An investment choice that helps in directing savings toward building a corpus over a predetermined period of time is a pension or retirement plan. You must routinely invest during your years of employment if you want to benefit after retirement.
List of Best Pension Plans in India:
LIC New Jeevan Shanti Plan
A non-participatory, non-linked, single premium payment plan with the benefit of deferred annuity options is the LIC New Jeevan Shanti Insurance Plan. This policy is available to you both offline and online. Joint life annuity and single life annuity are the two payout choices available under this plan.
Important Details of the Plan:
You can get a steady source of income by making a one-time investment.
In accordance with the plan, policyholders can purchase additional coverage for dependents who have disabilities.
An Annuity rate discount is provided by the plan.
Four Annuity modes are available to policyholders: monthly, quarterly, half-yearly, and annual.
HDFC LifeCLick 2 Retire Plan
A unit-linked online insurance policy that helps with post-retirement needs and provides market-based returns is the HDFC Life Click 2 Retire insurance plan.
Important Details of the Plan:
The death benefit offered by the plan is equal to the greater of the fund value or 105% of the premiums paid.
The plan provides benefits that vest, and no premium allocation fees can be imposed.
Section 80CCC of the Income Tax Act of 1961 allows policyholders to take advantage of tax advantages.
SBI Life Saral Retirement Saver
This individual, non-linked, participating pension product is based on savings. Policyholders who use SBI Life Saral Retirement Saver can build an income retirement.
Important Details of the Plan:
Simple reversionary bonuses that are added frequently over the course of the policy term might be used to create a corpus.
SBI Life's Preferred Term Rider is available for Life Cover.
Policyholders are eligible for both maturity and death benefits.
Section 80CCC of the Income Tax Act of 1961 allows policyholders to take advantage of tax advantages.
ICICI Pru Easy Retirement Saver
This individual, non-linked, participating pension product is based on savings. Policyholders who use SBI Life Saral Retirement Saver can build an income retirement.
Important Details of the Plan:
Simple reversionary bonuses that are added frequently over the course of the policy term might be used to create a corpus.
SBI Life's Preferred Term Rider is available for Life Cover.
Policyholders are eligible for both maturity and death benefits.
Section 80CCC of the Income Tax Act of 1961 allows policyholders to take advantage of tax benefits.
Max life Guaranteed Lifetime Income Plan
A basic pension plan that helps policyholders in saving money for a regular retirement is the Max Life Guaranteed Life Income Plan.
Important Details of the Plan:
As long as you and your spouse are alive, the plan continues to provide a pension.
The plan pays the nominee the entire purchase price in the event of the insured's death.
Pension payments might be made monthly, quarterly, semi-annually, or annually.
The plan provides six different Annuity options.
Bajaj Allianz LongLife Goal
Unit-linked, whole life insurance from Bajaj Allianz LongLife Goal enables you to save savings and create revenue up to age 99.
Important Details of the Plan:
The plan guarantees guaranteed loyalty increases.
Up until age 99, policyholders are guaranteed an income stream.
Periodic charges for the return of Life Cover are also advantageous to policyholders.
Policyholders can take advantage of Section 80C and Section 10 tax benefits (10D).
