Best Pension Plan in India – 10 Best Retirement Pension Plans in India 2025 for Senior Citizens

What are Retirement Pension Plans?

We often come across government servants in India who talk about the pension they are getting and how helpful it is for them. A pension is a certain amount of money that is offered to people so that they can carry on with their life without being financially dependent on anyone. What about those who do not receive a pension? Well, they can put their money into pension plans in India and reap the benefits later. At present, you will be able to come across some of the best pension schemes in India, which can offer the needful financial support at a later stage of your life.

Here we are discussing a few retirement schemes and the best pension plan in India which make for a good savings sense.

10 Best Pension Plans in India from Popular Insurance Companies

Below are the best pension plans in India with the Plan Type, Age Criteria, Policy Term, Premium Paying Term – Single, Limited, Regular, and Annual Premium Amount one can choose in 2025

Company Name	Pension Plans	Plan Type	Minimum Age	Maturity Age	Policy Term	PPT	Annual Premium Amount	Sum Assured
Life Insurance Corporation of India (LIC)	LIC New Jeevan Shanti Plan	Non-linked, Deferred Annuity	30-79 years	31-80 years	NA	Single	INR 12,000	-
HDFC General Insurance	HDFC Life Click 2 Retire Plan	Market-linked	18-65 years	45-75 years	10-35 years	Single, Limited, Regular	INR 24,000 for Regular and Limited Pay Options	-
ICICI Prudential Life Insurance	ICICI Pru Easy Retirement Plan	Market-linked	18-70 years	30-80 years	10-30 years	Limited, Regular	INR 48,000	-
SBI Life	SBI Life Saral Retirement Saver	Traditional Savings	18-65 years	40-70 years	40 years maximum	Single, Regular	INR 7,500	Minimum INR 1 lakh, no maximum limit
Max Life Insurance	Max Life Guaranteed Lifetime Income Plan	Immediate/Deferred Annuity	Deferred Annuity: 45-80 years/Immediate Annuity: 0-80 years	46-90 years	-	Single	INR 20,000 for 12 years, INR 75,000 for 6 years	INR 6,67,853
Bajaj Allianz General Insurance	Bajaj Allianz LongLife Goal	Market-linked	18-65 years	99 years	99 years except for the entry age	10-25 years	INR 12,000	10 times the annualized premium
Kotak Life Insurance	Kotak Premier Pension Plan	Traditional Savings	30-60 years	45-70 years	10-30 years	Single, Limited, Regular	Depends on the premium payment tenure and age, term, and coverage	Minimum INR 2 lakh, no limit for maximum
Reliance Nippon Life Insurance	Reliance Nippon Life – Smart Pension Plan	Market-linked	20-80 years	45-75 years	10-30 years	Regular, Limited, Single	INR 50,000	Depends on which premium mode you are choosing
Tata AIA Life Insurance	Tata AIA Life Insurance Guaranteed Monthly Income Plan	Traditional, Non-linked	6-60 years	65-68 years	5,8,12 years	5,8,12 years	No limit	11 times the annualized premium
Aditya Birla Sun Life Insurance	Aditya Birla Sun Life Empower Pension Plan	Market-linked	25-70 years	80 years	5-30 years	Regular	INR 18,000	-

 

Best Retirement Plans 2024 for Senior Citizens in India

1. LIC New Jeevan Shanti Plan

It is a non-participatory, non-linked, and one of the best pension plans in India with a single premium payment.  The plan provides the benefit of returns through Deferred Annuity options. You can avail yourself of the benefits of the plan with both online as well as offline modes. Under this particular plan, the Deferred Annuity payout modes are divided into two options – Single Life Annuity and Joint Life Annuity.

Salient Features of LIC New Jeevan Shanti Plan

• You would be required to make a one-time investment to avail of a source of income that is long-term
• Under this plan, the policyholders will be able to avail of add-on cover for people who are dependent on them and have some kind of disability
• Discounts on Annuity rates are offered
• Policyholders can choose from the Annuity modes such as annually, half-yearly, quarterly, and monthly.

2. HDFC Life Click 2 Retire Plan

It is basically a unit-linked online plan that comes with market-based returns. The policyholder will also get proper assistance on post-retirement requirements.

