8 min read
Updated on Apr 19, 2023
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.
Also Read: What is a Retirement plan and Why Is it So Important?
Below are the best pension plans in India with the Plan Type, Age Criteria, Policy Term, Premium Paying Term – Single, Limited, Regular, and Annual Premium Amount one can choose in 2022-23.
|Company Name||Pension Plans||Plan Type||Minimum Age||Maturity Age||Policy Term||PPT||Annual Premium Amount||Sum Assured|
|Life Insurance Corporation of India (LIC)||LIC New Jeevan Shanti Plan||Non-linked, Deferred Annuity||30-79 years||31-80 years||NA||Single||INR 12,000||–|
|HDFC General Insurance||HDFC Life Click 2 Retire Plan||Market-linked||18-65 years||45-75 years||10-35 years||Single, Limited, Regular||INR 24,000 for Regular and Limited Pay Options||–|
|ICICI Prudential Life Insurance||ICICI Pru Easy Retirement Plan||Market-linked||18-70 years||30-80 years||10-30 years||Limited, Regular||INR 48,000||N/A|
|SBI Life||SBI Life Saral Retirement Saver||Traditional Savings||18-65 years||40-70 years||40 years maximum||Single, Regular||INR 7,500||Minimum INR 1 lakh, no maximum limit|
|Max Life Insurance||Max Life Guaranteed Lifetime Income Plan||Immediate/Deferred Annuity||Deferred Annuity: 45-80 years/Immediate Annuity: 0-80 years||46-90 years||NA||Single||INR 20,000 for 12 years, INR 75,000 for 6 years||INR 6,67,853|
|Bajaj Allianz General Insurance||Bajaj Allianz LongLife Goal||Market-linked||18-65 years||99 years||99 years except for the entry age||10-25 years||INR 12,000||10 times the annualized premium|
|Kotak Life Insurance||Kotak Premier Pension Plan||Traditional Savings||30-60 years||45-70 years||10-30 years||Single, Limited, Regular||Depends on the premium payment tenure and age, term, and coverage||Minimum INR 2 lakh, no limit for maximum|
|Reliance Nippon Life Insurance||Reliance Nippon Life – Smart Pension Plan||Market-linked||20-80 years||45-75 years||10-30 years||Regular, Limited, Single||INR 50,000||Depends on which premium mode you are choosing|
|Tata AIA Life Insurance||Tata AIA Life Insurance Guaranteed Monthly Income Plan||Traditional, Non-linked||6-60 years||65-68 years||5,8,12 years||5,8,12 years||No limit||11 times the annualized premium|
|Aditya Birla Sun Life Insurance||Aditya Birla Sun Life Empower Pension Plan||Market-linked||25-70 years||80 years||5-30 years||Regular||INR 18,000||N/A|
Also Read: Best LIC Policy and Saving Schemes for Senior Citizen
It is a non-participatory, non-linked, and one of the best pension plans in India with a single premium payment. The plan provides the benefit of returns through Deferred Annuity options. You can avail yourself of the benefits of the plan with both online as well as offline modes. Under this particular plan, the Deferred Annuity payout modes are divided into two options – Single Life Annuity and Joint Life Annuity.
Salient Features of LIC New Jeevan Shanti Plan
It is basically a unit-linked online plan that comes with market-based returns. The policyholder will also get proper assistance on post-retirement requirements.
Salient Features of HDFC Life Click 2 Retire Plan
This plan provides a regular source of income to the policyholder through investment opportunities that are available in stocks.
Salient Features of ICICI Pru Easy Retirement Plan
It is an individual, participating, and non-linked pension plan offered by SBI. With the help of this plan, policyholders can make a corpus for their retirement.
Salient Features of SBI Life Saral Retirement Saver
Read More: How To Apply Online for Atal Pension Yojana On SBI?
It is a traditional pension plan that provides required assistance to the policyholders for creating a corpus so that they can get a regular income after their retirement.
Salient Features of Max Life Guaranteed Lifetime Income Plan
It is a unit-linked, Whole Life Cover that will guide you to build a corpus and keep earning income until you turn 99 years old.
Salient Features of Bajaj Allianz LongLife Goal
This is a traditional plan that comes with a pension option. This plan is available online and is apt for people who want to secure their financial future after their retirement.
Salient Features of Kotak Premier Pension Plan
It is a unit-linked, non-participating plan. The plan assures guaranteed returns as well as regular income. This ultimately helps in meeting retirement goals.
Salient features of Reliance Nippon Life – Smart Pension Plan
This guaranteed monthly income plan is non-linked and non-participating. This individual life insurance policy is ideal for people who want to save for their retirement period. This plan offers financial security with regular income.
Salient features of Tata AIA Life Insurance Guaranteed Monthly Income Plan
Also called ABSLI Empower Pension Plan, it is a non-participating and unit-linked pension plan. By opting for this plan, policyholders can build their post-retirement financial corpus.
Salient features of Aditya Birla Sun Life Empower Pension Plan
Also Read: A Beginner’s Guide to Retirement Pension Plans in India | Benefits of Early Retirement Planning in India
These are some of the best pension plans in India for 2022 that you can also choose from. You can take a look at their features and check which one suits your needs. Apart from these few, there are several other pension plans in India that you can choose from. And information about all of them can be found online. All that you need to do is to choose the one that is apt for you.
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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.
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