Popular Life Insurance Retirement PLans

Life insurance has many types one them being the retirement or pension plans. These plans are said to be specifically designed for the people who want to save their money for retirement. There are many insurance companies providing life insurance retirement plans that have different features and offer different advantages. Before purchasing a retirement plan you should know what a retirement plan is, this will help you in making a better purchasing decision.

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What is a Retirement Plan?

Retirement plans serve the dual purpose of providing life insurance and becoming an investment tool so that you can save and grow your corpus for it to be used in your retirement. Retirement plans are also known as pension plans. A retirement plan is an investment tool through which you can save money over a fixed period of time i.e. policy term. You need to pay regular premiums during your employment year so that you can obtain benefits in your retirement. Retirement plans can help you be financially independent during your retirement.

Best Life Insurance Retirement Plans 2021

Prior to purchasing a life insurance retirement plan you must compare different retirement plans to consider the best suitable plan for you. Below mentioned are some of the popular retirement plans:

Plan Name	Insurance Provider	Claim Settlement Ratio
Guaranteed LifeTime Income Plan	Max LIfe Insurance	99.22%
Click 2 Retire	HDFC Life Insurance	99.07%
New Jeevan Shanti Plan	Life Insurance Corporation of India (LIC)	96.69%
LifeTime Income Plan	Kotak Life Insurance	96.38%
Saral Pension Plan	SBI Life Insurance	94.52%

(Source: IRDAI Annual Report - Claim Settlement Ratio for the year 2019-20)

1. Max Life Guaranteed LifeTime Income Plan

Max Life Guaranteed LifeTime Income plan is considered a retirement plan. This plan offers 4 immediate annuity option which are Single Life Immediate Annuity for Life (without death benefit), Single Life Immediate Annuity for Life (with death benefit), Joint Life Immediate Annuity for Life (without death benefit) and Joint Life Immediate Annuity for Life (with death benefit). Max Life Guaranteed LifeTime Income Plan also offers 2 deferred annuity options which are Single Life Deferred Annuity for Life (with death benefit) and Joint Life Deferred Annuity for Life (with death benefit). This promises to offer guaranteed income lifelong.

Features and Benefits

• Availability of 4 Annuity Options
  
• Availability of 2 Deferred Annuity Options
  
• Flexibility to Choose Premium Payment Frequency
  
• Availability of Top-up Facility
  

2. HDFC Life Click 2 Retire

HDFC Life Click 2 Retire plan is an online pension scheme. This plan has very nominal premium rates. HDFC Life Click 2 Retire promises to offer monthly income in your retirement, by saving your money in different market-linked investment tools.

Features and Benefits

• Available of Pension Plans with Market-Linked Returns.
  
• Flexibility to choose Premium Payment Term
  
• Availability of Single Premium Payment
  

3. LIC New Jeevan Shanti Plan

LIC New Jeevan Shanti plan promises to provide return on your investment through deferred annuity option. This plan comes along with two deferred annuity options that are Deferred Annuity for Single Life and Deferred Annuity for Joint Life. Once you opt for a deferred annuity option you can not change it.

Features and Benefits

• Availability of 2 Deferred Annuity Options
  
• Availability of Loan against the life insurance policy
  
• Availability of Different Death Benefit Payout

4. Kotak LifeTime Income Plan

Kotak LifeTime Income plan promises to provide income in your post retirement years and if any case you pass away the income will be provided to your spouse. This plan lets you ensure that you have a financial independent post retirement time period. Kotak LifeTime Income Plan offers 6 different annuity options that you can choose from, according to your requirements. 

Features and Benefits

• Plan available for individual customers and group customers as well.
  
• Availability of 6 Annuity Options
  
• Flexibility to choose Premium Payment Frequency 
  

5. SBI Life Saral Pension Plan

SBI Life Saral Pension plan is a savings as well as a pension plan. This plan ensures that you are financially secured from the market irregularities in your retirement years. This plan offers guaranteed reversionary bonuses for the first 5 years of the insurance policy that are 2.50% for the first 3 year of the insurance policy and 2.75% for the remaining years of the policy.

Features and Benefits

• Availability of Guaranteed Reversionary Bonus
  
• Availability of SBI Life Preferred Term Rider
  
• Availability of Maturity Benefit
  

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Conclusion 

These are some of the popular retirement plans that you can consider if you are planning to purchase a life insurance retirement plan. A retirement plan can be such an effective tool that can help you get enough financial resources for your retirement that you do need to be dependent on anyone for your expenses. Before purchasing thoroughly go through the different plans offered by different insurance companies because every plan has different features and you can choose a retirement plan that best fits your requirements and promises to fulfil your financial needs in retirement.