Best Pension Plan India

Best Pension Plan of India

Several Banks & Insurance Companies of India are now offering Pension Plans to its customers. Pension Plans are nothing but the kind of the Financial products just like Mutual Funds & Insurance Policies. Insurance & Banks have floated several pension plan schemes in India that, finding a Best Pension Plan in India is itself a job.

What are Pension Plans? -

Simply put, pension plans (also referred to as retirement plans) are offered by insurance companies to help individuals build a retirement corpus. On maturity this corpus is invested for generating a regular income stream, which is referred to as pension or annuity. Pension plans are distinct from life insurance plans, which are taken to cover risk in case of an unfortunate event.

This, Pension Plans are for 3 basic purposes -

01) Growth of Capital (Income after Retirement)

02) Tax Benefits &

03) Life Insurance Cover

Here are the Best Pension Plans of India -

Following Companies provide Best Pension Plan schemes. You can simply go the website of any of the following companies and check the details of any pension over there.

01) SBI Life

02) ICICI Prudential

03) Bajaj Allianz

04) LIC

05) HDFC Standard Life

There are several other companies also. But the Pension Plan schemes from the above Life Insurance Companies are the Best. However, before investing in Pension Plans, you should compare the premiums and various administrative charges associated with various types of pension schemes.

What Finance Gurus Say about Pension Plans? -

Well, Finance Gurus say that, Pension Plans are nothing but just the Opaque Mutual Funds. They are associated with higher administrative charges. Rather than one should go for Equity Diversified Mutual Fund SIP + Pure Term Life Insurance Policy separately.

Finance Gurus advise people to stay away from the Pension Plans only because they are very costly. Instead of that, if you go for Simple Mutual Fund SIP and buy a separate Life Insurance Policy, it will be much much cheaper than buying Pension Plans.