Retirement & Pension Plans

A pension plan or retirement plan is designed to cater to your financial needs & requirements post-retirement, including medical emergencies, household expenses, and other living costs. Investing in the best retirement plans is essential to safeguard your golden years. Retirement and pension plans are financial instruments that can shape your hard-earned income into savings for your post-retirement life. It comes in various forms to cater to a multitude of savings and investment goals, enabling a financially stable retired life...Read More

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Retirement and pension plans are financial instruments that can shape your hard-earned income into savings for your post-retirement life. It comes in various forms to cater to a multitude of savings and investment goals, enabling a financially stable retired life.

Retirement is a time when you can finally unwind and realize your long-held ambitions. However, if you are financially unprepared, it can be a difficult time. As a result, it is in your best interest to consider a pension plan, also referred to as a retirement plan, and understand how important it is at a young age. You will have more time to start saving for your retirement if you do so.

What is Pension Plan?

A pension plan is a fund that you build throughout your life to ensure a permanent source of income after your retirement. It is an investment that grows through regular contributions. So, when you plan for your retirement at an early stage in life by purchasing the best pension plan in India, it helps secure a sizeable fund.

In general, there are different ways in which pension plan functions. For example, an individual's pension fund may be created by sharing the contributions between their employer and themselves. In this case, the employer is usually responsible for the larger percentage of it.

Additionally, an individual can create a pension fund by depositing a certain amount monthly. Then, upon retirement, the person is eligible to receive the payments as an annuity, depending on the pension information. For the same, it is critical to explore the best pension plan in India, to realise which one suits your need the best.

It is crucial to understand how the pension scheme in India works to calculate the investment amount appropriately, and the same applies to retirement plans. This is because the chief function of a pension plan is to replace the income source; hence, it must be adequate to cater to future financial requirements.

Retirement is a time when you can finally unwind and realize your long-held ambitions. However, if you are financially unprepared, it can be a difficult time. As a result, it is in your best interest to consider a pension plan, also referred to as a retirement plans, and understand how important it is at a young age. You will have more time to start saving for your retirement if you do so.

Importance of Retirement & Pension Plans in 2023

In our ultra-stressful modern lifestyle, we barely get time to plan for the future and give a conscious thought about retirement plans.

However, we can pause a little, understand current and the possible future expenses based on our lifestyle and start investing in a life insurance retirement plan. In that case, we can relieve ourselves from retirement woes. What's important is to understand about the top retirement plans or best pension plan in India is that:

  • It is a disciplined, affordable, and secure way for retirement planning.
  • You can get protection for your family, along with your retirement savings.
  • You can also choose to invest in market-linked pension plans or stick with a conventional pension plan

You should invest in retirement plans, which helps provide a guaranteed income after retirement to cater to your financial needs. Not only this, Retirement Plans & Pension Plans also provide a death benefit which is payable on the death of the policyholder.

With retirement plans, you get the flexibility to save while you are earning to build a large corpus of funds for retirement. You can start your retirement planning as soon as you start earning.

You can start by saving smaller amounts at regular intervals to meet unexpected expenses and provide financial security post-retirement. Thus, investing in the best pension plan in India is a safe and secured way to ensure financial security for your senior years.

How Do Pensions Plan Work?

The primary purpose of investing in a pension plan is to have a stable income even post- retirement and also have a fallback option in case your savings fall short during emergencies. But how do pension plans in India work? Let’s have a look:

Like all other investment & savings plans, you are required to pay a premium for a pension scheme in India. However, the premiums are accumulated in an asset or fund of your choice, which typically lasts for a pre-determined period. After the plan reaches its maturity stage, you will be eligible to receive the pension benefits, which can be further utilized in the following three ways:

  • Withdraw the complete benefit/amount in one go
  • Purchase an annuity plan.
  • Partially withdraw the pension benefits and use the remaining sum to invest in an annuity plan.

However, today, policyholders also have the option of surrendering/discontinuing a pension plan, but a cancellation fee/charge might be deducted. Moreover, you can continue to earn interest on the pension plan if you surrender after 5 years. In comparison, you will need to buy an immediate or deferred annuity plan if you discontinue retirement plans in India before the completion of 5 years.

Types of Pension Plans in India

When it comes to finding the best pension plan in India, you will find a variety of pension schemes. Here are a few of them discussed in detail to help you make a well-informed decision:

1. Deferred Annuity

The deferred annuity pension plan allows the policyholder to build up a corpus by paying single or daily premiums. Thus, they will save a significant sum of money as a pension over the lifetime of the scheme. In addition, through this form of a pension plan, you can also take advantage of some tax advantages.

