10 best pension plans in 2017-2018

With the changing times, the meaning of “Retirement” has also changed. In fact, it would be more apt to say that the meaning has evolved in all these years. At one point in time, the term was associated with Storyteller Grandpas. With the passage of time, the increasing health awareness encouraged the senior citizens to remain physically active and they started forming groups and enjoying morning walks and light exercises. This is the third phase of evolution when we can see the senior citizens living a dynamic lifestyle- traveling across the world, learning new skills, investing their time and efforts for social activities and fulfilling their creative pursuits. Yes, today the senior citizens in India demand an elevated lifestyle and that requires significant funds and a regular income flow. However, with the introduction of a number of pension plan products in India, it has become much easier to start building a financial corpus for your golden age while your hair is still black. But with increasing options, you may find it difficult to choose the ideal plan for you. So, we have picked up several plans based on multiple factors including flexibility, returns, and extra rewards. Based on the same here are the 10 best pension plans in 2017-2018

LIC Jeevan Akshay Plan

LIC is the most reputed names when it comes to e life insurance and other saving plans. Its LIC Jeevan Akshay Plan is a wholesome pension plan that offers the investors a wider choice menu of 6 different annuity plans to choose the one that suits their budget, objectives and required financial milestones. The minimum age to start this policy is 30 years while the maximum age should not be more than 85 years.

  • As opposed to various other plans the policyholders do not need to go through a medical examination to start the policy
  • Multiple payout periods for the pension allows a policyholder to choose the best period aligning with their needs – monthly, quarterly, semi-annually or annually payouts
  • You would need an age proof to start the policy.

HDFC Life Click 2 Retire Plan

HDFC Life Click 2 Retired Plan is a strategic plan that allows the policyholder to enjoy the premium benefits offered by the positive markets with the help of strategic quality investments. Besides, it provides a wider array of payment terms to facilitate the investment even for policyholders with a moderate budget.

  • You can choose from a total of four different terms- 8, 10 or 15 years
  • The policy term is 10 to 35 years
  • The minimum age of entry is 18 years while the maximum age is 65 years
  • This pension plan comes with a minimum maturity age of 45 years and the maximum age is 75 years
  • In the case of policyholder’s demise, the nominee will get either 105% of the premium amount paid till date or the fund value on that date- whichever is higher

SBI Life Retire Smart plan

If you want to enjoy significantly high rewards while being cushioned against the risks of a volatile market then SBI Life Retire Smart plan is the best pension plan for you. It promises you the threefold benefit of securely, reliability and flexibility. The fund creates a decent corpus for meeting your post-retirement requirements and allows you to continue enjoying a good lifestyle without any financial dependency. Assured benefits further gear up your corpus.

  • You are free to decide whether you want to pay regular premium or would rather go for limited period payment
  • At the vesting you will get a Lump sum corpus to take care of your post-retirement years
  • The scheme also offers you the assured benefits that can go up to 210% of the annual premiums upon meeting the specified conditions
  • Besides, you will be offered a comfortable array of premium options to choose the one that aligns best with your requirements and budget
  • The policyholders are also free to extend their vesting age to meet the fluctuating requirements
  • If you go for the policy term of 35 years then you can also be able to avail the tax benefits

HDFC Life – Assured Pension Plan

HDFC Life-Assured plan is a ULIP Pension Plan that offers the twin benefits of market associated returns along with the loyalty additions that can help in building a healthier and thriving portfolio so that the policyholder should live a dignified retired life while enjoying a decent lifestyle.

  • The calculation of loyalty benefits starts from the 1st year and is payable every alternate year and is continued until the policy ends
  • The minimum age for starting the policy is 18 and the maximum age is 45 years
  • The policyholders enjoy the multiple options of single or limited payments as per their financial convenience
  • Tax benefit under sections 80C and section 10 (10D0 f Income-tax Act 1961 makes the policy more appealing

Reliance – Smart Pension Plan

If you want to enjoy a regular stream of income during different stages of your post-retirement period then the Reliance Smart pension plan is the apt solution for you. It allows you to streamline the income generation plan to get multiple payouts on a periodical basis.

  • A policyholder should be at least 18 years old to enter the scheme
  • The maximum age limit is 70 years
  • Ideal vesting age should be between 45 and 80 years
  • The policyholder is able to get the tax benefits under section 80C of the IT act 1961.

Max Life Guaranteed Lifetime Income Plan

Max Life Guarantee lifetime Income Plan assures a regular annual income to the policyholder and is especially recommendable for the senior citizens without any support for their old age. The plan will not only take care of their post-retirement period but also promises a healthy, automated finance management.

  • The minimum age to enter the plan is 50 years while the maximum age for entry is 80 years
  • The policyholder can choose any of the four available annuity periods
  • The plan offers greater financial freedoms to the policyholder by allowing them to ensure monthly payouts by making a single time premium amount

Bajaj Allianz Retire Rich Pension Plan

The Bajaj Allianz Retire Rich Pension Plan aims at inviting the investors with modest budget to enjoy the premium pension amount without paying expensive premiums or observing strict obligations. There are multiple flexibility offered to the investors.

  • To start with, they can select the desired option from four different annuity terms. The minimum instalment is just Rs.1000 that is quite affordable
  • Besides the customer can also customize the premium plans as per there convenience by paying a top-up premiums.
  • The minimum age required to enter this policy is 37 years while the axiom age is 80 years
  • Minimum amount to start the policy is 25000

Birla Sun life Empower Pension

The Birla Sun Life Empower Pension Plan is a tax saving pension plan that would suit the conventional investors who are looking for the pension plans that offer the ideal security to their investment. It is specifically designed to empower the clients for enjoying maximum freedom of choice.

  • Investors are offered a wide list of plans to choose the best option that meets their risk appetite and financial strategy
  • The premium amount can also be chosen to align with their budget
  • The tax benefits are available with this plan under the sections 80 C of Income tax act

LIC Jeevan Nidhi Plan

LIC Jeevan Nidhi is a client-friendly pension plan by the reputed brand of idea- LIC. It offers a decent payout and the payout inflow is also managed to offer the maximum benefits during different situations/stages of life.

  • Accidental demise or disability benefits are payable to the clients that take care of the unpredicted life situation
  • Besides, in order to share some load of the client, the company adds Rs. 50 per thousand of the total sum assured for a tenure of initial 5 years of starting the policy
  • You can exercise a greater by selecting whether you want to enjoy the deferred annuity or get an immediate annuity on the maturity
  • The policy lasts for a period of 5-35 years.

Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan is the ideal plan or the investors who want to brace their family in case of unfortunate events while at the same time enjoying a decent post-retirement amount to enjoy financial independence.

  • During the case of unfortunate event, the policyholder’s family will get multiple benefits to take the best care of their financial needs
  • The plan guarantees decent returns in the form of maturity benefit that is fixed at the rate of 101% on every premium amount during the policy
  • The eligibility age criteria for entering the policy are minimum 30 years and maximum 65 years
  • The applicants can choose from any of the 2 options Pension Maximiser and Pension Preserver. Vesting age is 50-75 years
  • The policy offers you a tax benefit under Income-tax Act (section 80 CC).

Conclusion

Retirement is the golden period of life when people can live their dream life as they are free from many responsibilities. So, it is very important to plan you retired life very well while you are still earning. There are a number of pension plan providers in India that help you to start building a financial corpus for taking the best care of your retired lifestyle. However, you need to consider your budget, future plans and desired lifestyle before choosing an ideal plan.

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