Investment Plans 415 views April 16, 2021

Pension helps individuals secure their retirement days by providing them a flow of regular income. Under a pension plan, you will get life cover, annuity payouts, loyalty additions, etc. And some insurers also offer rider options through which you can customize your pension plans according to your need. In this post, we have shown the best pension plans in India for you. So go through it and select the best pension plan for yourself.

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Top Pension Plans

The following are the pension plans that provide you amazing benefits like life cover and regular income during your retirement period. Know more about them below –

HDFC Life Assured Pension Plan

Secure your retirement years with an assured vesting benefit of the HDFC Life Assured Pension Plan. Under this pension plan, the entry age is as low as 18 years, and the minimum age for vesting/maturity is 45 years. And in case of your unfortunate death, your nominee will receive the policy fund value or 105% of total premiums, whichever is higher. The annuity is based upon the up and down of the market. Also, loyalty additions in the form of Pension Multipliers will be added to your fund value from the 11th policy year.

Aditya Birla Sun life Empower Pension Plan

This is a unit-linked pension plan that offers assured vesting benefit, and you will receive the greater of –

  1. Guaranteed Vesting Benefit (which is net of partial withdrawals since the policy inception)
  2. Policy Fund Value

Note – The Guaranteed Vesting Benefit varies based on the vesting date and risk profile. And once it is assigned to your policy at inception, it will remain constant. There is also a self-managed option for you, wherein you will receive the Policy Fund Value on the vesting date.

In the event of your unfortunate death, the insurance company will pay a Guaranteed Death Benefit or the Policy Fund Value to the nominee, whichever is higher as on the date of intimation of death.

Also, you can surrender your pension plan anytime, provided your policy is in force.

Bajaj Allianz Life Guaranteed Pension Goal

Bajaj Allianz provides guaranteed regular income to you throughout the life as per your choice and need. Also, there is an option for you to receive your invested amount back as Return of Purchase Price. The purchase price is a single premium or the sum of all regular/limited premiums plus, top-up premiums, if any. And there is also the flexibility to include your spouse in this annuity plan. If you purchase Bajaj Allianz Life Guaranteed Pension Goal and add your spouse, in the event of your death, your spouse will receive 50% or 100% annuity.

ICICI Pru Easy Retirement Plan

Build your retirement corpus with ICICI Pru Easy Retirement Plan as per your risk appetite. This is a unit-linked pension plan that provides you annuity payout based on the market downturns. Here, you can choose from the available annuity options –

  1. Life Annuity
  2. Life Annuity with Return of Purchase Price
  3. Life Annuity guaranteed for 5, 10 or 15 years & life thereafter
  4. Joint Life, Last Survivor without Return of Purchase Price
  5. Joint Life, Last Survivor with Return of Purchase Price
  6. Life Annuity with Return of 50% Purchase Price
  7. Life Annuity with Return of 75% Purchase Price
  8. Life Annuity with Return of Balance Purchase Price
  9. Life Annuity with an annual increase of 5%
  10. Joint Life, Last Survivor with Return of Purchase Price in Parts
  11. Life Annuity with Return of Purchase Price on Critical Illness, Permanent Disability due to Accident or Death

And with the Pension Booster benefit, you can enhance your payout.

LIC’s Jeevan Akshay – VII

LIC’s Jeevan Akshay – VII is an immediate annuity plan that offers you 10 annuity options –

  1. Immediate annuity for life
  2. Immediate annuity with guaranteed period of 5 years and life cover thereafter
  3. Immediate annuity with guaranteed period of 10 years and life cover thereafter
  4. Immediate annuity with guaranteed period of 15 years and life cover thereafter
  5. Immediate annuity with guaranteed period of 20 years and life cover thereafter
  6. Immediate annuity for life with return of Purchase Price
  7. Immediate annuity for life increasing at a simple rate of 3% per annum
  8. Joint life immediate annuity for life with a provision for 50% of the annuity to the secondary annuitant on the event of death of the primary annuitant
  9. Joint life immediate annuity for life with a provision for 100% of the annuity payable as long as one of the annuitant survives
  10. Joint life immediate annuity for life with a provision for 100% of the annuity payable as long as one of the annuitants survives. And  also there is a benefit of the return of purchase price on the death of the last survivor

Your annuity option once chosen cannot be altered – the annuity rates are guaranteed at the inception of the policy. This plan can be purchased offline as well as online.

Max Life Forever Young Pension Plan

You can choose the age at which you want to receive pension payouts. During the vesting period, you will receive a higher of –

  1. Fund Value
  2. Guaranteed Vesting Benefit

The Guaranteed Vesting Benefit is as follows:

  1. 101% of total paid premiums plus top-up premiums, if any (If you opt for the Pension Maximiser Option)
  2. 110% of total paid premiums plus top-up premiums, if any (In case you opt for the Pension Preserver Option)

The insured can commute up to 60% of their fund value and use the remaining to purchase an immediate annuity or deferred annuity from Max Life or any other insurer. Also, you can extend the accumulation period or deferment period within the same policy with the same terms & conditions as the original policy, if your age is less than 60 years (as on the date of last birthday).

In the unfortunate event of the death of the policyholder during the premium payment term, the nominee will receive a higher of –

  1. Fund value
  2. 105% of total paid premiums

Also, you will get guaranteed loyalty additions at 0.50% of the fund value at the end of every policy year starting from the end of the 10th policy year. And these additions shall be increased by 0.02% every year from the end of the 11th policy year.

You can customize the pension plan by adding the following riders

  1. Max Life Partner Care Rider
  2. Max Life COVID19 One Year Term Plus Rider

Star Union Dai-ichi Life Guaranteed Pension Plan

Star Union Dai-ichi Life Guaranteed Pension Plan is a deferred pension plan that offers vesting benefits to you on survival till the policy maturity. And in case of your unfortunate demise during the policy term, provided the policy is in force, the company will pay an Assured Death Benefit to your beneficiary/nominee. The Assured Death Benefit will be higher of –

  1. 105% of paid premiums as on the date of death
  2. Total Paid Premiums accumulated at the interest rate of 6% per annum, compounded till the end of policy month following the date of death

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