2. Immediate Annuity

It is a form of annuity that is paid out right away. You deposit a lump sum amount and start receiving annuities immediately as pension. You can choose from a variety of annuity plans and the sum you want to invest.

3. Annuity Certain

When it comes to the best pension plan in India, the policyholder will collect the annuity for a set number of years in this form of pension plan. They can select the payment duration which is most convenient for them. In the event of the insured's death, the contributions are made to the nominee of the pension plan.

4. The National Pension Scheme (NPS)

The government of India offers a variety of pension schemes for the retired population, including the National Pension Scheme. When you invest in this pension plan as an employee, you can save at regular intervals in the pension account, which will be paid out when you retire.

5. Life Annuity

This form of pension plan is active until the policyholder passes away, as the name implies. If their policy has a "with spouse" option, their spouse will be entitled to the pension payout if the insured passes away.

6. Life Insurance in Pension Plans

Life insurance and investment are both included in such pension plans. It ensures that if the policyholder dies, the policyholder's family will receive a lump-sum payout. However, it is important to remember that the insurance payout sum of this form of pension plan might be lower than with a standalone insurance plan.

7. Whole Life ULIPs

Standard pension and retirement plans cover you till the age of 70-80 years, depending on the insurance company. However, Whole Life ULIPs, as the name suggests, cover you for as long as you live (till 99 or 100 years). A Whole Life ULIP does not only provide death benefit, but maturity benefit as well.

8. Defined Benefit

A defined benefit is an employee benefit pension plan sponsored by the employer. The plan is offered to the employee after considering numerous factors such as salary and employment history. The employer often hires an investment manager to manage risks and investment fund.

9. Defined Contribution

A defined contribution-based pension plan is shared between the employer and the employee. Most employers contribute a matching amount to the plan as the employee. This type of plan places some restrictions limited to withdrawal.

10. With Cover and Without Cover Pension Plans

The difference between With Cover pension plan and Without Cover pension plan lies in the component of life cover. While a With Cover pension plan comes with a life cover, the Without Cover pension plan does not. However, in the event of the death of the policyholder, the fund value is paid to the policyholder in both the cases.

11. Guaranteed Period Annuity

This type of pension plan provides guaranteed annuity for a pre-determined period. This period is decided at the time of purchase.

Benefits of Pension Plans


With pension and retirement plans, you may get some of the benefits mentioned below:

  • Guaranteed Vesting Benefit
  • With retirement plans, you will get a fixed or guaranteed income to help you with your retirement planning. Not only this, but you might also get an option to provide the income to your spouse in case of your untimely death.
  • Death Benefit
  • Pension plans also provide a death benefit for the financial security of your family in your absence. The nominee will get the sum assured or death benefit in case of your untimely demise
  • Flexible Premium Payment Terms
  • With retirement and pension plans, you also get the flexibility to choose the premium payment term. You can select your premium payment term depending upon your financial goal.
  • Customize your Retirement Plan
  • With additional riders, you can customize your retirement plans to help you and your family avail additional protection.
  • Tax Benefits4
  • Pension plans and retirement plans qualify for tax deduction under Section 80CCC of the Income Tax Act, 1961. You can avail tax deduction up to Rs.1.5 lakh for the purchase of a new policy or payments made towards renewal of an existing policy providing a pension or periodical annuity.

    Under pension plans, some amount is paid at maturity which is exempt from tax and the rest amount is used for annuity purchase. Annuity earnings are added to the taxable income and taxed as per your income tax slab. Also, no TDS will be deducted on annuities

    *Note:The total tax deduction of Rs.1.5 lakh includes Section 80CCC, Section 80CCD (1).

    Features of Pension Plans


    Before you get started looking for the best pension plan in India, keep these critical features of pension plans in mind:

  • Steady Flow of Income
  • Depending on how you invest in a pension plan, you will get a fixed and steady income after retirement (deferred plan) or directly after investing (immediate plan). This means that when you retire, you will be financially self-sufficient. You can use a retirement calculator to get a rough idea of how much money you will need when you retire and invest in the best pension plan in India.
  • Vesting Age
  • The age at which a pension plan's participant begins to receive a monthly pension is known as the vesting age. Most pension plans in India have a minimum vesting age of 40 to 50 years and a median vesting age of 70 years. You can choose any age between the minimum and maximum limit for when you want to start earning a monthly pension.
  • Surrender Value
  • It is recommended that you should not surrender a pension plan before the due date, or you will forfeit all benefits. You will still earn the surrender value of the plan if you still want to surrender it for whatever reason.

