Top 10 Pension Schemes in India
Planning for retirement is one of the most important things in a person’s life but for some reasons, there are many people who are not able to plan for their retirement. But the fact is that there are many good pension plans that exist and you can choose these good pension plans and secure your future.
Here is a list of Top 10 Pension Schemes in India
LIC Life Fund Scheme
Under this pension scheme you will have to pay the premium for a fixed term and this can be a period of 20 to 25 years. It’s basically a traditional plan. The best thing about this pension scheme is that there will be a guaranteed increase in the rupee during the first five years of the plan. For every rupee, 50 rupees 1000 is insured for the sum insured and bonus pension declared by the owner of the pension scheme from the 6th year. The total return is going to be around 7 percent, which is slightly lower than the fixed deposit, but it is being reassigned back.
HDFC Life Pension Super Plus Plan
Although this is a ULIP plan, it provides the return rate of return and this is the first ULIP scheme in India which provides the return rate of return. Under the terms and conditions of the policy 60% equity is being invested in the balance in government securities and loan instruments.
LIC Life Renewal VI
This is one of the pension schemes whose pension scheme has a huge demand in the market and it is basically an immediate annuity plan. If you want to buy this plan, then you have to pay a lump sum amount. Under this scheme, you will be paid in accordance with the annual payment as per the premium in your lifetime. There are many options available under this pension scheme.
Birla Sun Life Classic Life Plan
Under this scheme, users can choose a retirement date according to their liking, and users can also choose the option of investing according to their liking. If you have a strong risk appetite, then you can choose 100 percent equity investment and if you want a safe and secure return then you can go for 100 percent loan investment.
ICICI Pru Instant Annuity Scheme
Under this ICICI Pru immediate annuity plan, a person can select the term according to his / her choice for 5 years, 10 years and 15 years. This is a very flexible plan. Annuity under this scheme continues till the annuity is not alive and the best part about this scheme is that if the annuity dies, the spouse starts receiving regular pension.
Bajaj Alliance Pension Guarantee Scheme
The Bajaj Alliance Pension Guarantee Scheme ensures regular and consistent income after retirement. Under this scheme, there are various options for choosing a user such as annuity income and other benefits.
Apart from the above pension plans, four more pension schemes are very good and they are listed below:
Tata AIG Life Nirvana Pension Scheme
Tata AIG Nirvana Pension Scheme is a very unique scheme because it adds 10 percent of the premium paid for every five years in the sum insured. With a pension plan, two percent special bonuses are also given at one time.
Aviva Secure Pension
This is a comprehensive plan which provides pension and security. Under this scheme, the user is paid with the guaranteed Sum Insured for initial 3 policy years.
Sahara Amar Jeevan
This is a traditional pension plan that provides regular and steady income after the last maturity date. The best thing about this pension plan is that if the insured amount is very large then you can get good money.
SBI Life Smart Pension Scheme
It is a ULIP plan with pension benefit and gives guaranteed amount at maturity and also provides the freedom to obtain a wide variety of annuity options.
So if you are planning to buy an insurance plan then it is advisable that you should start fast so that you can get the maximum benefit from your investment. Apart from this, always buy pension plans from registered members and before correcting any kind of deal, read all the terms and conditions carefully and carefully.