Employers offer pension plans to assist their employees in securing their retirement and financial future. It shields them from any kind of unexpected and yet potential post-retirement uncertainty. People who have not enrolled themselves in any kind of pension or retirement plan should check the plans mentioned below. It is suggested that you go through them patiently and then make up your mind on one of the biggest decisions of your life.
1. Max Life Guaranteed Lifetime Income Plan
Under Max Life Guaranteed Lifetime Income Plan, you shall have a guarantee of consistent income in the inclusion of a number of perks after retirement. You have to make a monthly contribution or premium to the scheme of an amount as low as Rs. 1,000. You can choose between a single-life annuity and a dual-life annuity. There are four annuity payout options available for the pension amount which includes monthly, quarterly, half-annually, and annually.
2. SBI Life Saral Retirement Saver Plan
If you want to build a strong retirement fund and have a guarantee of the security of the future of your family, then I suggest you go with SBI Life Saral Retirement Saver Plan. With the scheme, you can receive income tax benefits according to the Indian income tax regulations. There are certain bonuses attached to the plan that you may receive during the policy term which will increase your retirement money. You can make your payment one-time, monthly, biannually or yearly.
3. LIC New Jeevan Shanti Plan
LIC New Jeevan Shanti Plan gives you the freedom to choose between a single life and a joint life program for a single premium. You can make your purchase online or offline to get this amazing retirement plan. You can pick between four types of annuities which includes monthly, quarterly, half-yearly, and annual. There is a loan available in addition to the benefits of the policy.
4. Bajaj Allianz Life Long Life Goal
Bajaj Allianz Life LongLife Goal plan offers you a unit-linked plan where you can get a consistent income until you turn 99. This plan comes in two variants which involve with or without Waiver of Premium. You can pick from the four different investment options with the inclusion of annual loyalty addition after the fifth policy year to the twenty-fifth policy year. You may also make a partial withdrawal after the fifth policy year.
5. India First Life Guaranteed Annuity Plan
IndiaFirstLife Guaranteed Annuity Plan comes with the flexibility of customisation according to your specific needs. It has 12 different annuity options to choose from which assures you a consistent income for the rest of your life. You can even avail the benefit of raising your amount of the annuity with the help of a top-up option and tax deductions for the premiums you will pay.
In this article, we learnt about the 5 best retirement and pension plans in India for a secure future. If you are flipping through multiple pension plans for yourself, I suggest you give a thorough read to the plans mentioned above before taking a decision.
Please share this article with people you know who have not decided on their retirement plans.