Here is the list of top ten Pension Plans in India currently:
1. LIC Jeevan Nidhi Plan:
The LIC Jeevan Nidhi plan is a with benefits annuity plan. The collected measure of LIC Jeevan Nidhi plan is utilized to produce annuity for the policyholder dependent on his or her survival past the strategy term.
Highlights and advantages:
- Premiums paid are absolved under Section 80CCC of the Income Tax Act
- For the initial five years, the policyholder will get ensured increments @ Rs.50/ – per thousand Sum Assured for each finished year
- The approach will take an interest in the benefits of the enterprise from the 6th year onwards
- Least essential Sum Assured is Rs 1 lakh under normal premium and Rs 1.50 lakhs under single premium approaches
- No most extreme point of confinement for essential Sum Assured
- Arrangement term ranges from 5 – 35 years
- Least vesting age of 55 years and limit of 65 years
2. SBI Life Saral Pension plan:
The SBI Life Saral Pension plan is an individual, partaking, non-connected, conventional benefits plan, which offers the policyholder insurance from market change and unpredictability.
Highlights and advantages:
- Ensured rewards for the initial 5 years
- The policyholder is guaranteed of vesting rewards on development of the arrangement
- High credit residency extending from 10 – 40 years
- Least premium installment of Rs 7,500 for every annum with no greatest farthest point
- Least section age is 18 years and greatest is 65 years
- Least development age of 40 years and limit of 70 years
- Least Sum Assured of Rs 1 lakh with no most extreme farthest point
3. LIC Jeevan Akshay 6 Plan:
The LIC Jeevan Akshay 6 policy plan is a prompt annuity plan, which can be purchased by paying a singular amount sum as a solitary premium. The benefits begins following purchasing the arrangement.
Highlights and advantages:
- Premium paid in singular amount
- Benefits can be gotten either month to month, quarterly, half yearly or yearly
- No medicinal examination required to benefit of this policy
- Least price tag of Rs 1 lakh for disconnected conveyance channels and Rs 1.50 lakhs for online appropriation channels
- No most extreme points of confinement for price tag, annuity and so on
- Least passage age is 30 years and most extreme is 85 years
- Age verification is obligatory
- Premium paid is excluded from duty
4. HDFC Life – Assured Pension Plan:
The HDFC Life – Assured Pension Plan is a Unit Linked Plan that offers advertise connected comes back with unwaveringness increases to the policyholder to meet retirement objectives.
Highlights and advantages:
- Ensured vesting benefits just as extra gains from the market
- Steadfastness increments each substitute year from the eleventh year onwards
- Least passage age of 18 years and low development age of 45 years
- Constrained and single pay choices
- Passing advantages to the chosen one will be higher of the store estimation of the arrangement or 105% of premiums paid till at that point
- Tax cuts under Section 80C and Section 10(10D) of Income Tax Act 1961
5. HDFC Life – Click2Retire:
The HDFC Life – Click 2 Retire policy is an online Unit Linked Plan that offers the policyholder showcase connected comes back with negligible charges, which helps in gathering post-retirement necessities.
Highlights and advantages:
- Ensured vesting benefits just as extra gains from the market
- Least section age of 18 years and limit of 65 years
- Low development age of 45 years and limit of 75 years
- Demise advantages to the chosen one will be higher of the store estimation of the approach or 105% of premiums paid till at that point
- Tax reductions under Section 80C and Section 10(10A) of Income Tax Act 1961
6. ICICI Pru – Easy Retirement:
This policy enables the policyholder to get standard pay once his or her pay stops post retirement by putting resources into value. ICICI Pru Easy Retirement creates great long haul returns and offers security against market unpredictability.
Highlights and advantages:
- Least premium of Rs 48,000 for every annum with no most extreme breaking point
- Month to month, half yearly and yearly installment recurrence modes
- Least passage age of 18 years and limit of 70 years
- Least vesting age of 45 years and limit of 80 years
- The arrangement term ranges from 10 – 30 years
- Tax breaks on premiums and advantages
7. Bajaj Allianz – Pension Guarantee:
The Bajaj Allianz Pension Guarantee plan guarantees the policyholder of an ensured, ordinary pay post retirement for the span of his or her lifetime, with a scope of prompt annuities to browse.
Highlights and advantages:
- Six annuity choices to browse
- Least passage age of 37 years and greatest age of 80 years
- Least price tag of Rs 25,000 with no greatest point of confinement
- Least annuity portion of Rs 1,000
- Alternative to stretch out annuity to the life partner
8. Max Life Guaranteed Lifetime Income Plan:
The Max Life Guaranteed Lifetime Income Plan is a non-connected conventional annuity plan that ensures the policyholder a customary stream of pay after his or her retirement.
Highlights and advantages:
- Choice to get deep rooted installments for whatever length of time that you and your life partner are alive
- Price tag of the arrangement is come back to the candidate after death of the policyholder
- Annuity can be gotten on a month to month, quarterly, half-yearly or yearly premise
- Four annuity alternatives to look over
- Alternative to pick an onetime single amount add up to pay to buy the approach
9. Reliance – Smart Pension:
The Reliance Smart Pension Plan is a non-partaking Unit Linked Plan that enables the policyholder to spare in a precise way so as to develop a single amount to produce standard pay after retirement.
Highlights and advantages:
- The arrangement term ranges from 10 – 30 years
- Twofold advantage of value support in addition to capital assurance
- Get ensured steadfastness increases
- Least vesting age of 45 years and limit of 75 years
- Pay tax breaks under Section 80C and segment 10(10A) of Income Tax Act 1961
10. Birla Sun Life Empower Pension:
The Birla Sun Life Empower Pension plan is a unit connected, non-taking an interest benefits plan intended to upgrade the policyholder’s investment funds post retirement.
Highlights and advantages:
- Approach term ranges from 5 – 30 years
- Least section age of 25 years and greatest age of 70 years
- Alternative to pick your strategy premium sum
- Alternative to pick vesting date to have amassing time of 5 – 30 years
- Pick chance profile dependent on hazard craving
