. Limited/ Regular Pay: 15-30 years. |
Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| IndiaFirst Life | IndiaFirst Life Guaranteed Annuity Plan | Deferred Annuity Plan | 40-80 years of age | NA | NA | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
| Canara HSBC Life | Canara HSBC Life Pension4Life | Non-Linked, Non-Participating, Annuity Plan | 30-80 years of age | NA | NA | Tax exemption benefit under Section 80C &10(10D) of the IT Act, 1961. |
*Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
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.
This is the best pension plan offered by LIC, which is the most trusted insurance company in India. This annuity plan is a non-linked, non-participatory, single premium, and deferred annuity option plan available in the market right now.
Minimum Purchase Price: Min. Rs. 1.5 lakhs to Up to No Limits.
Fixed annuity rates are allowed from the inception of the policy.
Offers Deferred annuity for both Single Life and Joint life.
Multiple annuity options are available.
Gives increasing death benefit during the deferment period.
Death Benefits at a rate of 105% of the Policy Purchasing Price.
This is a traditional Non-Linked, Non-Participating and Immediate Annuity Plan offered by LIC. It allows you guaranteed returns on your investments and build an enormous amount of fund for your retirement life.
Fixed annuity rates are allowed from the inception of the policy.
10 annuity options are available with this plan and they cannot be changed once chosen.
The policyholder can choose multiple modes of annuity payment methods.
Minimum Purchase Price: Rs. 1 lakh to up to No Limits.
SBI’s Saral Retirement Saver is one of the best pension plan in India allowing you to build a retirement corpus for continuous income flow during your retirement period. It also gives assured protection to your family in case of any mishappening.
The individual is guaranteed simple reversionary bonuses throughout their policy term.
Offers additional life cover rider for your family.
Premium Payment Term: Regular and Single premiums.
Basic Sum Assured: Rs. 1 lakh to up to No Limits.
HDFC Life is most trusted in the insurance market for its best retirement plans. Its highly bought Click 2 Retire annuity plan is a market-linked ULIP investment plan that gives full life coverage to the policyholder. It also helps in meeting the post-retirement requirements of the customer and their family.
It gives the policyholder the feature of an Assured Vesting Benefit.
There are NO Premium Allocation, Policy Administration, and Exit Charges (only applicable Fund Management and Investment Guarantee Charges are charged).
Simple and easy online application process.
Premium Payment Term: Single pay and Limited Pay (8/10/15 years).
Premium Payment Frequency can be altered any time after buying the policy.
The Assured Pension Plan is one of the pension plans in India offering market-linked best ULIP plans for post-retirement planning. It offers its customers more rider benefits in case of any mishappening that will help keep their future secured after retirement.
Gives the policyholder the dual benefit of Assured Vesting Benefit and gaining from the market rise.
From the 11th policy year, Loyalty additions as Pension Multipliers are given on top of the fund value if all premiums are paid.
Premium Payment Term: Single Pay and Limited Pay (8/10/15 years).
Riders: Accidental Death Benefit, Accidental Total Disability, and Terminal Illness (on Cancer Diagnosis).
This is an annuity plan that allows you to build a large corpus according to your risk appetite. You can reap the benefit of regular pension amounts after retirement with the payment of a Single Premium.
Premium Payment Term: Single Premium.
Assured Vesting Benefit is also available.
You can also Top Up the sum assured of your policy with any amount.
Avail of multiple annuity options per your need.
You can change your vesting date any number of times.
The customer is also given Pension Boosters from the 10th policy year onwards and in every 5th policy year thereon.
This best pension plan in India offered by Bajaj Allianz Life provides you with the opportunity to achieve your retirement goals by opting for a secured income for your retired life.
Premium Payment Term: 10-25 years.
Premium Payment Frequency: Yearly/ Half-yearly/ Quarterly/ Monthly.
Gives you whole life cover until the age of 99 years along with Return Enhancer.
All the life cover charges are periodically returned.
Gives you loyalty additions from the 5th policy year onwards up to the 25th policy year.
Offers you 4 investment portfolio strategies and 10 fund choices.
You can also choose to reduce your premium during your policy.
Bajaj Allianz offers another pension scheme in India in the form of Pension Guarantee Plan. This is among the best retirement plans with guaranteed funds incoming throughout your life since the day of your policy inception.
It provides you with multiple annuity options depending on your lifestyle and goals.
You also get the choice to postpone your Annuity.
Your family also gets covered in case of your demise with 50% or 100% annuity benefits. This is available if you opt for Joint Life Annuity.
Return of Purchase Price (ROP) as Survival Benefit or Death Benefit is also available.
This annuity plan offers you a guaranteed income as long as you live or as long as the last survivor lives in the case of a Joint Life variant.
You are offered the options of Single Life Annuity or Joint Life Annuity.
Premium Payment Term: Single Pay.
