After completing our education, we start our careers with great enthusiasm. We work tirelessly from 9 to 5 to enjoy our lives. However, it is essential to think about life after retirement. Therefore, it is crucial to consider the safest and most effective ways to secure our livelihoods once we retire. In this case, exploring and choosing the best retirement plans is a must.
There are several options available but choosing the best pension plan in India is one of the most important decisions. You should carefully consider your financial goals and expectations for retirement before choosing a plan that suits your needs. To make things easier, here is a list of the best pension plans currently available to help you plan for your future.
What is a Pension Plan?
A pension plan will safeguard your retirement phase with all financial stability. Having a thorough pension or a retirement plan can help you avoid worrying about expenses and inflation in your retirement years. Planning and utilising the best pension plans available will help you reach your retirement goals and lead a fulfilled life.
Best Pension Plans for You to Invest In 2024
- Invest 4G Plan: With the Invest 4G Plan, you will start by investing in 8 funds and 4 portfolio strategies. With this, you will get access to loyalty additions and wealth boosters as well. All cover options allow for the return of the mortality charge upon maturity in this pension plan.
- Employee Provident Fund (EPF): This is a mandatory retirement savings scheme for salaried employees in India. Both the employee and employer contribute a portion of the salary to this fund.
- Public Provident Fund (PPF): A long-term savings scheme with a tenure of 15 years, the PPF is popular for its tax benefits and fixed interest rates. Individuals can contribute regularly to build a retirement corpus.
- National Pension System (NPS): NPS is a voluntary long-term retirement savings scheme designed to enable systematic savings. It offers a mix of equity, fixed deposits, liquid funds, and government funds as investment options.
- Atal Pension Yojana (APY): Aimed at the unorganized sector, APY is a pension scheme that provides a guaranteed pension ranging from Rs. 1,000 to Rs. 5,000 per month, depending on the contribution and age at entry.
- Senior Citizens Savings Scheme (SCSS): While primarily designed for senior citizens, SCSS can also serve as a retirement savings option. It has a fixed tenure of 5 years, and interest rates are typically higher than regular savings accounts.
- Life Insurance Pension Plans: Some insurance companies in India offer pension plans combined with life insurance coverage. These plans provide the dual benefit of securing your family’s financial future in case of your demise and offering a regular income during retirement.
These are some of the best pension plans in India that you can explore. Each one of these pension plans has something different in what benefits it has to offer apart from guaranteed retirement income. Choose the best pension plan according to your needs and retirement calculations. If you’re looking for any further information regarding which pension plan to choose then reach out to the Canara HSBC Life Insurance.
