Last Updated on December 11, 2019
A retirement plan is also known as a pension plan. It provides the plan holder with financial support after they retire from their job that paid them a regular income.
With the retirement plan, the policyholders can be subject to a steady income from the pension fund. Pension plans are also taken up to fulfill any desires or requirements that the plan holders might have after their retirement.
Best retirement plans in India with high performance
HDFC Life Pension Super Plus
HDFC is one of the largest companies in the insurance sector in India. It has stood on one of the top positions in terms of the claim settlement ratio. HDFC has a claim settlement ratio of a whopping 94.01%. To be able to enter into the HDFC Life Pension Super Plus plan, one needs to be a minimum age of 35 years and cannot be over the age of 65 years.
HDFC provides many plans out of which the HDFC Life Pension Super Plus is a retirement plan. It is a pension plan that provides the policy bearers with many benefits.
In case of the unfortunate death of the pension plan holder, the company will provide the family or the nominees of the insured with a death benefit.
The amount of the death benefit is either of 105% of the entire premium that was paid up until the demise of the plan holder by them or 6% of the entire premiums paid per year, whichever of these is of a higher value in monetary terms.
This plan also allows for the plan to be vested from the policyholder to their nominee or family member. There is a minimum vesting age at which you can shift the retirement plan; it is 55 years of age before which the plan cannot be vested.
The maximum age for vesting the pension plan is 75 years of age after which the pension plan cannot be vested.
Retire Rich by Bajaj Allianz
Bajaj Allianz is one of the top companies which perform well in terms of settling the claims. It has a claim settlement ratio of a tremendous 91.67%. This annuity pension plan has great tax benefits that can be availed by the plan holders under Section 10 (10A) and Section 80 CCC of the Income Tax Act.
The Retire Rich plan B by Bajaj Allianz is a retirement plan that falls under the annuity plan category. This plan offers many benefits to the plan holders as well as their family.
In the event of the death of the plan holder, the Bajaj Allianz Retire Rich plan gives out a death benefit to the nominees or the family members of the insured. The death benefit is 105% of all the premiums that were paid by the insured until the time of their demise.
This plan also provides the plan holders with a grace period of 15 days for a 1-month premium payment frequency or a grace period of 30 days for other premium payment frequency.
This plan can easily be afforded as the premiums to be paid have a very nominal amount which has to be paid per annum; it is a minimum of INR 15,000. If a potential policy bearer wants to enter into the plan, they have to be a minimum of 30 years of age and cannot be more than 73 years of age which is the maximum age to enter the Retire Rich retirement.
SBI Life Saral Pension Plan
SBI – State Bank of India is one of the best insurance companies in India with a claim settlement ratio of a good 96.69% in 2016 – 2017. The Saral Pension Plan is a retirement plan offered by SBI Life. It is a participating non-linked policy.
This pension plan functions to provide the plan holder protection against the unstable market, volatility, and the market place fluctuations. To be able to enter into this plan, one needs to be a minimum of 18 years of age and cannot be over the age of 65 years.
The minimum amount of sum assured that the plan holder has to settle on is INR 1 lakh and there is no upper limit to what the maximum sum assured can be, so the insured can choose whatever suits them as well as their family.
LIC Jeevan Akshaya Plan
LIC – Life Insurance Corporation is the largest and the most trusted insurance company in India with it on the top of the list for the market share in the insurance sector; in the financial year 2015 – 2016, the market share of LIC was 70.5% and it is the only one which made it double digits.
The claim settlement ratio that LIC had in 2016 was a tremendous 98.33%. The LIC Jeevan Akshaya insurance plan is a pension policy. This plan is offered with a 5-year term. If a potential plan holder wants to enter into the LIC Jeevan Akshaya Plan pension policy, they need to be over the age of 30 years and cannot be over the age of 85 years to do the same.
The insured also has to pay annuity installments that a payment frequency options of yearly, monthly, quarter – yearly or even half-yearly out of which the plan holder can choose any in accordance with their suitability.
The insured will be provided with a lifetime annuity and they will also be given the return of the purchase price of the policy which is a great benefit. Many retirement plans ask for the plan holder to get a medical check-up done, but the LIC Jeevan Akshaya insurance plan asks nothing of that nature, you can take up the pension plan without getting any medical examinations.
The LIC Jeevan Akshaya Plan provides a pension fund to the plan holder after they retire. This pension fund is provided to them in lump sum amount to help them lead a good post-retirement life with a similar standard of living.
Invest in any of these best-performing retirement plans and get financially supported after your retirement and have a sense of financial security for yourself as well as your family.