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Best Pension Plan in India – 10 Best Retirement Pension Plans in India 2025 for Senior Citizens
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Planning for retirement is essential to ensure a financially secure and stress-free life after your working years. A good pension plan provides a steady income, financial independence, and peace of mind. Here’s a list of the 10 best retirement pension plans in India for senior citizens in 2025 to help you choose the right one.
What are Retirement Pension Plans?
We often come across government servants in India who talk about the pension they are getting and how helpful it is for them. A pension is a certain amount of money that is offered to people so that they can carry on with their life without being financially dependent on anyone. What about those who do not receive a pension? Well, they can put their money into pension plans in India and reap the benefits later. At present, you will be able to come across some of the best pension schemes in India, which can offer the needful financial support at a later stage of your life.
Here we are discussing a few retirement schemes and the best pension plan in India which make for a good savings sense.
Best Pension Plans in India 2025 – 10 Top Retirement Plans for Senior Citizens
| Pension Plan | Key Features | Who Can Apply? |
| Atal Pension Yojana (APY) | - Govt-backed pension scheme. - Pensions: ₹1,000 - ₹5,000 per month. - Low investment, high security. |
- Age: 18-40 years. - Contribution till 60 years. |
| LIC Jeevan Akshay VII | - Immediate annuity with lifelong pension. - Multiple annuity options. - Single pre |
- Age: 30-85 years. - No medical check required. |
| LIC New Jeevan Shanti | - Deferred annuity plan. - Single & joint-life options. - Guaranteed pension after deferment. |
- Age: 30-79 years. |
| National Pension System (NPS) | - Market-linked returns. - Tax benefits under 80C & 10(10D). - Partial withdrawal allowed. |
- Age: 18-70 years. - Managed by PFRDA. |
| SBI Life Saral Pension Plan | - Traditional annuity plan. - Guaranteed bonuses for 5 years. - Steady pension income. |
- Age: 18-65 years. |
| HDFC Life Click 2 Retire | - Market-linked plan with high returns. - Flexible retirement age. - Tax-free maturity benefits. |
- Age: 18-65 years. |
| ICICI Pru Easy Retirement Plan | - ULIP-based pension plan. - Wealth growth + regular income. - Customizable payout options. |
- Age: 35-70 years. |
| Bajaj Allianz Pension Guarantee Plan | - Lifetime annuity. - Single or joint-life annuity. - Multiple payout options. |
- Age: 37-80 years. |
| Max Life Guaranteed Lifetime Income Plan | - Lifetime pension with joint-life option. - Single premium payment. - Death benefit for nominee. |
- Age: 40-80 years. |
| Tata AIA Life Smart Annuity Plan | - Flexible annuity options. - Single and joint-life annuity. - Guaranteed pension for life. |
- Age: 45-85 years. |
10 Best Pension Plans in India 2025 for Senior Citizens
1. Atal Pension Yojana (APY)
- Government-backed pension scheme for unorganized sector workers.
- Fixed monthly pension of ₹1,000 to ₹5,000 after 60 years.
- Low-risk and tax benefits available.
2. LIC Jeevan Akshay VII
- Immediate annuity plan where pension starts right after a lump sum investment.
- Offers lifetime income with multiple annuity options.
- Ideal for individuals needing instant pension post-retirement.
3. LIC New Jeevan Shanti
- Deferred annuity plan, meaning pension starts after a chosen period.
- Options for single or joint-life annuity ensuring spouse protection.
- Provides guaranteed returns after the deferment period.
4. National Pension System (NPS)
- Market-linked pension plan managed by PFRDA.
- Investors can withdraw up to 60% corpus tax-free at retirement.
- Higher returns compared to traditional pension plans.
5. SBI Life Saral Pension Plan
- Traditional pension plan offering guaranteed annuity payouts.
- Includes bonuses for the first five years for better pension benefits.
- Ideal for those preferring low-risk, stable returns.
6. HDFC Life Click 2 Retire
- ULIP-based retirement plan providing market-linked growth.
- Investors can start as early as 18 years and withdraw at 45-75 years.
- Best for individuals seeking flexibility and wealth creation.
7. ICICI Pru Easy Retirement Plan
- Unit-linked pension plan combining investment growth with retirement security.
- Allows systematic contributions and regular payouts post-retirement.
- Option for partial withdrawals for financial emergencies.
8. Bajaj Allianz Pension Guarantee Plan
- Guaranteed pension plan with fixed annuity payouts for life.
- Available in single-life or joint-life options.
- Protects retirees from market fluctuations.
9. Max Life Guaranteed Lifetime Income Plan
- Single premium annuity plan providing lifetime income.
- Offers options for self or spouse, ensuring post-retirement financial stability.
- Includes death benefits for nominees.
10. Tata AIA Life Smart Annuity Plan
- Flexible pension plan with single or joint annuity options.
- Provides guaranteed lifetime income and secure financial support.
- Customizable payout options based on financial needs.
FAQs on Best 10 Pension Plans in India 2025
Any pension plan that gives the highest return is the best. In India, there are several such pension plans that you can opt for. Some of the top pension plans are Aditya Birla Sunlife Empower Pension Plan, Aegon Life Guaranteed Income Advantage Plan, Bajaj Life Long Goal Pension Scheme, HDFC Click 2 Retire, ICICI Pru Easy Retirement Plan, etc.
If you are looking for pension plans in India that give the highest return, then there are many. Some of those plans are Reliance – Smart Pension Plan, LIC Jeevan Akshay 6 Pension Plan, Jeevan Nidhi Pension Plan of the LIC, Bajaj Allianz – Pension Guarantee, SBI Life Saral Pension Plan, HDFC Life – Click to Retire, HDFC Life – Assured Pension Plan, Birla Sun Life Empower Pension, and many more.
You can certainly buy more than one pension plan as long as you can pay the premiums on time. However, if you want to receive tax relief, there is a limit on the total amount that you contribute across all the plans.
As you try to opt for a pension plan, you will come across many types of them. A few of the types of pension plans are Deferred Annuity, immediate Annuity, Guaranteed Period Annuity, National pension Scheme, Pension Funds, Annuity Certain, etc.
Although it totally depends upon your monthly expenses but investing in pension plans will always be beneficial for you. And if you think one plan is not meeting your requirements, you can invest in more than one pension plan.
Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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Health emergencies don’t come with a calendar invite. Whether you're planning for your own future or looking out for your parents, choosing the right health insurance plan can make all the difference. That’s where a deeper look at the fine print helps. When you compare Star Health’s Red Carpet Plan vs Care Health Enhance Plan, what you’re really doing is choosing the kind of financial backup you want in your corner.
The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
Speak to an Advisor The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
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