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Top 10 Pension Plans in India 2022

The top 10 pension plans in India are mentioned in the table below:

Name of Plan	Entry Age	Maturity Age	Policy Term
HDFC Life Click 2 Retire	18 years to 65 years	45 years to 75 years	10 years to 35 years
Max Life Guaranteed Lifetime Income Plan	Immediate Annuity: 0 years to 80 years Deferred Annuity: 30 years to 80 years	31 years to 90 years	NA
SBI Life Saral Retirement Saver	18 years to 65 years	40 years to 70 years	5 years to 40 years
LIC New Jeevan Shanti Plan	30 years to 79 years	31 years to 80 years	NA
Bajaj Allianz Life LongLife Goal	18 years to 65 years	99 years	10 years to 25 years
IndiaFirst Life Guaranteed Annuity Plan	40 years to 80 years	NA	NA
ABSLI Empower Pension Plan	25 years to 70 years	80 years	5 years to 30 years
Kotak Premier Pension Plan	30 years to 60 years	45 years to 70 years	10 years to 30 years
Tata AIA Life Insurance Guaranteed Monthly Income Plan	6 years to 60 years	65 years to 68 years	5 years, 8 years, 12 years
LIC Jeevan Akshay - VII Plan	30 years to 100 years	NA	NA

HDFC Life Click 2 Retire Plan

HDFC Life Click 2 Retire is an online unit linked pension plan which offers the policyholder a chance to secure themselves financially post retirement. If anything is certain, it is that retirement will come to all of us. The allows policyholders to build a corpus that will allows them to continue enjoying their lifestyle post retirement and to meet the rising cost of living and the ever increasing inflation.

Key Features of HDFC Life Click 2 Retire

• The policy is a straightforward hassle free policy designed to increase your wealth and as such is free of many added on charges such as no entry or premium allocation charges, no exit charges and no mortality charges.
• The charges levied are policy administration charges, fund management charges, investment guarantee charges and miscellaneous charges arising out of policy alteration requests put forth by the policyholder.
• The policy offers an assured vesting benefit that allows policyholders to capitalise on any upside in the market and secure the financial future post retirement
• The policy provides for a death benefit
• Provides a choice of 6 investment funds to maximise returns
• The plan comes in 2 options, limited pay and single pay
• It’s never too early to start planning for retirement, the policy offers a low entry age of 18 years
• The maturity or vesting period is also lower at only 45 years
• The policy offers a surrender benefit equal to the fund value at the time of surrendering the policy.
• On discontinuance, the policy can either be revived or the proceeds can be completely withdrawn.

Benefits of the Plan

Maturity Benefit: The policy offers a maturity benefit or vesting benefit which is the higher of either the fund value or the assured vesting benefit. The assured vesting benefit is calculated as [101% + 1% * (policy term minus premium paying term)] * total premiums paid. If the policy has reached maturity, the policyholder can postpone the vesting date by moving it to a later date. This can be done any number of times provided the policyholder is below 55 years and is subject to a maximum of 75 years. The policy when deferred will continue to but will be calculated as per maturity date at the time of policy inception

Death Benefit: If the life assured passes away while the policy is in effect, the nominee assigned will receive death benefit which is higher of either the fund value or 105% of the total premiums paid till date.

Maturity benefit can be claimed in the following ways. One third of the benefit needs to be taken out as a tax free lump sum according to tax regulations. The remainder needs to be converted into Annuity which has to be purchased from . The policyholders can also choose to either convert the entire payout in to annuity by purchasing a separate annuity plan or use the proceeds to purchase a single premium deferred pension plan from HDFC

Eligibility Criteria for the Plan

• The Minimum age for entry is 18 years as at last birthday and the Maximum age for entry is 65 as at last birthday.
• The minimum maturity age is 45 years and the maximum maturity age is 75 years
• Premium payment term for policy terms that are either 10 years or 15 to 35 years is single pay or 8 years or 10 years. Premium payment term for policy terms that are either 15 to 35 years is 15 years.
• Premium payment modes are single pay, annual, half-yearly, quarterly and monthly
• The minimum premium amount to be paid is Rs 50,000 for single pay premium, for regular or limited pay, the minimum premium for annual payments are Rs 24,000, half-yearly payments are Rs 12,000, quarterly payments are Rs 6000 and monthly payments are Rs 2000

Max Life Guaranteed Lifetime Income Plan

The Max Life Guaranteed Lifetime Income plan is ideal for you to plan your retirement. After all the hard work you do to achieve financial independence in your young stage, it’s really important you plan for a comfortable retirement when you grow old. No matter how old you grow, you can still lead a smart and comfortable lifestyle, and the Max Life Guaranteed Lifetime Income plan ensures you that by providing guaranteed payouts after your retirement. The Max Life Guaranteed Lifetime Income plan is a non-linked traditional annuity plan and provides comprehensive retirement solutions.