Salient Features of HDFC Life Click 2 Retire Plan

• The plan comes with a death benefit that is higher than the value or by 105% of the premiums that are paid
• The plan comes with vesting benefits and premium allocation charges cannot be imposed
• Under section 80CCC of the Income Tax Act, 1961, the policyholders will be able to avail of tax benefits.

3. ICICI Pru Easy Retirement Plan

This plan provides a regular source of income to the policyholder through investment opportunities that are available in stocks.

Salient Features of ICICI Pru Easy Retirement Plan

• The plan offers multiple payment frequency modes like monthly, bi-annual, and annual. You will be able to pay the premium monthly, half-yearly, or annually
• The death benefit is equal to 105% of the total premiums that are paid
• With the help of this best pension plan, the taxable income of the policyholders can be reduced.

4. SBI Life Saral Retirement Saver

It is an individual, participating, and non-linked pension plan offered by SBI. With the help of this plan, policyholders can make a corpus for their retirement.

Salient Features of SBI Life Saral Retirement Saver

• You can build a corpus with a simple reversionary bonus that you can add throughout the tenure of the policy
• You will be able to avail of life cover with SBI Life-Preferred Term Rider
• The maturity and even the death benefits can be availed of by the policyholders
• Under section 80CCC of the Income Tax Act, 1961, tax benefits can be availed of by the policyholders.

5. Max Life Guaranteed Lifetime Income Plan

It is a traditional pension plan that provides required assistance to the policyholders for creating a corpus so that they can get a regular income after their retirement.

Salient Features of Max Life Guaranteed Lifetime Income Plan

• The plan offers a pension till the time you and your spouse are alive
• If the policyholder passes away, the nominee is provided with the entire purchase price of the plan
• You will be able to receive a pension either monthly, quarterly, half-yearly, or annually
• Six Annuity options come with this plan.

6. Bajaj Allianz LongLife Goal

It is a unit-linked, Whole Life Cover that will guide you to build a corpus and keep earning income until you turn 99 years old.

Salient Features of Bajaj Allianz LongLife Goal

• With this plan, you can get guaranteed loyalty additions
• Policyholders get income till the age of 99 years
• Policyholders also get a periodical return of Life Cover charges
• Under Section 80C and 10 (10D), the policyholder will be able to avail of tax benefits.

7. Kotak Premier Pension Plan

This is a traditional plan that comes with a pension option. This plan is available online and is apt for people who want to secure their financial future after their retirement.

Salient Features of Kotak Premier Pension Plan

• This plan comes with accrued bonuses and guaranteed additions
• You will be able to choose from several options for premium payment modes
• The assured benefit is calculated since 105% of total premiums that are paid on vesting or death
• On accidental death or disability, additional protection is provided.

8. Reliance Nippon Life – Smart Pension Plan

It is a unit-linked, non-participating plan. The plan assures guaranteed returns as well as regular income. This ultimately helps in meeting retirement goals.

Salient features of Reliance Nippon Life – Smart Pension Plan

• The pension plan is unit-linked and promises Guaranteed Additions as well
• You can pay the premiums regularly, for a limited term, or at once
• The premiums you pay are further invested into the Pension Smart Fund 1
• You can choose from the three options to receive an annuity, such as a Life annuity, a Life annuity that comes with a Return of Purchase, or a Life annuity that is guaranteed for 5,10, or 15 years. After that, it is payable for life.
• You can surrender the policy after the completion of five years from the day of commencement of the policy.

9. Tata AIA Life Insurance Guaranteed Monthly Income Plan

This guaranteed monthly income plan is non-linked and non-participating. This individual life insurance policy is ideal for people who want to save for their retirement period. This plan offers financial security with regular income.

Salient features of Tata AIA Life Insurance Guaranteed Monthly Income Plan

You would be able to plan your monthly income for 10,16, or 24 years
As per the current tax regulations, you will be able to avail of tax benefits
You can avail of a loan against the policy.
10. Aditya Birla Sun Life Empower Pension Plan
Also called ABSLI Empower Pension Plan, it is a non-participating and unit-linked pension plan. By opting for this plan, policyholders can build their post-retirement financial corpus.

Salient features of Aditya Birla Sun Life Empower Pension Plan

In this plan, you will get a self-managed option. This enables you to choose your preferred fund option as per your risk appetite
You can choose the vesting date
You can choose the basic premium amount
Under Section 80C, and Section 10(10D) of the Income Tax Act, 1961, you will be able to avail of tax benefits.