    The surrender value is only granted after you have invested for the minimum amount of time in the plan. This benefit is typically only available with pension schemes in India that have a life insurance component.

  • Accumulation Period
  • An investor can pay the premium as a lump sum investment or in monthly instalments with retirement plans in India. Over time, the wealth would grow in tandem, resulting in a sizable sum. For example, if you begin investing at the age of 40 and continue until you reach the age of 60, you would have invested for 20 years. This corpus is where the majority of the pension payments will come from
  • Payment Period
  • The payment period is when you start receiving your pension post-retirement. For instance, if a pension is received between the ages of 60 and 80, the payout period would be 20 years. When you look for the best pension plans in India, you will find that most plans have a distinct payment and accumulation period. However, some do allow partial or complete withdrawals during the accumulation period.

    Pension Plans Comparison

    When it comes to pension plans in India, there are many options ranging from new-age retirement products such as whole life ULIP to Public Provident Funds (PPF). But the availability of so many pension plans can make it somewhat challenging to figure out the right fit for you.

    Max Life Insurance offers retirement plans that can help you turn your life savings into life-long income comfortably. These plans come with varied benefits and features to suit diverse financial profiles. Here’s a comparison of two retirement plans offered by Max Life Insurance to give you a detailed perspective:

    CriterionGuaranteed Life Time Income Plan (A Non-Linked Non-Participating Individual General Annuity Savings Plan | UIN: 104N076V15)Saral Pension Plan (Non-Linked, Non-Participating Single Premium, Individual Immediate Annuity Plan | UIN: 104N119V01)
    Entry Age25 Years40 Years
    Annuity VariantsOption to choose from 8 variantsOption to choose from 2 variants
    Guaranteed Surrender BenefitSingle Pay: Ranges from 75% - 90% of the Single Premium
    Limited Pay: Ranges from 30% to 90% of the Annual Premium
    Higher Surrender benefit
    Loan FacilityLoan benefit available with deferred annuity variantLoan benefit available
    Premium Payment termSingle Pay,
    Limited Pay: 5 to 10 Years
    Single Pay
    Return of PremiumDeath Benefit to the nominee in case of an eventuality of Annuitant for Single Life and last survivor for Joint Life with death benefit option.
    Immediate Annuity: 100% of premium shall be payable
    Deferred Annuity: minimum 105% of premium shall be payable
    Death Benefit (100% of premium shall be payable ) to the nominee in case of an eventuality of Annuitant for Single Life and last survivor for Joint Life

    Make sure to consider your long-term financial goals carefully when choosing a suitable retirement plan. It is best to go compare the benefits offered by different policies and invest in one that aligns with your particular investment objectives.

    Buying Pension Plans


    Let’s look at the factors you must consider while buying pension plans:

  • Keep Your Budget in Mind
  • No one knows your expenses better than yourself—the monthly expenses as well as the upcoming significant expenditures in the future. And, with the increasing rate of inflation in India, you will likely need a larger income to survive when you retire than you do now.

    Gathering all your expense receipts and identifying your current expenses is a good way to figure out your retirement budget. Learning about your spending is a good place to start when it comes to retirement planning.

  • Plan Ahead of Retirement
  • The disparity between your working age and your expected retirement age determines how many years you must save for retirement. So, make sure you give yourself enough time to develop your money, regardless of where you invest.
  • Assess Your Risk Tolerance
  • Not only in retirement planning but in all types of investment planning, considering an individual's risk appetite is critical. So before investing your hard-earned money in the best retirement plans, make sure you understand your risk appetite.
  • Consider Income Sources
  • While your monthly paychecks will no longer be added to your account, you will be able to continue to earn money in other ways. You might, for example, earn a pension from your employer or own an extra home that you could rent out.
  • Consider Your Debts
  • Well, paying off debts may not be your priority in the present, you do not want to have outstanding debts later in life, especially when you are about to retire. When you get closer to retirement, it is best to pay off all your debts, to live a stress-free life with the support of the best retirement plans.

    What is Retirement Planning?

    The process of deciding your income goals for life post retirement, as well as the actions and decisions required to meet those goals, is known as retirement planning. Identifying sources of revenue, estimating costs, putting in place a savings plan, and controlling assets and risk are all part of retirement planning.

