Best 5 Annuity Plans in 2024

Retirement is the point in your life when your regular income ceases. Whatever the case may be, your way of life and clinical expenses will continue regardless of your compensation. In the current situation, you'll need to figure out a means to supplement your income to cover your living expenses. This is where annuity plans for retirement come into play. An annuity plan helps you supplement your income even throughout your retirement years and has a lot of other benefits. In the section below, we will discuss all about the best annuity plans in 2024. 

Features of Annuity Plans

Listed below are some of the features of annuity plans that you should know about:

• With your annuity plan, you have the option to make the premium payments in a lump-sum manner or monthly
• There are a range of annuity options available such as Single Life Annuity, Joint Life Annuity, and Annuity with Return of Purchase Price
• Annuity plans provide a regular source of income to meet your financial needs even after you retire
• You can choose the pension payout option according to your needs. The options available are monthly, quarterly, semi-annually, and annually
• Even the contributions towards annuity plans can be made on a flexible basis. You can either contribute regularly or on a lump-sum basis
• The nomination features are available with your annuity plan
• You can enjoy tax savings on annuity plans under section 80C of the Income Tax Act of 1961

Factors to Consider While Buying Annuity Plans

Listed below are some of the factors you need to consider while buying annuity plans in India:

• Rate of Return: You need to check the rate of inflation before buying an annuity plan. This will help you understand the rate at which your invested amount will grow every year. 

• Liquidity: You should also check whether the annuity plan you are buying offers liquidity or not. Ideally, you should not make any pre-mature withdrawals, however, in case of emergency, you can utilise these funds.

• Insurance Company: You should also check the performance of the insurance company before buying an annuity plan with them. You must check the customer service they are offering as this will help you enjoy the best customer service.

• Choose the Right Type: There are different types of annuity plans available such as Immediate Fixed Annuity, Immediate Variable Annuity, Deferred Fixed Annuity, and more. All of these options have different features, so based on your needs and budget, choose a suitable annuity plan for yourself. 

The Best Annuity Plans in 2024

The type of schedule you will have after retirement will be determined by how early you plan to retire. Choosing the ideal approach for your fundamentals and financial objectives may be difficult, but making the right decision can ensure a fulfilling life after retirement. Choose the finest option to meet your cash-related needs as you become older. With so many retirement plans available, you just need to choose the right one for you. Here's a brief rundown of the top retirement plans to consider. Check out the following options to discover which one best suits you:

LIC Jeevan Akshay 6 Pension Plan

At the moment, the most popular retirement plan is the LIC Jeevan Akshay 6 Pension Plan. It is well-known for providing a lifetime annuity after retirement, despite the fact that there is no improvement benefit. However, the fact that it provides you with cash-related strength for the rest of your life is very exceptional. Both regular compensation after retirement and life insurance are available at the required premium rates under this game plan. Furthermore, it provides fantastic tax benefits.

Saral Pension Plan of SBI Life

The SBI Life Saral Pension Plan is a conventional annuity plan in which you pay a normal premium strategy in exchange for life insurance and other types of compensations in some situations, as well as improved advantages. It's a unit-linked, semi-benefits plan that helps you develop a corpus for your post-retirement years. Interests in the units also entitle the corpus to a piece of the pie in the production of your wealth.

Click to Retire with HDFC Life

The HDFC-Click to Retire program is recognized for saving a lot of money on fees, and it can help you earn an exemption of roughly 1.5 lacs every financial year as per the Income Tax Acts. In addition, it provides you with regular compensation for the rest of your life. This plan ensures a comfortable retirement with decent pay and a benefit. You will receive advantages multipliers every other year commencing in the 11th year from the most timely early phase. When you reach the age of 18, you can pursue this arrangement.

Pension Guarantee, Bajaj Allianz

The Bajaj Allianz-Pension Guarantee is an incredible way to ensure that your benefits are almost guaranteed, allowing you to experience the value of life beyond retirement. It receives a reasonable remuneration based on the leasing segment's pace. Monthly, quarterly, semi-annually, or yearly payments can be paid on an annuity.

Lifetime Income Plan Guaranteed by Max Life

The Max Life Guaranteed Lifelong Income Plan is a lifetime annuity store that considers the individual's unique requirements. It offers a variety of annuity options as well as local payout flexibility, as well as price reductions.

Take Away

Retirement planning is becoming increasingly important in light of the growing shortcoming of life. This year has been essentially the same and significantly more cruel on salaried gatherings, with many expecting to give up jobs in the middle of the year, and many expecting to leave a shockingly long time before the predetermined period, so you should start retirement planning now. The main goal of retirement planning is to guarantee that your basic needs are satisfied even if your primary source of income is no longer available.

FAQs

• Can I get tax benefits with annuity plans?

Yes, tax benefits are available with annuity plans.

• What are some of the best annuity plans in India?

Some of the best annuity plans in India such as LIC Jeevan Akshay 6 Pension Plan, SBI Life Saral Pension Plan, CLICK 2 Retire HDFC Life, and Bajaj Allianz Pension Guarantee Plan. 

• Can I buy annuity plans with InsuranceDekho?

Yes, you can buy annuity plans with InsuranceDekho.