In case you are looking for the best and the most comfortable life after your retirement then it is very much important for you to properly plan things. The pension is a very perfect financial instrument for you because it is the best type of retirement plan that has been specifically designed with the motive of financially safeguarding you in your retirement days along with various other kinds of benefits. The plan will require you to invest a good amount of money regularly in your workdays so that you accumulate a lump sum amount that will allow you to feel free to be utilized in the post-retirement period. When you manage to get a good retirement plan you can even easily beat the inflation factor.
It will also help you to fill their daily requirements of your family after you are no longer getting a regular paycheque. With this let’s have a look at some of the best pension plans in India that will help you to safeguard your financial needs during retirement.
HDFC Life Assured Pension Plan
This particular pension plan will act as ULIP that will offer a good amount of returns from the market in addition to different kinds of loyalty benefits to all the policyholders. It comes with a wide collection of benefits for example guaranteed market return along with additional bonuses and gains.
The plan will include loyalty addition into the funds after every couple of years as aged 11 years. To be eligible to invest in this particular plan the individuals need to be at least 18 years and less than 45 years old.
Moreover, it will also allow the people to choose from the single premium payment and limited payment options with a death benefit of 105% on all the premiums which you will pay until you die. It is a very good and feature-rich plan to provide people with a very comfortable retirement life.
Reliance Smart Pension
This plan also provides the people with a ULIP plan which is known as Smart pension and ultimately allows the people to save their funds systematically and provide you with a lump sum amount after you have retired from professional life. The plan will feature an expansive policy term that might range between 10-30 years.
Additionally, it will also provide the people with equity benefit with a capital guarantee on the participation and when the individuals will purchase this plan they need to make sure that they are paying all the premiums timely because it will require the individuals to build a minimum maturity age of 45 years.
Canara HSBC Oriental Bank of Commerce – Invest 4G Plan
This is one of the most reputed and credible insurance providers in India and the Canara HSBC Oriental bank of commerce always offers the best Pension4Life Plan. It is one of the smartest ways of ensuring that income stream as per the needs post-retirement will be available for the people and the plan can even be customized depending upon the overall goals which is one of the most important features of this plan in India.
It will provide the people with the complete option of flexibility along with portfolio management options so that they can enjoy good control over all the savings and insurance-related needs. People can also pay for limited years, the entire term of the policy, only ones depending upon the financial capabilities and comfort level.
Max Life Guaranteed Lifetime Income Plan
This particular plan is an additional non-linked annuity plan that ensures a regular source of income for the people after retirement will be easily available. This will always allow people to opt for lifelong payments for themselves and their spouses.
It will also provide the people with a guarantee of a refund on the purchase price of the policy for the chosen nominee in case they die because of unfortunate circumstances. What is even better this plan will also allow the people to choose from three times cycle to receive a pension, monthly, half-yearly, and yearly.
LIC Jeevan Akshay 6 Plan
LIC also provides the people with an immediate annuity plan that will require the people to give a lump sum amount in the form of a simple premium for purchasing it and after the individuals have paid the premium they can enjoy a different kind of pension payments immediately depending upon the desired timeframe.
The plan does not even require undergoing medical examination and the individuals can plan off-line purchase to invest at least INR 1lakh to get it online the individuals need to go with the option of investing INR 1.5 lakhs available with themselves for the transaction.
There is also an age bar that requires the people to be at least 30 years and less than 85 years old. This entire plan will fit the bill for people who have sufficient funds and are looking to make the most out of it.
SBI Saral Pension Plan
This particular plan is offered by the State bank of India and is a non-linked and individual participation plan that will keep the funds protected from the volatility and fluctuations of the market. For the first five years of the plan, it will provide the people with a guaranteed bonus for the first five years.
It transitions to 2.3% of the assured sum of three years, 2.75% for the last two years afterward. The policy will also require the people to maintain a minimum term of 10 years that can go maximum to 40 years.
Additionally, people also need to pay the premium of INR 7500 and the upper limit will always depend upon the coverage amount of the people. To be eligible for this plan people need to be at least 18 years old and less than 70 years.
Why do you need to invest in retirement planning?
When the individual will reach the old age of life then physical and mental efficiency loss is very much common which is the main reason that people are interested to sit on the rocking chair and live life in harmony. To ensure that there are no problems at that point of life people need to save a good amount of money since day one so that they can enjoy a stress-free life post-retirement period. So, if you want to spend the rest of your days living in comfort and harmony then you must invest in a retirement plan.
Choosing a good pension plan can be overwhelming especially if the individuals are young because assessing the financial needs and goals can be hard in the very first time. So, the decision should be able of determination of the how retirement life looks. So, the people need to do proper research and compare plans before proceeding.