Retirement is the golden phase of life wherein you must gain financial independence to live your dream without compromising anything. The main question is how to make these post-retirement years as comfortable and successful as possible. The answer lies in choosing the best retirement plan in India. Out of the many available, it seems difficult to choose the right option. Thus, to make it easy, we have prepared a list of the best retirement plans in India in 2024.
10 Best Retirement Plans in India for 2024
Here are the top 10 retirement plans to secure your life after retirement. Let’s look at the basic features and what makes them unique:
1. PNB MetLife Grand Assured Income Plan
PNB MetLife Grand Assured Income Plan is among the best retirement plans in India that offer guaranteed income upon retirement. This is a non-participating, non-linked, deferred annuity scheme. Here are some of the key features:
- Lifetime Guaranteed Income: Guaranteed assured income throughout your retirement period.
- Customised Payout Option: Select the payout mode that works for you.
- Flexible Premium Payment: Flexibility in paying premium payment is easy and hassle-free.
Key Details:
- Entry Age: 40-84 years
- Policy Term: NA
- Premium Payment: Single
2. HDFC Life Click 2 Retire
If you want market-linked growth with the possibility of higher returns, then HDFC Life Click 2 Retire is the best retirement policy in India. Following are the highlights of the policy:
- Market-linked Benefits: Your savings grow with market performance.
- Tax Savings under Sec 80CCC.
- Flexibility in Paying Premiums: Single, limited, and regular payment options.
This plan is ideal for young professionals who want to accumulate a sizable retirement corpus.
Key Details:
- Entry Age: 18-65 years
- Policy Term: 10-35 years
- Maturity Age: 45-75 years
3. SBI Life Saral Retirement Saver
This is a traditional savings plan that helps you financially secure your retirement. SBI Life Saral Retirement Saver offers:
- Guaranteed Additions to enhance your savings.
- Life Cover Benefits for added security.
- A focus on Systematic, Disciplined Savings.
If you desire simplicity and reliability, this may be one of the best retirement plans in India.
Key Details:
- Entry Age: 18-65 years
- Policy Term: Max 40 years
- Maturity Age: 40-70 years
4. ICICI Pru Easy Retirement
Market-linked plans like ICICI Pru Easy Retirement are for people who desire the possibility of higher yields. Some of its key features are as follows:
- Growth through Market Investments
- Capital Protection to secure your retirement corpus
- Pension Options for individual goals
This plan should be ideal for people with a moderate risk appetite.
Key Features:
- Entry Age: 18-70 years
- Policy Term: 10-30 years
- Maturity Age: 30-80 years
5. Max Life Guaranteed Lifetime Income Plan
This is an ideal plan for building immediate or deferred annuity returns. Under Max Life Guaranteed Lifetime Income Plan, you get the following privileges:
- Lifetime income security with annuity options.
- Immediate/Deferred pension commencement.
- A variety of annuity options to cater to your specific needs.
It is an outstanding solution for retirees who need predictable income.
Key Details:
- Entry Age: Immediate: 0-80; Deferred: 45-80 years
- Maturity Age: 46-90 years
- Premium Payment: Single
6. Bajaj Allianz Lifelong Goal
This is a market-linked plan that offers aggressive growth with financial security. Some of the crucial features of Bajaj Allianz Lifelong Goal are discussed below:
- Avail Long-term Returns on investment with market exposure.
- Policy Terms are available up to 99 years of age.
- Choose Flexible Payment Terms depending on your goals.
Being long-term in nature, this policy is often considered as one of the most major retirement plans in India by young investors.
Key Details:
- Entry Age: 18-65 years
- Policy Term: up to 99 years
- Premium Payment Term: 10-25 years
7. Kotak Premier Pension Plan
Kotak Premier Pension Plan is a traditional savings plan that helps save for retirement in a disciplined manner. Key benefits of this plan include:
- Guaranteed Addition during the policy term
- Choice of premium payment terms
- Tax-saving Benefits are available under prevailing tax laws.
This is a bottom-of-the-pyramid product that gives a safety net with stable growth.
Key Details:
- Entry Age: 30-60 years
- Policy Term: 10-30 years
- Maturity Age: 45-70 years
8. ABSLI Empower Pension Plan
This Aditya Birla Sun Life Insurance market-linked retirement plan is suitable for investors with a long-term horizon. The key benefits accruing from this policy are as follows:
- Choose Investment Funds based on your risk appetite.
- Partial Withdrawals post lock-in period for contingencies/emergencies.
- Opportunity for Wealth Accumulation over the years.
This plan is the best retirement plan for growth-oriented individuals seeking flexibility in India.
Key Details:
- Entry Age: 25-70 years
- Policy Term: 5-30 years
- Maturity Age: Up to 80 years
9. Tata AIA Life Insurance Guaranteed Monthly Income Plan
This plan is all about securing a guaranteed monthly income to ensure a tension-free retired life. Some of the key features of this plan are as follows:
- Guaranteed Payouts for financial stability.
- Multiple Policy Terms and premium payment options.
- Tax Benefits under Sec 80C and 10(10D).
The flexibility within the plan makes it excellent for securing your golden years.
Key Details:
- Entry Age: 6-60 years
- Policy Term: 5, 8, or 12 years
- Maturity Age: 65-68 years
10. IndiaFirst Life Guaranteed Annuity Plan
IndiaFirst Life Guaranteed Annuity Plan offers steady post-retirement income with deferred life annuity benefits. Key features include:
- Various annuity options
- Single premium annuity options for customised payouts
This plan is one of the best choices for anyone who wants hassle-free, uncomplicated retirement planning.
Key Details:
- Entry Age: 40-80 years
- Premium Payment: Single
Final Thoughts
Choosing the best retirement plan in India is all about understanding your financial goals, risk appetite, and retirement needs. Each of the plans mentioned above have their own unique features that help you live your post-retirement years without any financial stress.
If you are confused about selecting any one of these, then take the help of a financial advisor to align your retirement strategy with your lifestyle goals. A little planning today can ensure a stress-free tomorrow! If you think you want an insurance plan than also brings in monetary benefits, then you can also invest in savings plans!
Start Planning for Your Golden Years! Choose the best retirement plan with PNB MetLife and ensure a financially stable future.
FAQs
- Which retirement plan is best in India?
Top choices include PNB MetLife Grand Assured Income Plan and HDFC Life Click 2 Retire.
- How to get 50,000 pension per month?
Invest in annuity plans like Max Life Guaranteed Lifetime Income Plan and PNB MetLife Grand Assured Income Plan.
- Which investment is best for retirement in India?
Market-linked plans like HDFC Life Click 2 Retire and ICICI Pru Easy Retirement are ideal for growth.
- How to get 1 lakh per month after retirement?
Build a large corpus with Max Life Guaranteed Lifetime Income Plan or invest in high-return plans.
