If you are planning a secure retirement then investing in a good pension plan is important. A comprehensive pension plan with guaranteed maturity benefits, on-zero returns on all premiums and tax benefits is a crucial investment.
Many insurance companies provide various pension plans such as deferred annuity, immediate annuity, with cover and without cover plans, life annuity, pension funds and national pension schemes.However, it is advisable that you compare all the pension plans available in the market before investing in one.Some of the best pension plans of 2015 are:
1. Max Life Forever Young Pension Plan
This plan by Max Life Insurance helps you build a large retirement corpus and offers a guaranteed maturity benefit of 101% on all premiums paid. The entry age for this plan is 30-65 years and vesting age is 50-75 years.
It also offers additional benefits to safeguard your family against any unforeseen eventualities.
Max Life Forever Young Pension Plan also offer two investment options to choose from – Pension Maximiser and Pension Preserver.
It also has guaranteed loyalty additions that are payable only if the life insured is alive and all due premiums have been paid.
2. Bajaj Allianz Pension Guarantee Pension Plan
This plan offered by Bajaj Allianz offers immediate annuity options to the insured such as life annuity, life annuity on return of purchase price and annuity certain for period of 5 years, 10 years, 15 years, 20 years and life thereafter.
It also offers a joint life last survivor with 50% to the spouse, joint life last survivor with return of purchase on death of last survivor (i.e. 100% annuity to spouse) and joint life last survivor with 100% annuity to spouse.
The minimum entry age for this plan is 37 years and maximum age is 80 years.
3. Bajaj Allianz Retire Rich Pension Plan
This plan offered by Bajaj Allianz is a unit-linked deferred pension plan that offers guaranteed vesting benefit and death benefit.
The minimum entry age for this plan is 30 years and maximum age is 73 years. The minimum age at vesting should be 37 years and maximum 80 years. This plan is for a minimum policy term of 7 years and can go up to 30 years.
4. Max Life Guaranteed Lifetime Income Plan
This is a non-linked traditional annuity plan that offers guaranteed income after retirement. The entry age for this plan is 50-80 years.
The annuity payment modes are annual, semi-annual, quarterly and monthly modes. There are single and joint life variant for annuity term in this plan.
5. HDFC Life Click 2 Retire Plan
This is a unit linked plan with minimal charges that offers market linked returns and helps to achieve your retirement goals.
The policyholder can choose either a single pay or premium paying term of 8, 10 or 15 years with policy term of 10 to 35 years. The minimum entry age for this plan is 18 years and maximum is 65 years.
The minimum vesting age is 45 years and maximum is 75 years. There are no additional riders in this plan but investment fund options include pension equity plus fund, pension income fund and pension conservative fund. Also, partial withdrawal is not allowed in this plan and there is a free look period of 30 days.
6. HDFC Life Personal Pension Plus Plan
This plan is ideal for individuals who seek to plan for their retirement, and want to get secure and stable returns on their invested corpus for post-retirement income.
There is a flexibility to choose your investment horizon from 10-40 years, and assured benefit equal to 101% of all regular premiums paid on death or at vesting.
This personal pension plan can be taken only on a single life basis and there is flexibility to choose the premium payment frequency, i.e., quarterly, half-yearly and annually. The entry age for this policy is 18-65 years and vesting age is 55-75 years.
7. HDFC Pension Super Plus Plan
This is a unit linked plan that offers assured maturity value, and your premium is invested in a pension fund.
The entry age for this plan is 35-65 years and vesting age is 55-75 years. The premium payment tenure ranges from 10 to 20 years.
8. Reliance Smart Pension Plan
This is a non-participating unit linked plan that allows the policyholder to save systematically and get a regular income after retirement.
The entry age for this plan is 18-65 years and maturity age is 45-75 years. Policy tenure ranges from 10-30 years and premium payment tenure is 10-30 years.
9. LIC JeevanAkshay VI
This is a highly customizable annuity plan and offers six annuity options to choose from. It is a single premium plan ideal for professionals and offers annuity on yearly, half-yearly, quarterly and monthly basis.
Also, rebate is available on this plan if the purchase price is Rs 2.50 lakh or more. The minimum entry age is 30 years and maximum allowed age is 85 years.
10. ICICI PRU Immediate Annuity Plan
This plan ensures guaranteed income along with annuity options to suit your needs.
It is a single premium policy with five different payout options and has four payment modes – yearly, half-yearly, quarterly and monthly.
Also, annuity is payable till the annuitant is alive and after the policyholder’s death, the spouse will receive annuity till he/she is alive.
The minimum entry age is 45 years and maximum is 80 years. The minimum age for spouse to enter is 20 years.
You get a platform for comparing the innumerable options available in the market and then select a plan that would serve your purpose.
Curated from 10 Best Pension Plans in 2016