Education is an important medium of acquiring skills and knowledge. Our education begins at home. Thereafter, as we grow we go to schools, colleges and other educational institutes.
As individuals, we work towards creating a secured future and a comfortable retirement plan. Pension plans, in particular, can help individuals protect themselves from any uncertain and unpleasant situations.
If you are looking forward to investing in certain plans, we have got a couple of them curated for you right here.
- SBI Life- Saral Pension
It is one of most chosen plans by the millennials. A traditional pension plan which is individually endowed with non-linked features also protects the scheme from ever fluctuating and volatile conditions of the market. It brings along a lot of benefits and multiple features that are hard to overlook. With buyers ranging from the age of 18-65, this plan offers bonuses for at least 5 years from the date of policy purchase. Premium amounts are usually flexible with INR 7500 being the threshold annually
- HDFC Life- Assured Pension Plan
It is a ULIP or Unit Linked Plan that offers loyalty points, and the returns are based on the performance of the market thus enabling policyholders to reap maximum benefits. The policy allows customers to gain loyalty benefits if they stick around to the plan for at least 11 years. Customers within the age limits of 18-45 are eligible for investing in the plan. Not only does the plan offer a single and limited payment options, but also offers tax benefits under section 80C. With assured bonuses and additional gaining potential, the nominal facility allows death benefits which are roughly around 105% of the premiums paid.
- Reliance- Smart Pension
Another ULIP plan which has garnered popularity as a nonlinked entity enables policy holders to invest or save in a sequential manner to accumulate a sum in order to regulate a salary like inflow of money into the investors accounts post retirement. A policy that can last for as long as 30 years assures twice the amount of benefit and a surplus that is generated out of the capital gains depending on the equity market. With loyalty benefits up for grabs, the plan allows customers from the age of 45-75 to invest in the plan. A must recommend deal for senior citizen expecting a smooth flow of income; the plan also allows tax exemption benefits under Section 80 C of the Income Tax Act 1961.
- Max Life Guaranteed Lifetime Income Plan
A traditional non-linked annual plan assures the customers of a streamline income post the retirement age. With a minimum of four annuity options to select from, the plan allows the flexibility to pay at once a lump sum amount as a purchase amount for the policy. Customers can choose from the range of amount that they wish to receive on a monthly basis. Not only they can put their foot down on the amount but also the payout period can be chosen with ease during the final round of policy sign up. The policy allows allocation of nominees who become entitled to receive the entire principal sum after the death of the policy holder.
- LIC Jeevan Akshay 6 Plan
An absolutely immediate plan that allows paying the lump sum amount as an initial deposit, it guarantees the payout as soon as the policy comes into effect. Being one of the most trusted brands LIC has ruled out any medical tests for availing the policy. Customers from the age 30-85 can choose to opt for the plan and decide the duration of pension payout, Be it monthly, quarterly or annually depending on their personal preference. With age proof as a mandatory documentation, this plan also ensures tax exemption benefits.
- HDFC Life Click 2 Retire
With the returns that are linked to the market performance, the ULIP plan boasts its minimum charges and guaranteed returns which suffice the need of post retirement age. Benefits such as tax exemptions, death incentives in the form of 105% returns and lower maturity age on offer this plan has been gaining traction of late. Customers as young as 18 are eligible to invest in this plan.
- ICICI Prudential- Easy retirement
Once the policy holder has retired from the job, this plan comes into effect. It offers the benefit of investing until the individual is employed. Post that phase, the returns are decided based on the market conditions and volatility. Most of the times a protected plan is all one needs. With a premium of at least 48,000 INR in the kitty, the policy has the potential to range from 10-30 years. Payment modes and frequency are usually decided by the policy holder who can reap the premiums and benefits.
- Bajaj Alliance Pension Guarantee
A regular income post retirement is what an individual usually aims for. With a range of annuity options to choose from and a minimum instalment of 1000 INR, the plan can be extended to the spouse too. The plan comes at a minimal investment of 25000 INR and is open for the millennials in general.
- Birla Sunlife Empower Pension
A design to accommodate the life style of the policy holder, a non-participating plan boasts itself on the policy terms that are flexible and accommodates the customer requests. Customers get to choose from the list of plans, premium amounts, range of maturity, and a vesting period of a maximum 30 years makes it highly likely to be chosen. Based on a risk based profile, the plan has been gaining the much-needed popularity.
- LIC Jeevan Nidhi Plan
A profitable pension plan that also can be used to generate income based on the policy the term survival. With the premiums reaping the benefits of taxation waiver, the policy can last for 5-35 years. With a minimum vesting age of 55 years, the policy is accommodative in many different ways. Single premium policies offer the minimum payout of 1,50,000 INR annually and also adds profits to the organisation from the six years of the existence. Also, a guarantee of additional of 50 INR for every thousand is added to the sum assured post completion of a year.
