Live a Quality life Post-Retirement – Choose from the Best Retirement Plans in India!
If you’re looking for a good and comfortable life after your retirement, a pension plan is a perfect financial investment instrument for you. It’s a kind of retirement plan, crafted solely to provide you with a financial safeguard in your retirement days, along with several other features that ensure your financial security in your later years.
This plan requires you to invest your money regularly throughout your career, and accumulate a lump-sum amount that you can feel free to use in your retirement days. When you manage to get a good retirement plan, you can even beat inflation.
It can help you fill the daily requirements of your family after you’re no longer getting a regular paycheck. With that said, let us take a look at some of the best pension plans in India that help you safeguard your financial needs in post-work days:
HDFC Life Assured Pension Plan
This pension plan acts as a ULIP that offers returns from the market in addition to some loyalty benefits to the policyholder. It offers a myriad of benefits such as guaranteed market returns along with several additional bonuses and gains.
The plan also includes loyalty addition in the funds every couple of years after your policy has aged eleven years. However, to be eligible for investing in this plan, you need to be at least 18 years old or less than 45 years old.
Under this plan, you can also choose between single and limited payment options, as per your preferences. The plan can be also availed for tax benefits under section 10(10D) of the Income Tax Act of India.
Bajaj Allianz Retire Rich Pension Plan
Categorized as a unit-linked deferred pension plan, the Retire Rich Plan offered by Bajaj Allianz allows you to secure a relaxing retirement life while being able to grow your money with the help of regular investments through numerous funds available.
Moreover, you can also choose to allow your nominee to gain the death benefit in terms of monthly payments. This allows your family and dependents to manage their expenses for a long period before any other member of your family becomes capable of earning money.
This retirement plan also allows you to choose from three different premium payment terms namely limited, single, and regular. These options can be changed at any instant of time during the tenure of your policy, depending on your preference.
LIC Jeevan Nidhi Plan
Being a with-profit retirement plan in India, the LIC Jeevan Nidhi is a good and reliable option to save your funds for the future. The total amount collected during the tenure of this policy is utilized in making a pension for you to help live a comfortable life in the future.
All the premiums that you pay under these plans are eligible for tax deduction and benefits under section 80CCC of the Income Tax Act of India. Furthermore, during the first five years of your policy, you can easily make additions of Rs. 50 per every thousand rupees sum assured.
Depending on the terms and conditions stated by your desired insurance company, the policy may take a part of the profits of the corporation after you’ve completed five years successfully in the tenure of your policy. The minimum assured sum is Rs. 1 Lakh for regular premiums and Rs. 1.5 Lakh for a single premium.
Canara HSBC Oriental Bank of Commerce – Guaranteed Income 4 Life Plan
Based on your financial requirements of tomorrow, this investment plan provided by Canara HSBC Oriental Bank of Commerce is available in several desirable options such as guaranteed income, guaranteed life-long income, and guaranteed long-term income.
With this plan, you can easily prepare for the uncertainties of life by helping you to save a sufficient amount of money that will support your lifestyle in your retirement period. It ensures guaranteed benefits that take care of both, short-term and long-term needs.
The best thing about this policy is that it’s highly customizable and offers you several options in premium payment modes, terms, and several other things related to the policy. This allows you to tweak the plan as per your requirements in life.
Max Life Forever Young Pension Plan
With the help of this pension plan made available by Max Life Insurance, you can easily create a huge corpus amount for your retirement while keeping all your funds safe from the volatile and unstable conditions of the market.
The plan offers several benefits such as vesting benefit, death benefit, and lots of loyalty benefits as well. With the help of this plan, you can certainly make some good savings for your retired life and live with the utmost comfort without thinking about any financial liabilities.
It can also be used to secure the future of your spouse through a joint plan. Moreover, the retirement age can be defined as per your preferences, and you can continue investing till your defined timeframe, along with the ability to make lump sum investments as well.
ICICI Pru Easy Retirement Plan
If you are looking for a pension plan that provides you a regular come after retiring from your professional life, then this plan from ICICI Pru is worth looking at. Through equity investments, you can receive consistent payouts with this plan.
This plan is ideal to gain good returns while keeping your funds protected against the volatile conditions of the market. The minimum premium that needs to be paid for this plan is Rs. 48,000, which can go as high as you want it to be.
Furthermore, it also provides you the liberty to choose between monthly, yearly, and half-yearly payment frequency modes as per your requirements. To be eligible for this policy, you need to be at least 35 years old, with a maximum limit of 70 years.
The Takeaway
To make the most out of your retired life, you must make sure that you have a sufficient amount of money. While there are several good retirement plans in India, the one that works for you depends on your requirements and financial goals.