Best pension plans in India 


  • Indians in their retirement years are often stressed with their finances, especially with increasing personal expenses, including health care costs. On the other hand, with the improvement in life expectancy, not only do they have a longer life ahead of them, but they need a substantial body of retirement to cope with current expenses, unforeseen health needs, and health needs. dependents and sufficient assistance. financial resources to achieve their life goals after retirement. Therefore, it is essential to have a strong retirement plan, which guarantees a guaranteed income for life to help people meet their retirement expenses and allow the family to continue to achieve their life goals in their absence. 
  • Any plan, fund, or scheme that provides retirement income is known as a pension fund, also known as a superannuation fund in some countries. Pension funds often invest enormous sums of money and are major shareholders in both public and private companies. As a result, most pension funds have average investment returns of eight percent to nine percent over forty years. These historical averages are usually greater than the pension fund's expected rate of return. The average pension plan lasts roughly fifteen years. With convexity in mind, the average pension plan has a term of fewer than fifteen years for interest rate hikes and higher than fifteen years for interest rate declines. Active participants often have a longer time commitment than retired members. 
  • A pension policy is a worker advantage in which the employer decides to make regular contributions to a fund that will be used to provide payments to qualifying employees once they retire. Even if you have other financial obligations, such as a mortgage or a loan, many people find that contributing to a workplace pension is a sensible idea. This is because you may be eligible for payments from your company as well as government tax assistance. This money accumulates and has the potential to expand over time.

In today's article, we will learn about five pension plans available to citizens residing in India, and these plans are known for their good features: -

Birla Sun Life Empower Pension Plan

  • If you are looking to protect your finances during your retirement years, the Aditya Birla Sun Life Empower Pension Plan may be for you. This Aditya Birla Sun Life plan helps people accumulate premiums and investment returns as a body for their retirement years. When policyholders choose to contribute their policy, they will enter the “income phase” where this corpus will be used to purchase an annuity that provides regular income for life. 
  • One of the benefits of the Aditya Birla Sun Life Empower Pension Plan is that you can choose between the two plan options when purchasing your policy. These two options are the secure option and the self-managed option. With the insured option you can enjoy a guaranteed advantage upon vesting, while with the last option you can choose from 16 fund options depending on your risk appetite (you will get the value of the funds upon acquisition). 

Benefits and features 

  • Individuals will also receive a vested benefit from the Aditya Birla Sun Life Empower Pension Plan Empower pension scheme based on the scheme option chosen at the start of the policy. This benefit varies depending on the plan option you choose. 

  • For the Insured option, the insured will receive vested benefits which will be higher between the guaranteed vested benefits net of partial withdrawals since the inception of the policy or the value of the policy fund.

  • The minimum pays of rupees thirty-six thousand is paid to the candidate if their pay is monthly on an annual basis.

  • The minimum pays of rupees thirty thousand is paid to the candidate every quarter as for the year. 


  • The candidate must be Indian in nationality. 

  • For the accumulation period, the age of the candidate must lie between five to thirty years old.

  • Eighty years of age is the maximum eligible vesting age for the candidates applying for the program. 


  • The applicant must give their identity card.

  • The receipt of the annual earnings of the applicant must be given out.

  • The address specifying the president’s address along with the district and city name must be delivered.

  • The age certificate is also crucial for submission

  • The photocopy of the application form filled

  • The health reports of the candidate applying 

SBI Life Saral Pension plan

  • SBI Life Saral Pension is a conventional contributing pension proposal that supports the applicant's post-retirement monetary wants with substantial life coverage and compensation choices, giving the applicant's peace of mind during their golden years. 
  • The SBI Life Saral pension plan is a traditional untied individual participation pension plan that includes guaranteed bones and a simple reversible bonus. If you are looking for a good retirement plan with regular income, this plan is a good investment. SBI employees are expected to have a “third benefit” as part of their pension plan. While others only receive a retirement fund (or pension) and a post-retirement bonus, SBI executives also receive a third pension component.

Features and benefits 

  • The regular premium is for ten years.

  • The single premium is for five years.

  • The minimum sum assured is rupees one lakh and there's no limit on the maximum amount.

