Best Retirement Plans: 8 Best Options Uncovered
How are you going to kick back and relax after you’re done with the daily grind of your job?
We’re basically asking the million-dollar question: Are you ready for a retirement that’s as comfy as your favourite couch?
Well, planning for a financially secure retirement is no joke these days because of the variety of plans claiming to “be the best retirement plans.”
To help you choose from a range of best retirement plans, we’ve got this listicle of the best 8 retirement plans.
We’re diving headfirst into the world of pension plans in India. We’ll be your trusty guides, helping you sift through the 8 options.
Let’s get to it.
8 Best Retirement Plans Options
Before we start with exploring the best retirement plans options, you must know that each pension plan comes with its unique features and benefits.
For instance, HDFC Life Click 2 Retire offers no entry, exit, or policy administration charges, while Max Life’s plan provides various annuity payout options.
SBI Life Saral Retirement Saver combines retirement savings with life insurance, and LIC’s New Jeevan Shanti offers online and offline purchase options.
So, you have to make a decision on the basis of your unique circumstances and requirements.
1. HDFC Life Click 2 Retire Plan
With HDFC Life Click 2 Retire, you can start securing your retirement with premiums as low as ₹2,000 per month and gain from market performance.
- -Entry Age: 18 to 65 years
- – Maturity Age: 45 to 75 years
- – Policy Term: 10 to 35 years
HDFC Life Click 2 Retire is a unit-linked pension plan that offers flexibility and a death benefit of 105% of premiums paid.
2.Max Life Guaranteed Lifetime Income Plan
The Max Life Guaranteed Lifetime Income Plan ensures a regular stream of income in retirement, allowing you to maintain your lifestyle.
- -Immediate Annuity: 0 to 80 years
- – Deferred Annuity: 30 to 80 years
- – Maturity Age: 31 to 90 years
Max Life’s plan ensures a steady income stream after retirement with multiple annuity options.
3. SBI Life Saral Retirement Saver
With guaranteed simple reversionary bonuses, you can start saving for future income as early as 18 years of age, ensuring financial security during your post-work life.
- – Entry Age: 18 to 65 years
- – Maturity Age: 40 to 70 years
- – Policy Term: 5 to 40 years
This plan helps grow your retirement corpus and provides life insurance options.
4. LIC New Jeevan Shanti Plan:
Pension worries will end with the LIC New Jeevan Shanti Plan, and upon one’s demise, the pension will be transferred to another person. Learn all the essential details related to the scheme.
- – Entry Age: 30 to 79 years
- – Maturity Age: 31 to 80 years
LIC’s single premium plan offers deferred annuity with various annuity options.
5. Bajaj Allianz Life LongLife Goal
Bajaj Allianz Life LongLife Goal offers the ultimate investment option with various advantages. Premiums can be paid monthly, quarterly, bi-annually, and annually. There are no add-on riders, but there is an accidental disability benefit.
- – Entry Age: 18 to 65 years
- – Maturity Age: 99 years
- – Policy Term: 10 to 25 years
This unit-linked plan ensures a steady income until the age of 99, with bonus additions.
6. IndiaFirst Life Guaranteed Annuity Plan
The IndiaFirst Life Guaranteed Annuity Plan provides 12 different annuity options, offering lifetime income and return of purchase price facility, making it a versatile choice for retirement planning.
- – Entry Age: 40 to 80 years
- – Minimum Premium: INR 1,00,000,
7. ABSLI Empower Pension Plan
ABSLI Empower Pension Plan is a unit-linked pension plan that helps build a retirement corpus, offering partial withdrawals, easy investment tracking, customizable risk profiles, and flexible premium payment options.
- – Entry Age: 25 to 70 years
- – Maturity Age: 80 years
- – Policy Term: 5 to 30 years
A unit-linked pension plan with investment options and partial withdrawals.
8. Kotak Premier Pension Plan
The Kotak Premier Pension Plan is a traditional participating pension plan that helps you accumulate a retirement fund for your golden years.
- – Entry Age: 30 to 60 years
- – Maturity Age: 45 to 70 years
- – Policy Term: 10 to 30 years
Kotak’s plan offers bonuses and a guaranteed benefit of 105% of premiums paid.
When selecting a pension plan, consider
- your age
- financial goals
- risk tolerance
It’s advisable to consult a financial advisor to tailor the plan to your specific needs.
Remember that choosing the right pension plan can make all the difference in your post-retirement life.
So evaluate your options, assess your financial situation, and secure your future with a pension plan that suits your needs.
It’s never too early to start planning for retirement, so take the first step today for a worry-free tomorrow. Save this article to refer back.
And keep checking out Newscanvass for more such helpful guides!