Best Pension Plan in India – 10 Best Retirement Pension Plans in India 2024 for Senior Citizens

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8 min read

Updated on Dec 29, 2023

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.

10 Best Pension Plans in India from Popular Insurance Companies

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 2024

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
What are the types of pension plans in India?

Best Retirement Plans 2024 for Senior Citizens in India

1. LIC New Jeevan Shanti Plan

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

  • You would be required to make a one-time investment to avail of a source of income that is long-term
  • Under this plan, the policyholders will be able to avail of add-on cover for people who are dependent on them and have some kind of disability
  • Discounts on Annuity rates are offered
  • Policyholders can choose from the Annuity modes such as annually, half-yearly, quarterly, and monthly.

2. HDFC Life Click 2 Retire 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

  • The plan comes with a death benefit that is higher than the value or by 105% of the premiums that are paid
  • The plan comes with vesting benefits and premium allocation charges cannot be imposed
  • Under section 80CCC of the Income Tax Act, 1961, the policyholders will be able to avail of tax benefits.

3. ICICI Pru Easy Retirement 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

  • The plan offers multiple payment frequency modes like monthly, bi-annual, and annual. You will be able to pay the premium monthly, half-yearly, or annually
  • The death benefit is equal to 105% of the total premiums that are paid
  • With the help of this best pension plan, the taxable income of the policyholders can be reduced.

4. SBI Life Saral Retirement Saver

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

  • You can build a corpus with a simple reversionary bonus that you can add throughout the tenure of the policy
  • You will be able to avail of life cover with SBI Life-Preferred Term Rider
  • The maturity and even the death benefits can be availed of by the policyholders
  • Under section 80CCC of the Income Tax Act, 1961, tax benefits can be availed of by the policyholders.

Read More: How To Apply Online for Atal Pension Yojana On SBI?

5. Max Life Guaranteed Lifetime Income Plan

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

  • The plan offers a pension till the time you and your spouse are alive
  • If the policyholder passes away, the nominee is provided with the entire purchase price of the plan
  • You will be able to receive a pension either monthly, quarterly, half-yearly, or annually
  • Six Annuity options come with this plan.

6. Bajaj Allianz LongLife Goal

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

  • With this plan, you can get guaranteed loyalty additions
  • Policyholders get income till the age of 99 years
  • Policyholders also get a periodical return of Life Cover charges
  • Under Section 80C and 10 (10D), the policyholder will be able to avail of tax benefits.

7. Kotak Premier Pension Plan

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

  • This plan comes with accrued bonuses and guaranteed additions
  • You will be able to choose from several options for premium payment modes
  • The assured benefit is calculated since 105% of total premiums that are paid on vesting or death
  • On accidental death or disability, additional protection is provided.

8. Reliance Nippon Life – Smart 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

  • The pension plan is unit-linked and promises Guaranteed Additions as well
  • You can pay the premiums regularly, for a limited term, or at once
  • The premiums you pay are further invested into the Pension Smart Fund 1
  • You can choose from the three options to receive an annuity, such as a Life annuity, a Life annuity that comes with a Return of Purchase, or a Life annuity that is guaranteed for 5,10, or 15 years. After that, it is payable for life.
  • You can surrender the policy after the completion of five years from the day of commencement of the policy.

9. Tata AIA Life Insurance Guaranteed Monthly Income 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

  • You would be able to plan your monthly income for 10,16, or 24 years
  • As per the current tax regulations, you will be able to avail of tax benefits
  • You can avail of a loan against the policy.

10. Aditya Birla Sun Life Empower Pension 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

  • In this plan, you will get a self-managed option. This enables you to choose your preferred fund option as per your risk appetite
  • You can choose the vesting date
  • You can choose the basic premium amount
  • Under Section 80C, and Section 10(10D) of the Income Tax Act, 1961, you will be able to avail of tax benefits.

Also Read:

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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FAQs: Best 10 Pension Plans in India 2024

Which is the best pension plan in India?

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.

Which pension plans in India give the highest return?

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.

Can I buy more than one pension plan?

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.

What are the various types of pension 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.

Will investing in pension plans be enough for my post-retirement period?

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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May 25, 2022
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