Key Features of Max Life Guaranteed Lifetime Income Plan:

The key features of Max Life Guaranteed Lifetime Income plan include:

• The plan offers guaranteed income to meet your retirement needs.
• You have the choice to receive lifelong payments provided you or your family members are alive.
• You can choose between joint life annuity and single annuity policies.
• The nominee receives the purchase price of the policy after the death of annuitant.
• The policy offers flexibilities in terms of receiving payout. You can choose to receive payouts on monthly, yearly, half –yearly or quarterly basis based on your needs.
• It is a non-linked traditional annuity plan
• There is no limit for minimum payment and maximum payment.
• The policy offers the following annuity payment modes - annual, semi-annual, quarterly and monthly.
• The policy accepts premium payment via cheque and annuity payments via electronic transfer.
• There are different annuity options available under the plan which include:
  • Single Life Annuity for life.
  • Single Life Annuity for life with return of premium to be paid on death.
  • Joint Life Annuity for life (ROP) to be paid on the death of the last survivor
  • Joint Life Annuity for life. This comes without any death benefit.
• The policy offers a free look period of 15 days(30 days for policies obtained via distance marketing channels) and it is subject to certain terms and conditions.

Benefits of Max Life Guaranteed Lifetime Income Plan:

The Max Life Guaranteed Lifetime Income plan provides the following benefits:

• You can enjoy longer annuity terms with this plan. For a single life variant, it offers annuity till the death of the annuitant. For a joint , it offers annuity till the death of the last survivor.
• The Max Life Guaranteed Lifetime Income plan does not provide death benefits.
• No maturity benefit is provided under this plan.
• You cannot take loan against this plan.
• You may receive tax benefits on the premiums paid for your . However, it is subject to tax laws existing at the time of premium payment.

Eligibility Conditions for Max Life Guaranteed Lifetime Income Plan:

Entry age

Minimum: 50 years (55 years for policies sourced under QROPS) Maximum: 80 years *Annuity below age 50 will be offered is if annuity is purchased using the proceeds from death benefit, maturity benefit or surrender benefit payable under the Company's pension accumulation plan.

How the Max Life Guaranteed Lifetime Income Plan Works?

For example Mr. X is in his advanced age ( 60 years) and just retired from his service. His wife is nearly 57 years old. Now, if he purchases a Guaranteed Lifetime Income Plan - Joint Life Annuity for Life for Rs.10,00,000, Mr. X will receive an amount of Rs. 69,750 as yearly payouts throughout out his entire life. In case, he dies in between the policy tenure, the payouts will be shifted to his wife. The policy will offer her guaranteed payouts throughout her entire life, ensuring her financial stability.

In a different scenario, you are a retired individual and your age is 65 years. You have a wife and one son. You purchase a Max Life Guaranteed Lifetime Income Plan - Joint Life Annuity for Life with Return of Purchase Price by paying a purchase amount of Rs. 10,00,000 and put your son as nominee for the plan. The plan will provide your guaranteed payouts of Rs. `68,940 every year. In case, you are no more, your wife will receive the payouts for till the time she is alive. When your wife dies, you son whom you keep as nominee, will receive the purchase price of the policy that is Rs. 10,00,000.

Upon submitting the proof of living certificate together with self-attested identity proof, the pay-outs will be paid to family members.

Premium Payment:

Maximum premium payment	No limit
Minimum premium payment	No limit

The Max Life Guaranteed Lifetime Income plan is a must for you provided you want to spend your retirement days with comfort and luxury. The plan provides assured payouts and reduces your financial worries after retirement.

SBI Life - Saral Pension Plan

Overview

Retirement planning in India is of seminal importance given the rising rate of life expectancy, increasing health care expenses and dearth of robust social security measures among others. You should plan ahead to ensure that you can maintain the same lifestyle and meet any unforeseen expenses when you are old and grey. SBI Life is currently offering three pension plans for the benefit of customers. Saral Pension Plan is one of the plans being offered. This is an individual, non-linked, participating savings pension plan, which provides a secure future retirement. Read on to know more about the plan offered by SBI Life like its features and benefits, eligibility criteria, rider details, documentation etc.

Features and Benefits of Saral Pension Plan

The features and benefits of Saral Pension Plan are:

• The plan is an individual, non-linked participating, savings pension one.
• It is completely safe from market volatility.
• You can build a retirement corpus with the help of the plan.
• You are guaranteed of simple reversionary bonuses for the first five years.
• Can avail maturity benefit
• You are offered the option of additional life cover through SBI Life - Preferred Term Rider.
• Can claim death benefit
• You can revive the policy within 5 years from the date of first unpaid premium.
• Staff discount up to 2.25 percent on the tabular premium is provided to employees, retired employees, VRS holders, minor children, and spouse of employees of SBI Life Insurance Co. Limited, SBI, RRBs sponsored by SBI and subsidiaries of State Bank group.
• Can avail tax benefits.
• The option of nomination is provided as per Section 39 of the Insurance Act, 1938.
• You have the option to review the terms and conditions of the policy and return it within 30 days of receipt.
• You are allowed a grace period of up to 30 days from the due date for payment of premiums.