    Your retirement plans can begin at any time, but it is most effective if you incorporate them into your financial planning at an earlier life stage. That is the most effective way to ensure a comfortable, stable, and enjoyable retirement.

    How Much Do I Need to Save for Retirement?

    If you’re wondering how much you need to save for retirement, there is no right answer, as it differs from one person to another. Moreover, while a specific savings amount might be sufficient for you, it might come close to nothing for the next person. However, there are some aspects that you can evaluate to figure out how much you should save for your retirement years, which are:

    • It goes without saying that the earlier you start saving, the better. Therefore, start by considering your age when you start saving. For instance, if you are 30 years old and investing around 20-30% of your monthly income, you will be able to save sufficient funds.
    • Next, evaluate your monthly expenses, credit card bills, EMIs, and other daily expenditure so you can get by with your savings comfortably during retirement.
    • When it comes to retirement planning and savings, it is also vital to consider all your long-term investments, as it will give you a clear idea of how much savings will be sufficient once you retire.
    • Lastly, think about the lifestyle you wish to lead post-retirement. For instance, if you plan on travelling/exploring new countries after retirement, you might need a larger savings fund. However, if you wish to stay indoors and spend time with your loved ones, you can get by with less. Regardless, it is crucial to have sufficient financial backup for emergencies.

    Why Should I Start Retirement Planning Today?

    Retirement planning, like any other financial planning in life, must be done ahead of time. With the average working life of 30 to 35 years, the best retirement plans are often begun at a young age. This implies that retirement preparations and implementation take place at various stages of life. When done correctly, you will reap the benefits of investing in the best pension scheme in India that you started years ago.

    Retirement Planning Guide for Salaried Individuals

    Retirement planning is essential for everyone, especially salaried individuals. So, if you are one, here are a few steps you can follow:

    1. Assess your future financial goals, including all short-term, medium-term, and long-term plans that you want to achieve in the next 5 to 20 years.
    2. Calculate your current income, loans, EMIs, and other expenses. Next, subtract these liabilities from your total assets/investments, which will give you your net worth.
    3. Plan a budget by following the general thumb rule – allocate 50% of your income for needs, 30% for wants, and 20% for savings.

    Lastly, evaluate how much savings you will require to get by during your retirement years, based on which you can invest in pension plans in India or retirement plans in India.

    Retirement Planning Guide for Self-Employed Individuals

    There is a common misconception that self-employed people don’t need to plan for retirement or that it isn’t as important as it is for salaried individuals. However, retirement planning and investing in pension schemes & plans is crucial for everyone, regardless of their employment status.

    So, here are some tips that self-employed individuals can consider for effective retirement planning:

    1. Identify the financial needs of your family, including yourself. Plus, calculate monthly expenditures, including power bills, groceries, etcetera.
    2. Evaluate your current income and saving pattern so you can figure out how much you need to contribute for a sufficient retirement corpus.
    3. Select a suitable pension plan or retirement plan after assessing any associated risks.
    4. Always consider inflation before choosing among the best pension plans in India.
    5. Lastly, make sure you compare all available options so as to avoid making an investment that is not suitable for you.

    Retirement Planning Guide for Senior Citizens

    It can be difficult to plan for retirement at any age. Even so, there are some things you can do in your mid-60s and beyond to ensure you're ready for your golden years:

    1. Organizing your finances is key to begin retirement planning at any age. Since you are most likely to live off a fixed budget after retirement, it is crucial to have a consistent budget in place and all financial decisions managed to retain your existing lifestyle.
    2. Stay prepared for health emergencies and have a comprehensive financial plan in place for such situations. You can use your retirement plan benefits as an additional layer of financial security.
    3. Make precise investment goals that are achievable and suitable to fulfill your needs as a retired individual. Since at this stage, retirement might just be a few years away, your investments need to be precise.

    Why ULIPs Make Good Retirement Plans?

    Since ULIPs are invested in the equity market, they yield higher returns compared to other retirement, pension, and investment plans such as FDs, pension schemes, bonds, and endowment policies. In addition, investing in Unit Linked Insurance Plans (ULIPs) involves less risk, so you get the benefit of both security and excellent returns.

    Eligibility Criteria for Pension Plans

    There is an age requirement to meet when buying pension plans in India, much like every other investment plan. A pension plan can be purchased for someone who has reached the age of 18. A maximum age limit for purchasing a Pension Plan also exists. Most insurance providers have set the maximum age limit at 65-75 years old.

