Best Annuity Plans in India for 2021

The inevitable stage that comes into everybody’s life when the normal pay stops is the retirement period where there are feelings of uneasiness and apprehension with respect to finances. This is a very common as well as diligent worry for every individual’s mind post retirement as the expenses and the lifestyle will no longer be covered by monthly pay checks. 

So here the Annuity Plans come into play in order to solve this uneasiness of the financial aspect even post retirement, these are the very crucial life coverage plans.

In this article we will read about Best Annuity Plans in India.

What are Annuity Plans?

The pension plans that acts as an insurance, acts as a substitute for pay checks in providing income and can be used as coverage of expenses as well as lifestyle are called Annuity Plans. One needs to first invest in the annuity which will further make regular payments to an individual in the future on particular dates.

Best Annuity Plans in India

This is a big choice and a very crucial one so one has to be very diligent about their financial or monetary targets as well as their requirements. 

Here are a few Annuity plans one can make a choice from :

1. SBI Life Saral Pension Plan:
This is a standard annuity or pension plan where one can pay a premium in such a way that it benefits one with life cover as well as different types of compensation, hence it provides various improvement benefits. It facilitates and assists one with forming a corpus for days post retirement and is also a unit related as well as semi benefits plan. 

2. LIC Jeevan Akshay Six Pension Plan:
This is one of the most bought plans which gives lifelong annuity post retirement , it provides cash related coverage and strength . It is available and accessible at different rates of premium and also provides tax brakes.

3. HDFC Life - Click to Retire
This type of plan is well known for for saving charges as well as helps one earn around 1.5 lacs as mentioned by the Income Tax Acts that too for each financial year, it also provides various compensations following leaving, for lifelong. 

Under this plan one has a guarantee of benefits available as well as remuneration. One is eligible once at the age of 18 years.

Bajaj Allianz - Pension Guarantee
This plan guarantees that one’s benefits are reliably ensured so one can peacefully enjoy the post retirement period. These annuities can be made in the following ways: monthly, quarterly, semi yearly, yearly. 

Max Life Guaranteed Lifetime Income Plan
This annuity plan considers the policy holder’s necessity. This provides various annuity choices as well as flexibility of payout.

Conclusion 

One must be very careful about choosing the right annuity plan according to their needs, requirements as well as the expenses and the lifestyle that will no longer be aided by monthly pay checks. One must keep into consideration the eligibility criteria for these annuity plans usually fall between 35 to 75 years, but may differ according to different insurance companies.

Also Read: 7 Things You Should Know Before Purchasing Life Insurance