  • e for annual premium is 8.4%

  • The rate for half yearly premium is 50.2%

  • The applicant can return the policy if they do not agree with any of the terms and conditions within fifteen days of the annual/semi-annual policy or thirty days if the policy was purchased through marketing at distance.

  • The applicants are entitled to a grace period of thirty days from the expiration of the reward for the annual/semi-annual reward and fifteen days for the monthly reward.


  • The minimum age for the applicant to apply is eighteen years. 

  • The maximum age for the applicant to apply under regular premium is sixty years and sixty-five years for the single premium.

  • For vesting, the minimum age is forty and the maximum age is seventy.

  • The applicant must be Indian. 


  • The identification document is required by the organization from the applicant's side.

  • The residential area proof documents are mandatory for submission.

  • The age certificate must be given out.

  • The receipt of annual earnings must be handed out. 

Bajaj Allianz Life Guaranteed Pension Goal

Bajaj Allianz Life offers a range of retirement plans that help you make all of your retirement dreams come true. Whether it's an annuity plan or a Unit Linked Insurance Policies-based retirement solution, Bajaj Allianz Life has a product to meet your specific retirement solution needs. Bajaj Allianz Life-Long Goal, an endowment plan for the regular payment of unit-linked bonuses, individual and non-participating, helps you build a strong retirement fund by investing your money in long-term investment instruments linked to the Market, and loyalty additions help boost returns to help you achieve the life of your dreams. 

Features and benefits 

  • The plan provides for granting a loyalty benefit to policyholders when the plan expires. The loyalty benefit is paid as a percentage of the annualized premium or the single premium paid under the contract.

  • The policyholder can exercise the surrender option during the term of the contract. If the policy surrender occurs during the Lock-in Period, then the Surrender Benefit will be payable to the Policyholder at the end of the Lock-in Period. Whereas if the policy surrender is taken out after the end of the lock-up period, the surrender benefit can be used.

  • The amount of the income is fixed at the start of the contract, the insured are guaranteed to receive a regular guaranteed income for life.

  • The other advantages of the Bajaj Allianz plan relate to a joint-life option, in which the policyholder must choose to take a joint annuity or income with a fifty percent or one hundred percent annuity payable to the spouse, after their death. 


  • The applicant must be Indian. 

  • The applicant must not have any criminal records.

  • The applicant must be under the liable age group.


  • The identification document is required by the organization from the applicant's side.

  • The residential area proof documents are mandatory for submission.

  • The age certificate must be given out.

  • The recent photograph of passport-sized must be delivered too. 

Reliance - Smart Pension

  • Reliance Nippon Life Insurance Company is one of the prominent personal sector life insurance corporations in India in phrases of personal weighted obtained premium (weighted received price) and weighted obtained premium new business. The company is one of the biggest non-bank-backed individual life insurers with over ten million policyholders, a powerful diffusion web of seven hundred and thirteen departments, and forty-two thousand six hundred and four advisers as of March 31, 2021. The company owns twenty-eight, forty-eight percent as of March 31, 2021. 
  • Ranked in the Top three Most Trusted Life Insurance Service Brands in the 2018 Most Trusted Brands Brand Value Survey, the Company's vision is “to '' be a company that people are proud of, trust and grow up with; providing financial independence of services for every life we ​​touch. "With this in mind, Reliance Nippon Life targets five distinct segments, namely protection, childhood, retirement, savings and investment, and health; both for individuals and groups/individuals. 
  • Reliance Nippon Life Insurance Company is part of a private-sector financial and non-banking services company Reliance Capital has interests in securities brokerage, life, and general insurance, investments proprietary, private equity, and other financial service activities.

Features and benefits

  • This is a deferred annuity plan with a regular, limited, and one-time premium payment service 

  • There is only one investment plan in this plan 

  • There are loyalty additions every three years in this plan from the end of the sixth insurance year 

  • If the annuitant is under fifty-five, there is the possibility of deferring the acquisition for a minimum of five years

  • In the event of the death of the annuitant under the policy, the nominee will receive the greater of the value of the fund or one hundred and five percent of the total premiums paid to date as a death benefit which may be taken by the nominee in the form of a lump sum or annuity.