    Documents Required to Buy A Pension Plan in India

     Pension Retirement Plans

    No matter what type of pension scheme in India you are looking for, The following is a list of all documents needed to purchase retirement plans in India:

  • Age Proof
  • You can use your birth certificate, driving license, voter ID, high school mark sheet or passport as proof of age.
  • Address Proof
  • For address proof, you can use your driving license, PAN Card, Aadhar Card, Passport or driving license.
  • Identity Proof
  • Your electricity bill, Ration Card, telephone bill, driving license, passport, or Aadhar Card can be used as identity proof.
  • Income Proof
  • Your salary slip, Income tax return file or salary slip can be used as income proof.

    Who Should Invest in Retirement & Pension Plans?

    Simply put, if you see financial security as a crucial part of your future, you should begin retirement planning and invest in a pension plan. Of course, since each person has a unique financial profile, the details of it may differ. However, anyone who meets the following points of reference should consider investing in the best pension schemes in India.

    • You want to ensure that your partner has a financially stable life while you are away.
    • You want to set up a fund to cover potential high healthcare expenses.
    • You want to keep your current lifestyle after you retire.

    How to Choose the Best Retirement Plan?

    Best Retirement Plans

    Let's look at some tips you can follow to choose from among the best retirement plans in India:

  • Check Limitations on Investment Amount
  • You will come across pension plans with varying maximum and minimum investment limits. As a result, it is important to review your budget before investing.
  • Consider Returns
  • The most important aspect of any investment is the return. As a result, it is important to pick a pension plan only after having a reasonable idea of the potential returns. Furthermore, keep in mind that if the returns are assured, the rate of return may be lower than your expectations. As a result, choose an option that has a good chance of paying off.
  • Liquidity of Investment
  • Some investment plans have a lock-in duration within which you are unable to withdraw funds at any point. Some insurance providers, on the other hand, have pension plans with some withdrawal flexibility.
  • Look for Added Benefits
  • Along with the standard pension plan, many insurance companies now sell extra benefits such as life insurance, tax advantages, etc. So, before you make your final decision, consider a pension plan that can provide you with additional benefits which can be helpful in the future.
  • Get a Good Investment Mix
  • You can also consider retirement plans in India that are a part of a mutual fund for a diverse investment mix. As a result, you can expand your investments depending on your financial profile and risk appetite.

    How to Use Retirement Planning Calculator?

    A retirement planning calculator is a handy online tool that estimates how much money you will need after retiring. The calculation is done on the basis of your age when you invest in a pension plan, the retirement age, income, inflation rate, expected return on investment and other such parameters.

    It supports you in planning your savings so that you can retire with the perfect retirement corpus. In addition, the retirement planning calculator can help you remain secure in the future as it helps estimate the amount required to maintain your current lifestyle.

    Here's how you can use it:

  • Provide basic personal information such as your age.
  • You must select and your ideal retirement age as well as your life expectancy.
  • Fill in the appropriate monthly income that you require post-retirement, as well as the projected inflation rate and return on investment.
  • The retirement planning calculator displays the annual income needed immediately after retirement and the additional retirement funds that must be invested, and the monthly savings necessary to do so.

    Frequently Asked Questions


    When selecting the best retirement plans in India, no one answer applies to everyone. Insurers offer multiple pension plans with varied benefits. It depends on the investor's financial profile, lifestyle requirements, risk tolerance, and other personal factors to choose the best retirement plans in India.

    Generally, you will find traditional pension plans, National Pension Scheme (NPS) and Unit Linked Pension Plans. These may have varied combination of benefits going further, depending on the insurer.

    With a participating pension plan, a policyholder can share the profits of the insurance company. These earnings are disseminated as dividends or incentives. Thus, it can also be called a with-profit scheme.

    In contrast, no profits or dividends are shared with the policyholders of non-participating pension plans.

    Pension plans may be set up so that you or your employer contributes to them. You can receive a monthly payout for the remainder of your life if you purchase an annuity. With a term plan, you safeguard the family's future by securing a certain amount against unpredicted circumstances.

    As far as the tax benefits of pension plans in India are concerned, you can claim deductions for contributions up to Rs 1.5 lakhs, including buying and renewing, as per Section 80CCC of the Income Tax Act.

