Top 10 Pension Plans in India That Provide a Lifelong Income




sRetirement planning is an essential component of financial management. Individuals nearing their professional career conclusion must ensure a consistent cash flow throughout their retirement years. Pension systems efficiently answer this demand by providing financial security and stability. Several insurance firms in India provide pension plans with appealing features and advantages. In this article, we will look at India’s top 10 pension plans and their essential characteristics and benefits.

HDFC Life Click 2 Retire

– Entry Age: 18 years to 65 years

– Maturity Age: 45 years to 75 years

– Policy Term: 10 years to 35 years

HDFC Life Click 2 Retire is a comprehensive pension plan offering policyholders various benefits. With a flexible policy term and multiple annuity options, this plan allows individuals to customise their retirement income. The plan also provides tax benefits under Section 80C and Section 10(10A) of the Income Tax Act.

Max Life Guaranteed Lifetime Income Plan

– Entry Age: Immediate Annuity: 0 years to 80 years; Deferred Annuity: 30 years to 80 years

– Maturity Age: 31 years to 90 years

The Max Life Guaranteed Lifetime Income Plan is designed to provide a regular income stream during retirement. It offers two annuity options: immediate and deferred. The plan provides the flexibility to choose the annuity mode, frequency, and payment options. Additionally, policyholders can avail tax benefits on the premiums paid under Section 80CCC of the Income Tax Act.

SBI Life Saral Retirement Saver

– Entry Age: 18 years to 65 years

– Maturity Age: 40 years to 70 years

– Policy Term: 5 years to 40 years

SBI Life Saral Retirement Saver is a non-linked, participating pension plan that provides individuals with a regular income after retirement. It offers the flexibility to choose the premium payment term and the vesting age. The plan also offers additional bonuses, enhancing the overall benefits for policyholders.

LIC New Jeevan Shanti Plan

– Entry Age: 30 years to 79 years

– Maturity Age: 31 years to 80 years

The LIC New Jeevan Shanti Plan is a single-premium, non-linked, non-participating pension plan that provides guaranteed returns and a regular income. It offers various annuity options, including immediate and deferred annuities, ensuring policyholders can choose the most suitable payout option. The plan also provides a death benefit, making it an attractive choice for individuals seeking comprehensive coverage.

Bajaj Allianz Life LongLife Goal

– Entry Age: 18 years to 65 years

– Maturity Age: 99 years

– Policy Term: 10 years to 25 years

Bajaj Allianz Life LongLife Goal is a unit-linked pension plan offering capital appreciation and insurance protection. It permits users to invest in various funds, allowing them to customise their investment strategy. Under Sections 80C and 10(10D) of the Income Tax Act, the programme also offers tax discounts on premium payments.

IndiaFirst Life Guaranteed Annuity Plan

– Entry Age: 40 years to 80 years

The IndiaFirst Life Guaranteed Annuity Plan is an unlinked, non-participating plan that offers regular annuities. It allows policyholders to select from various annuity options, ensuring a steady retirement income. The plan’s inclusion of a mortality benefit increases its appeal.

ABSLI Empower Pension Plan

– Entry Age: 25 years to 70 years

– Maturity Age: 80 years

– Policy Term: 5 years to 30 years

ABSLI Empower Pension Plan is a non-participating unit-linked pension plan that provides investment growth and insurance coverage. It allows users to choose various investment alternatives, matching their investments to their risk tolerance. The plan also has a loyalty enhancement feature that boosts policyholders’ total returns.

Kotak Premier Pension Plan

– Entry Age: 30 years to 60 years

– Maturity Age: 45 years to 70 years

– Policy Term: 10 years to 30 years

The Kotak Premier Pension Plan is a non-participating, unit-linked pension plan designed to offer people long-term asset growth and consistent income throughout retirement. The plan lets you choose the premium payment period, frequency, and investing approach. It also provides tax breaks on premiums paid under Sections 80CCC and 10(10A) of the Income Tax Act.

Tata AIA Life Insurance Guaranteed Monthly Income Plan

– Entry Age: 6 years to 60 years

– Maturity Age: 65 years to 68 years

– Policy Term: 5 years, 8 years, 12 years

The Tata AIA Life Insurance Guaranteed Monthly Income Plan, a non-linked, non-participating pension plan, was created to provide individuals with a stable income source. This plan guarantees a monthly income for retirees, allowing them to plan better and manage their finances. Under Sections 10(10D) and 80C of the Income Tax Act, payments to the plan are also tax-exempt and deductible.

LIC Jeevan Akshay – VII Plan

– Entry Age: 30 years to 100 years

The LIC Jeevan Akshay VII Plan is an immediate annuity plan that offers a range of annuity options to choose from. It provides individuals a steady income stream for the rest of their lives. The plan also provides a death benefit, ensuring financial security for the nominee. Moreover, policyholders can avail tax benefits on the premiums paid under Section 80CCC of the Income Tax Act.

Conclusion

In conclusion, planning for retirement is crucial in India, and pension plans play a significant role in ensuring a secure future. The top 10 pension plans in India mentioned above offer various features and benefits to cater to individuals’ diverse needs. It is essential to carefully evaluate these plans based on entry age, maturity age, policy term, annuity options, investment opportunities, and tax benefits before deciding. Individuals can enjoy a financially stable and comfortable retirement by choosing the right pension plan.




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