Deferred Annuity option gives you the opportunity to get high annuity rates now with a risk-free life-long plan.
You are also provided with a guaranteed Return on Purchase Price (ROP) in case of your death.
You also get the annuity payout options as Yearly/ Half yearly/ Quarterly/ Monthly.
Aditya Birla Sun Life Insurance also offers the non-participating and unit-liked best retirement plans to its customers. This pension plan helps the policyholders to create a huge sum for their post-retirement needs.
Premium Payment Term: Regular Pay.
Premium Payment Frequency: Yearly/ Half-yearly/ Quarterly/ Monthly.
You can choose the basic premium amounts you wish to pay up to the vesting date.
You are given special Guaranteed Benefits on the 6th, 11th, and 16th policy year and regular benefits thereafter on every policy anniversary.
You can monitor the investments you made easily anytime from anywhere.
Tata AIA Life’s best pension plan is a non-participating, non-linked annuity plan with the Guaranteed Monthly Income assurance benefit. This plan fully supports your future post-retirement needs in the face of any difficult situations.
You are offered the option to choose the monthly income for 10/ 16/ 24 years.
The pension plan offers you a life cover to protect your family against any unforeseen situations.
You are also provided with options of Riders for enhanced protection.
You are offered with monthly income increment benefit with Large Premium Boost.
This best retirement plan from Kotak Life Insurance ensures its customers gain a regular income and lifelong benefits for their post-retirement life.
Premium Payment Term: Single Pay/ Regular Pay/ Limited Pay.
Premium Payment Mode: Annually/ Semi-annually/ Quarterly/ Monthly.
You are provided with Guaranteed Additions between 1-5 policy years.
You also get accrued bonuses starting from the 6th policy year.
You are also offered two riders that help you increase your levels of protection.
Reliance Nippon also offers an attractive pension plan in India in the form of its Smart Pension Plan. This annuity plan allows the policyholders to choose among a variety of options to add to their plan and earn lifelong benefits from the time they retire.
This pension plan offers you both equity-linked investments and a capital guarantee.
You get to improve the retirement corpus using Loyalty additions.
You can also increase your corpus by using Top-up additions whenever you have extra money to invest.
You can also postpone your retirement age whenever you want.
This Deferred Annuity plan offers its customers multiple annuity options. This single premium pension plan allows them to meet their requirements post-retirement and achieve lifelong goals.
The customer is offered 12 annuity options to choose from as per their need.
Joint Life of Family Income option is also available.
To extra protect your family you can avail of the facility of Return of Purchase Price (ROP) with the Annuity options like Life, Joint Life Last Survivor, Deferred Life, and Escalating Life Annuity.
You are also offered an option of Annuity Certain to receive the annuity payments for a fixed period as decided prior even after your demise.
Canara HSBC Life is offering this best retirement plan, Pension4Life, with multiple annuity options available for its customers. It also allows the coverage of the dependents of the policyholder until they are alive.
The plan offers 7 types of annuity options to the customers.
You can avail of the feature to get regular income till the Secondary Annuitant (spouse/ child/ parent/ sibling/ parent-in-law) is alive.
You get the option to choose between Immediate and Deferred Annuity.
You can secure the investment for your family in case of your death with the Return of Purchase Price (ROP) option.
The above-discussed best pension schemes in India were shortlisted from among a huge list of best annuity plans offered by insurance companies.
The basis of selection of the top pension plans was decided on the basis of the New Business Premium (NBP) Annual Incomes earned by these companies.
Let us have a look at the Top Companies and the New Premiums they have generated annually as per the reports submitted to the Insurance and Regulatory Development Authority of India (IRDAI).
| S. No. | Name of the Top Companies | New Business Premium (NBP) Annual Incomes (Rupees in Crores) |
| 1. | LIC | 1,76,001.77 crores |
| 2. | SBI | 21,510.30 crores |
| 3. | HDFC | 18,448.66 crores |
| 4. | ICICI | 11,287.33 crores |
| 5. | Bajaj Allianz | 7,440.95 crores |
| 6. | Max Life | 5,639.55 crores |
| 7. | Aditya Birla Sunlife | 5,243.41 crores |
| 8. | Tata AIA | 5,112.52 crores |
| 9. | Kotak Mahindra Life | 4,704.93 crores |
| 10. | Canara HSBC Life | 2,773.59 crores |
| 11. | Star Union Daichi Life | 2,339.22 crores |
| 12. | PNB Met Life | 2,118.04 crores |
| 13. | India First | 1,971.17 crores |
Data Up to 31st December 2022.
There exists no unique pension plan that is perfect for everyone. Every plan holding its own benefits must be selected with a proper analysis of the needs of the investor and their family.
Before deciding on the pension plan for you, the experts advise the investors to check the market conditions, their risk tolerance, financial obligations, and the benefits they offer for their comfortable retirement life.
*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
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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