    Tax benefits are as prevailing tax laws subject to change

    Policyholders who require future payments can purchase various forms of annuities from insurance providers. You may choose whether to collect the money in monthly instalments or not, depending on the type of annuity. It assures an individual that they can rely on the income from this source in the event of financial difficulty.

    You can invest in multiple pension schemes in India, but there may be limits to the total amount you can contribute each year to all schemes if you want to get tax relief on your contributions.

    In case you decide to surrender your pension plan before it matures, the full surrender amount will be added to your taxable income and charged according to your tax bracket. Notably, you will still have to pay back any tax exemptions you received the premiums you owe up until now

    Generally, pension plans come with an age limit, crossing which you can begin withdrawing funds

    After retirement, a pension plan provides financial protection to the policyholder. In the event of the insured's untimely death, the nominee will be entitled to compensation.

    A guaranteed lifetime income is a fixed amount that will be paid at the start of the policy and will be paid for the rest of the policy's duration, depending on the mode chosen.

    A typical pension plan comes with the 'accumulation phase,' which lasts from the moment you buy a plan until you retire. You will be paying premiums during this period, which will be wisely spent as they are received as pension during the 'payment phase' of the plan.

    Whether a person should choose an investment plan or a pension plan depends on a number of factors such as return rate, risk-appetite, investment tenure, tax benefits, and more.

    An Employee Provident Fund (EPF) is a retirement savings plan for salaried workers who work for a company with 20 or more employees. The Employee Provident Fund Organization of India, or EPFO, has mandated that all employers contribute a portion of their workers' wages to the fund.

    The New Pension Scheme, also known as the National Pension Scheme, is a pension plan developed by the Indian government to help individuals protect their financial future after retirement. The Pension Fund Regulatory and Development Authority of India (PFRDA) regulates the National Pension Scheme, which is open to any Indian person between 18 and 60.

    Some of the benefits of the new pension scheme are that it is cost-effective with a variety of investment opportunities, tax benefits and more.

    The answer is straightforward: as soon as possible. In an ideal world, you would begin saving in your twenties, when you first start earning money. The reason for this is that the faster you start investing, the more time your money will have to grow.

    In retirement, having the right form of life insurance and the right amount of life insurance coverage can serve many purposes. It will help you protect your wealth, generate tax-free cash flow, give families peace of mind, and even increase your portfolio's overall returns.

    The policyholder may change the nominee of the policy at any time if they feel the need for it.

    The age at which a pension plan's policyholder begins earning a monthly pension is referred to as vesting age. In most cases, the minimum vesting age is between 40 and 50 years old, with some flexibility up to 70 years old. There are a few businesses, however, that extend the vesting age to 90 years.

    While it is difficult to prioritize one over the other, it is essential that you secure your retirement years first, as retirement planning is essential and pension plans in India are mostly affordable. In addition, you can invest in a child’s plan or open a savings account/fund that will help your child for his education or other future financial goals.

    While an annuity plan typically covers one individual/life, you can invest in a joint annuity plan that will cover both you and your spouse.

    No, there is no Guaranteed Maturity Benefit (MGB) in retirement plans in India. However, it varies from one plan to another and you might be able to avail of a surrender value/benefit.

    Today, you can easily pay the premiums for a pension plan online as most insurance providers offer the option. However, you can also write a cheque or pay offline based on your preference.

    The words pension and retirement are often confused with each other, but they are different. While pension refers to the monetary amount subject to the pensioner on their retirement, retirement refers to the time when one reaches the end of their employment age, i.e.58- 60.

    Pension refers to the monetary moment one receives after retirement. It is paid in form of lifetime monthly payments which means that pension lasts a lifetime.

    Accumulation refers to the phase wherein an individual contributes to their pension plan to get the pension benefits after retirement.

    The legal retirement age in India is 60 years.

    It depends on the kind of lifestyle you are living. If you are living a comfortable lifestyle, experts suggest that you should have a minimum of INR 1.3 crore saved up to meet your retirement expenses.

    7% rule helps individuals decide the amount that would be adequate to meet their financial requirements after retirement. 7% rule takes inflation into consideration. According to financial experts, once you are done estimating your ideal retirement amount after calculating your annual expenses, it’s suggested that you increase that amount by 7% to include the rate of inflation. This way, your retirement corpus won’t lose its value in future.

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    Our Range of Pension & Retirement Plans

    • Max Life Saral Pension Plan

      Guaranteed income for lifetime

      Option to choose a single or a joint life annuity

      Option to receive return of purchase price on death of policyholder

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