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The best pension scheme to invest in 2019

A pension plan is a savings scheme through which you will save money for retirement. You can consider pension plans as Life insurance as well as investment plans. The premium will be used to build the corpus. After the maturity date, the corpus will be paid to the insurance company and the insurance company will pay the amount on a monthly basis. A pension plan is used to provide a steady income to the insured which provides financial security. Below are the best pension plans in India: 

1. SBI Life Saral Pension Plan

Type

The SBI Life Saral Pension Plan is  a type of participating in - linked pension scheme. It provides the plan  holder with protection against the market fluctuations, volatility and  instability.

Benefits

The SBI Life Saral Pension Plan provides  the plan holders with a guaranteed bonus which they are subjected to for a  good 5 years.

Sum Assured amount

The minimum amount of sum assured  that a plan holder has to put in is INR 1 lakh and there is no upper limit to  what the maximum amount of the sum assured can be, so the plan holder can  choose as much as they would like in accordance with their monetary goals and  requirements.

Age of entrant

The potential plan holder has to be a minimum age of at least 18 years to be able to take up the SBI Life Saral  Pension Scheme and cannot be over the age of 65 years to be an entrant of the policy. 

2. LIC Jeevan Akshaya Plan

Pension fund

The pension fund that the policy the holder receives is given to them in a lump sum amount so that they are able to live their life after retirement smoothly and with a similar standard of living.  

Tenure

The LIC Jeevan Akshaya Pension Scheme  is offered with a term of 5 years.

Benefit

The LIC Jeevan Akshaya Pension Scheme  does not ask their plan holder to get a medical checkup done before starting their retirement plan. This is a great benefit as many of the other plans and companies have a compulsory medical examination done.

Annuity

The plan holders of the LIC Jeevan Akshaya scheme will be paid with a lifetime annuity amount and also are given the return of the purchase price of the plan.

Annuity payment

The plan holder of this plan have to  pay the annuity in installments and they get the frequency options as  follows: yearly, monthly, quarter - yearly or even half - yearly and the  insured can choose any one of it according to their preference.

Age of entrant 

To be able to enter into the LIC Jeevan Akshaya scheme, the potential plan holder needs to be at least 30 years of age and they cannot be over the age of 85 years to be an entrant in the pension policy. 

3. Retire Rich by Bajaj Allianz

Type

The Retire Rich retirement plan by  Bajaj Allianz is a type of annuity pension scheme.

Tax benefits

The Retire Rich retirement plan by  Bajaj Allianz has tax exemptions and benefits that are offered under the  Section 80 CCC and Section 10 (10 A) of the Income Tax Act.

Death benefit

The Baja Allianz Retire Rich plan  gives the nominees or the family members of the insured with a death benefit in case the policyholder dies. The death benefit amounts to the sum value of  a tremendous 105 % of the entire premium that the insured had paid up until  the time of their demise.

Grace period

The Bajaj Allianz Retire Rich scheme holders  get the benefit of a grace period. A grace period is a duration of time when the plan holder is allowed to pay off any premiums that are due as they were not able to pay them by the date that they were supposed to. This plan gives their policyholders with a grace period of 15 days which is applicable for the plan with the premium frequency of 1 month and 30 days grace period which is applicable for the plan with the rest of the premium frequencies.  

Premium

The premium that has to be paid on a  yearly basis has a very nominal amount for the minimum payment. The plan  holder has to pay just an amount of INR 15,000 per annum to keep the plan  going.

Age of entrant

To be able to enter into the Bajaj  Allianz Retire Rich plan, the age of the entrant has to be a minimum of 30  years of age and the maximum age limit with this plan is 73 years to be able to take up the policy. 

4. Personal Pension Plan by HDFC

Type

The Personal Pension Plan by HDFC is a retirement scheme which works on the basis of a single life.

Tenure of the plan

The Personal Pension Scheme by HDFC has the tenure of any number of years between  10 years to 40 years.

Death benefit

The  HDFC Personal Pension Plan gives the nominees of the insured with 101 % of  the entire premium paid as a death benefit in case the insured dies.

Vesting option

This   the plan also has an option to be vested from the plan holder to the nominees  after the insured dies.

Benefit

This plan can also be taken up with  EMI options.

Premium payment

The policyholder can choose the premium payment options as they are very  flexible. 

There are a lot of pension schemes that one can take up in 2018. The best pension scheme would be the one that suits you the best and provides you a good pension fund in the near future after you take it up in 2018 and calculate the inflation rate as well. Not only that but also provides well for your family. Above are some of the best pension schemes that are available to take up, as an investor into a pension scheme, you have to choose the one that will suit you the best in accordance with your monetary goals for your post-retirement life and how much pension fund you need to be able to pay off your bills after retirement and also, leave you enough to be able to use it in case of emergencies. So, there is no one particular pension scheme but there might be just the one for you, you just have to research and compare to find the one for the year 2018 or consult an insurance policy agent.