Best Pension Plans in 2015-16

Best Pension Plans

Retirement or pension plans provide you with financial security so that when your income stops post- retirement, you can still continue to maintain your lifestyle. There are various insurance companies offering best pension plans in India. They are as follows:

Bajaj Allianz Pension Plans :

1. Pension Guarantee Pension Plan

This retirement plan offers the following immediate annuity options to the policyholder:

  • Life Annuity
  • Life annuity with Return of Purchase Price
  • Annuity Certain for period 5 years, 10 years, 15 years , 20 years and life thereafter
  • Joint Life Last Survivor with 50% of annuity to spouse
  • Joint Life Last Survivor with Return of Purchase Price on death of Last Survivor (100% of annuity to spouse)
  • Joint Life Last Survivor with 100% of annuity to spouse

Some of the features of the plan are-

Parameters Details
Minimum Entry Age 37 years
Maximum Entry Age 80 years
Minimum Purchase Price Rs 25,000
Maximum Purchase Price No Limit
Minimum Annuity Instalment Rs 1,000

 

2. Retire Rich Pension Plan

It is a unit-linked deferred pension plan that offers guaranteed vesting benefit and death benefit. Some of the features of the plan are-

Parameters

Details

Minimum Entry Age

30 years

Maximum Entry Age

73 years

Minimum Age at Vesting

37 years

Maximum Age at Vesting

80 years

Minimum Policy Term

7 years

Maximum Policy Term

7 years to 30 years

Minimum Premium Payment Tenure

5 years

Birla Sun Life Pension Plans :

Empower Pension Plan

It is a unit-linked and non-participating pension plan that helps you focus on your future goals, therefore keeping you free from financial worries.

Parameters

Details

Entry Age

25-70 years

Accumulation Period

5-30 years

Premium Paying Tenure

Regular Pay

Max Life Insurance Plans :

1. Max Life Forever Young Pension Plan

It helps you to build a large retirement corpus and at the same time, guarantees to safeguard your savings from market volatility. It offers the following benefits:

  • Guaranteed maturity benefit of 101% of all premiums paid
  • Option to choose the vesting age
  • Guaranteed loyalty additions added to the fund

Below are the plan details:

Parameters

Details

Entry Age

30-65 years

Vesting Age

50-75 years

 

2. Max Life Guaranteed Lifetime Income Plan

It is a non-linked traditional annuity plan that offers  guaranteed income after retirement. Some of the key features of the policy are mentioned below:

Parameters

Details

Entry Age

50-80 years

Annuity Payment Modes

Annual, Semi Annual, Quarterly & Monthly Modes

Annuity Term

Single life variant and Joint life variant

HDFC Pension Plans :

1. Click 2 Retire

It is an online retirement ULIP that offers market linked returns, with minimum charges and helps you enjoy a care free retirement. Below are the plan details:

Parameters

Details

Entry Age

18-65 years

Vesting Age

45-75 years

Premium Payment Tenure

10-35years

2. Personal Pension Plus

It is a traditional participating pension plan that offers assured benefits on death or at vesting. It gives you an opportunity to participate in the profits of the participating fund of the company by way of reversionary bonus and terminal bonus. Some of the features of this plan are:

Parameters

Details

Entry Age

18-65 years

Vesting Age

55-75 years

Premium Payment Tenure

10-40 years

3. Pension Super Plus

It is a unit linked insurance plan that offers assured maturity value. In this plan, your premium is invested in a pension fund. At the end of the policy tenure, you will get whichever is higher among the two options mentioned below:

  • Fund Value
  • Assured benefit of 101% of all premiums including top-up premiums paid till date

Below are the plan details:

Parameters

Details

Entry Age

35-65 years

Vesting Age

55-75 years

Premium Payment Tenure

10-20 years

Reliance Pension Plans :

1. Smart Pension Plan

It is a non-participating unit linked plan that allows you to save systematically and get a regular income post retirement. Below are the features of the plan:

Parameters

Details

Entry Age

18-65 years

Policy Tenure

10-30 years

Maturity Age

45-75 years

Premium Payment Tenure

10-30 years

2. Reliance Immediate Pension Plan

It is a non-linked and non-participating single premium annuity plan. Based on the opted annuity option and payout frequency, the insurer pays regular annuity income. Below are the plan details:

Parameters

Details

Entry Age

20-80 years

Minimum Purchase Price

Rs 1 lakh

Minimum Annuity Instalment

Rs 1,000

Annuity Payout Modes

Monthly, Quarterly, Half-Yearly and Annually

It is a non-linked participating pension plan that offers guaranteed additions of 5% per annum of premium for first five policy years. Below are the features of the plan:

Parameters

Details

Entry Age

18-65 years

Maturity Age

45-75 years

Premium Payment Frequency

Single, Annual, Semi-annual, Quarterly and Monthly

Minimum Sum Assured

Rs 1,25,000 or Rs 2,00,000

Maximum Sum Assured

No Limit

These are some of the popular plans that you can select from as per your requirement. It would be a good idea to do some amount of research at your end so that you are aware of both the advantages and the disadvantages of particular plans available in the market.

Curated from Best Pension Plans in 2015-16

You may also like...