The best pension scheme to invest in 2020

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SBI Life Saral Pension Plan

Type The SBI Life Saral Pension Plan is a type of participating non – 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.

 

LIC Jeevan Akshaya Plan

Pension fund The pension fund that the policy 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 check – up 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. 

 

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 policy holder 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 policy holders 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. 

 

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 a 101 % of the entire premium paid as a death benefit in case the insured dies.
Vesting option This 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 policy holder can choose the premium payment options as they are very flexible.

 

There are a lot of pension schemes that one can take up in 2019. 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 2019 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 you 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 2019 or consult an insurance policy agent.

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