Eligibility Conditions for Saral Pension Plan

Entry Age	Minimum Maximum
Maturity Age	Minimum Maximum
Type of Plan	Single Premium/ Regular Premium
Basic Sum Assured	Minimum Maximum
Mode of Premium	Single/Monthly/Half-yearly/Yearly
Policy Term	Minimum - Maximum -

Documents Required

The documents which need to be submitted when opening a Saral Pension Plan are listed below:

• Age Proof
• Address proof
• Income proof
• Identity proof

Riders in Saral Pension Plan

Under the SBI Life - Saral Pension Plan you can avail the rider benefit. You have the option to avail SBI Life - preferred term rider along with the base product. The rider can be taken up only at the inception of the policy.

Entry Age	Minimum Maximum
Maximum Age at Maturity	60 years
Basic Sum Assured	Minimum Maximum
Policy Term	Minimum Maximum

Note:

The rider sum assured and the rider policy term cannot be more than that of basic sum assured and basic policy term.

FAQs

1. Can I withdraw the entire amount which is offered as death benefit?

   Yes, in the case of death of the life assured, you can withdraw the entire amount as lumpsum.

2. What is the rate of interest for guaranteed simple reversionary bonuses for the first five years of the policy?

   For the first three years, it is 2.50 percent while for the next two years it is 2.75 percent.

3. For regular premium policies, I can acquire surrender value after paying premiums for how many years?

   You need to pay premiums for at least two years to acquire surrender value for regular premium policies.

4. Is the option of assignment allowed under the Saral Pension Plan?

   No, assignment under Saral Pension Plan is not allowed.

5. Can riders be cancelled?

   Yes, riders can be cancelled on any policy anniversary. However, you will be informed about it with an advance written notice.

LIC’s New Jeevan Shanti

The New Jeevan Shanti insurance policy offered by Life Insurance Corporation (LIC) of India is an individual, non-participating, and non-linked plan. The policyholder must pay the premium in full and can choose either a Joint life or Single life Deferred Annuity. Individuals can purchase the policy offline or by visiting the official website of LIC.

Annuity Options

The two different annuity options that are offered are mentioned below:

• Single life Deferred annuity
• Joint life Deferred annuity

Eligibility Criteria

The eligibility criteria that must be met in order to purchase the New Jeevan Shanti insurance policy are mentioned in the table below:

Maximum Purchase Price	No limit
Minimum Purchase Price	Monthly: Rs.1,000 Quarterly: Rs.3,000 Half-Yearly: Rs.6,000 Yearly: Rs.12,000
Minimum Annuity	No limit
Deferment Period - Maximum	12 years (depends on the maximum vesting age)
Deferment Period - Minimum	1 year
Vesting Age - Maximum	80 years (at the time of last birthday)
Vesting Age - Minimum	31 years (at the time of last birthday)
Age of Entry - Maximum	79 years (at the time of last birthday)
Age of Entry - Minimum	30 years (at the time of last birthday)

Ways to Purchase the Policy

The different ways by which the New Jeevan Shanti policy can be purchased are mentioned below:

• Offline:The policy can be purchased by visiting an LIC office.
• Online: You can visit the official website of LIC to purchase the policy.

Pension and Death Benefits

• Maturity benefit option is not provided.
• Depending on the annuity option that is selected, benefits will be paid on death or survival.
• Death benefit is paid in case the annuitant passes away at the time of the deferment period.
• Effective from the day the policyholder passes away, the annuity option can be changed.
• Pension will be paid once the deferment period has been completed only if the secondary and primary policyholders are alive.

The annuitant's nominee will be paid the death benefit during the deferment term.

Loans

Loans can be availed only after three months from the date the policy has been issued or after the free-look period has expired (whichever is later). As per the terms and conditions, loans may be provided at the time or after the deferment period.

Free-Look Period

In case the policyholder is not happy with the terms and conditions of the New Jeevan Shanti plan, he/she can return the policy within 15 days from the receipt date to the Corporation. In case the policy has been purchased online, the policy can be returned within 30 days.

The individuals must state the reasons for the cancellation of the plan. Once the policy has been cancelled, the premium that has been paid will be returned after the annuity paid and stamp duty have been deducted.

Exclusions

Suicide: In case the last survivor/ annuitant of the joint life annuity commits suicide within 12 months from the date the policy commences, LIC will void the policy. Under such cases, the Surrender Value or 80% of the premium that is paid, whichever is higher, will be payable. No other claims will be entertained by LIC.