  • Life insurance premiums paid up to rupees one hundred thousand are allowed as a deduction from taxable income each year under section 80C and one-third of the proceeds of maturity are exempt from tax under Article 10 (10) A subject to compliance with the terms and conditions


  • The age of the applicant must be eighteen years as the minimum.

  • Forty-five is the maximum age for eligibility.

  • The applicant must be Indian.


  • The identification document is required by the organization from the applicant's side.

  • The residential area proof documents are mandatory for submission.

  • The age certificate must be given out.

  • The recent photograph of passport-sized must be delivered too. 

LIC Jeevan Nidhi Plan

  • LIC New Jeevan Nidhi is a traditional deferred annuity plan for participants offered by the Life Insurance Corporation of India. It offers the double advantage of savings and protection with retirement. In this plan, the retiree can take advantage of several retirement options for different stages of life.
  • At the end of the plan, or on the date of acquisition, an amount equal to the basic insured capital is paid as well as the accumulated guaranteed supplements, the simple reversion bonuses accumulated, and any additional final bonus. The amount received may be redeemed to the extent permitted. The amount of the balance after the changeover or the total amount available, as the case may be, will be used to purchase the immediate annuity at the annuities in force. The entire proceeds can also be used to purchase a single premium deferred retirement product provided the policyholder meets the eligibility criteria for purchasing the single premium deferred retirement product.

Features and benefits

  • Premiums paid are exempt under Section 80CCC of the Income Tax Act 

  • During the first five years, the policyholder will receive Guaranteed Supplements @ rupees fifty/ per thousand Sum Insured for each year complete 

  • The policy will participate in the profits of the company from the sixth year according to the conditions established by the company 

  • The minimum sum insured is rupees one lakh with the regular premium and rupees one lakh and fifty thousand with the single premium policies 

  • No maximum limit for the base sum insured 

  • The duration of the policy varies from five to thirty-five years 

  • Minimum maturity age of fifty-five and maximum of sixty-five years.


  • The minimum age for the applicant is twenty years.

  • The maximum age eligibility under the regular pay is fifty-eight years and sixty years for single pay.

  • For vesting, the minimum age is fifty-five years and the maximum age is sixty-five years.


  • A photocopy of the filled application form is required.

  • The Aadhar card is required.

  • The proof regarding the resident's area, the health reports, and the age proof must be submitted. 

Frequently asked questions 

Question) What is a pension fund?

Answer) Any plan, fund, or scheme that provides retirement income is known as a pension fund, also known as a superannuation fund in some countries. Pension funds often invest enormous sums of money and are major shareholders in both public and private companies

Question) What are the family pension rules?

Answer) The spouse of the deceased civil servant or pensioner will receive a family pension for life. Unmarried children under twenty-five will receive it until they turn twenty-five or marry or start earning a living or die, whichever comes first.

Question) Can pension payments be stopped?

Answer) The pension can be permanently stopped or for some time, if the retiring employee is considered guilty of severe crime, or severe misconduct. 

Question) How much pension does a widow get?

Answer) A widow between the ages of eighteen and sixty can apply for the vidhwa yojana pension. The widow's family income does not exceed rupees ten thousand per month. The widow must not remarry. 

Question) Do pensions run out?

Answer) With a third of the year still to go, we have reached the point in 2021 where the average retired couple will have already spent an income equivalent to two full annual state pensions.

Question) What is the procedure to calculate the pension amount?

Answer) The salary figure used to calculate retirement benefits is usually the average of the two to five consecutive years in which the employee receives the highest salary. This average amount is multiplied by a percentage called the pension factor. Typical retirement factors could be 1.5% or 3%.

Question) What is a good pension percentage amount?

Answer) Take the age at which you start your retirement and divide it by two. Then put that percent of your pre-tax salary into your retirement each year until you retire. Thus, a person from the age of thirty-two should contribute sixteen percent of his salary for the rest of his working life.

Question) How many years of service are required for a full pension?

Answer) The minimum pension eligibility period is ten years. An employee of the central administration who retires by the pension rules is entitled to the pension after having completed at least ten years of qualified service.