Check out 5 great pension plans with maximum benefits

Pension
plans are a type of investment that helps you accumulate a part of your savings
over a long period so that you can deal with financial uncertainties and have a
secured financial future post-retirement. 

Retirement planning is an important aspect of every
person’s life and it is crucial to start planning your retirement early. By
contributing a specific amount regularly to your investment plan you can create
a financial cushion for yourself and ensure a regular income after retirement.

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Pension plans should always be chosen considering your
financial goals, current income, and the amount you can invest in the plan.

Here are some of the best Pension plans with the maximum benefits:

LIC
Jeevan Akshay 6 Plan

It is an immediate annuity retirement plan which can be
bought by paying a single premium of lump-sum amount. It is considered as one
of the best pension plans as pension starts immediately after buying the plan.
You can choose to receive the annuity payments monthly, quarterly, half-yearly,
or annually.

Features of LIC Jeevan Akshay 6 Plan:

The minimum purchase price is Rs 1 lakh for offline
distribution channels and Rs 1.50 lakh for online distribution channels.

The minimum age required is 30 years and the maximum age is
85 years.

Premium paid is eligible for tax exemption

No maximum limit for an annuity

No medical tests required to avail of this policy

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LIC Jeevan Nidhi Plan

It is a with-profits pension plan wherein the accumulated
amount is used for generating pension for the policyholder. It is a deferred
annuity pension plan which offers guaranteed profit to the policyholder. 

Feature of LIC Jeevan Nidhi Plan:

For the first five years, the policyholder will receive
guaranteed additions @ Rs.50/- per thousand Sum Assured for each completed year

Premium paid is exempted from tax under Section 80 CCC of
the Income Tax Act

From the sixth policy year, the policy starts
participating in the profits of LIC.

The minimum age is 55 years and the maximum age is 65
years

No maximum limit for the basic sum is assured. Minimum
basic Sum Assured is Rs 1 lakh under regular premium and Rs 1.50 lakhs under
single premium policies.

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SBI Saral life Pension Plan

It is an individual non-linked, participating traditional
pension plan that protects the policyholder from market fluctuations and
volatility.

Features
of SBI Saral life Pension Plan:

Guaranteed bonuses for the first 5 years

The minimum premium amount starts at Rs 7,500 per annum
with no maximum limit

The minimum entry age is 18 years and the maximum is 65
years

Minimum Sum Assured of Rs 1 lakh with no maximum limit

You can also get the vesting bonuses on the maturity of
the plan

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HDFC Life – Click2Retire

This is an online Unit Linked Plan that offers the
policyholder market-linked returns with minimal charges, which helps in meeting
post-retirement requirements.

Features of HDFC Life – Click2Retire:

Guaranteed vesting benefits as well as additional gains
from the market

Minimum entry age of 18 years and maximum of 65 years

Low maturity age of 45 years and maximum of 75 years

Death benefits to the nominee will be higher than the
fund value of the policy or 105% of premiums paid till then

Tax benefits under Section 80C and Section 10(10A) of
Income Tax Act 1961.

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ICICI Pru – Easy Retirement

This plan ensures regular income for the policyholder
once his or her salary stops post-retirement through equity investment. It
also generates good long-term returns and offers protection against market
volatility.

Features
of ICICI Pru- Easy Retirement

Minimum premium of Rs 48,000 per annum with no maximum
limit

Monthly, half-yearly and yearly payment modes

Minimum entry age of 35 years and maximum of 70 years

Minimum vesting age of 45 years and maximum of 80 years

The policy is offered for 10, 15, 20, 25, and 30 years

Tax benefits on premiums and benefits