Pension plans are one of the most sought-after investment options that have gained huge popularity over the period. Pension plans help the individuals to secure their retirement days financially by saving a considerable amount regularly. With the help of pension plans, an individual can mitigate those unexpected expenses arising out of an emergency after retirement. Be it a health emergency or to sponsor an international trip, a best pension plan always comes as a boon to retirees. Also, it keeps the flow of income intact even after your retirement.
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
Having said that below are the best pension plans in India you can consider parking your money and securing your rainy days. Here you go:
Here's a list of the best pension plans in India you might want to go through:
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply
Pension Plans in India |
Entry Age |
Policy Term |
Tax Benefit |
Annuity Payable |
Aditya Birla Sun life Empower Pension Plan |
25-70 years |
5-30 years |
Offers tax benefit U/S 80C IT Act |
Minimum-Rs.12,000 annuallyMaximum- No upper limit |
Bajaj Allianz Pension Plan Guarantee |
37-80 years |
N/A |
Offers tax benefit U/S 80C &10(10D) of IT Act |
Minimum-Rs.12,000 annuallyMaximum- No upper limit |
Bajaj Allianz Retire Rich Pension Plan |
30 years- 73 years |
7 years – 30 years |
Offers tax benefit U/S 80C of IT Act |
N/A |
HDFC Life Click 2 Retire |
18-65 years |
10,15-35 years |
Offers tax benefit U/S 80C of IT Act |
N/A |
HDFC Life Assured Pension Plan |
18-45 years |
N/A |
Offers tax benefit U/S 80C IT Act |
N/A |
ICICI Pru Easy Retirement |
18-70 years |
10-30 years |
Offers tax benefit U/S 80C &10(10D) of IT Act |
N/A |
LIC Jeevan Akshay 6 Pension Plan |
30 - 85 years |
N/A |
Offers tax Benefit U/S 80C of IT Act |
It depends on the purchase price and entry age. |
LIC Jeevan Nidhi Pension Plan |
--- |
5-35 years |
Offers tax benefit U/S 80C of IT Act. |
Regular premium payment- Rs. 1 LakhsSingle-Premium- 1.5 lakhs |
Max Life Forever Young Pension Plan |
30 years-65 years |
20 years |
Offers tax benefit U/S 80C of IT Act |
N/A |
Max Life Guaranteed Lifetime Income Pension Plan |
Immediate Annuity- 0-80 yearsDeferred Annuity- 45- 80 years |
N/A |
Offers tax benefit U/S 80C IT Act |
N/A |
Reliance Immediate Annuity Pension Plan |
20 years- 80 years |
N/A |
Offers tax benefit U/S 80C of IT Act |
N/A |
Reliance Smart Pension Plan |
18-65 years |
Single premium-10-30 yearsRegular & limited premium-15-30 years |
Offers tax benefit U/S 80C & 10(10D) of IT Act |
N/A |
SBI Life Saral Pension Plan |
18-65 years |
Regular Premium-10-40 yearsSingle Premium-5-30 years |
Offers tax benefit U/S 80C of IT Act |
Rs.1 lakhNo upper limit |
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply
Helpful Resource: Types of Annuity |
This is a unit-linked non-participating pension plan, which helps the policyholder to do savings so that they can create a financial corpus for post-retirement. As it is a unit-linked insurance policy, a part of the premium is invested towards market securities like equity and debt to create high returns on investment. The following are benefits offered by the policy and some of the salient features of the policy.
Benefits of Aditya Birla Sun Life Empower Pension Plan
Features of Aditya Birla Sun Life Empower Pension Plan
This one of the top pension plans assures guaranteed regular income to you after your retirement. The plan also offers a range of immediate annuity to you as well. As a unit linked pension plan, it comes with single premium payment option. The immediate annuity plan options offered under the policy are:
Benefits of Bajaj Allianz Pension Guarantee
Features of Bajaj Allianz Pension Guarantee Plan
This is a unit-linked pension plan that helps the policyholder to invest and secure their life post-retirement life goals. As one of the best pension plans, Bajaj Allianz Retire Rich Pension Plan helps an individual to create a financial cushion and high return on investments by investing in market-linked securities.
Benefits of Bajaj Allianz Retire Rich Pension Plan
Features of Bajaj Allianz Retire Rich Pension Plan
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. This plan helps to plan for early retirement and the insurance holder can gain regular income for the rest of the life through pension scheme.
Benefits of HDFC Life Click 2 Retire
Features of HDFC Life Click 2 Retire
This Unit Linked Pension plan provides market-linked returns along with loyalty add-ons so that you can easily meet with your retirement goals. The plan helps the insured to accumulate fund in a long-term so that they can have a financially secured life after retirement.
Benefits of HDFC Life- Assured Pension Plan
Features of HDFC Life - Assured Pension Plan
This is the best pension plan in the equity category which enables you to get a 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 of ICICI Pru Easy Retirement Plan
Features of ICICI Pru Easy Retirement Plan
As one of the best pension plan in India, this is an immediate annuity retirement plan that you can buy by paying a single premium of lump-sum amount. This LIC Pension Plan for Retirement is the best pension plan for the investor who needs immediate annuity. You can start availing the benefits of this plan immediately after purchasing the plan. The plan offers annuity payment in different frequencies like monthly, quarterly, half-yearly and annually.
Benefits of LIC Jeevan Akshay 6 Plan
Features of LIC Jeevan Akshay 6 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. It is a deferred annuity pension plan which offers guaranteed profit to the policyholder and helps to secure the financial future after retirement.
Benefits of LIC Jeevan Nidhi Plan
Features of LIC Jeevan Nidhi Plan
This is a unit-linked non-participating pension plan, which helps the policyholder to accumulate funds for the retirement years while protecting themselves from the ups and downs of the equity market. The policy also offers additional annuity plan benefit to provide financial security to the family of the insured against any type of unforeseen event. The plan helps the insured to create large financial corpus so that they can achieve their retirement goals and live a stress-free life after retirement. Let’s take a look at the features of the policy.
Benefits of Max Life Forever Young Pension Plan
Features of Max Life Forever Young Pension Plan
As one of the best pension plan in India, this plan is a traditional non-linked annuity plan that ensures to provide you a regular income post your retirement. The plan is considered as one of the best pension plans in India and a lucrative option of investment.
Benefits of Max Life Guaranteed Lifetime Income Plan
Features of Max Life Guaranteed Income Plan
If you are looking for the best pension plan in India to gain immediate annuity, then you can consider investing in this plan. This is a non-participating non-linked immediate annuity plan, which helps to convert accumulated corpus into a regular income for life.
Benefits of Reliance Immediate Annuity Plan
Features of Reliance Immediate Annuity Plan
As one of the best pension plan in India, 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 of Reliance Smart Pension Plan
Features of Reliance Smart 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 the first five years.
Benefits of SBI Life Saral Pension Plan
Features of SBI Life Saral Pension 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.
You may also like to read: National Pension Scheme (NPS) |