Pension plans in India
In India Pension plans are sold by the life insurance companies and are monitored by IRDA. All the pension plans which are sold by these insurance companies are to be pre approved by the IRDA. All the 24 insurance companies are selling pension plans in India.
India is a country where the total population is nearly 110 crores, out of which only 3-4% people have pension benefits. The rest of population is not having any social security for their retired age. This results in the people going for jobs even after age 65.
These Pension plans gives us solution for these old age factor. let us have a short view on the available pension plans in the market.
Pension plans List in India
Here in the below table, waytoinsurance.com had bought out the pension plans list which is available with 24 life insurance companies.
|COMPANY NAME||PLAN NAME|
|Aegon Religare Life Insurance Co. Ltd.||AEGON Religare Guaranteed Income Advantage Insurance Plan|
|Aviva Life Insurance Co. India Ltd.||Aviva Next Innings Pension Plan|
|Bajaj Allianz Life Insurance Co. Ltd.||Bajaj Allianz Retire Rich (ULIP)|
|Bharti AXA Life Insurance Co. Ltd.||NO PRODUCT|
|Birla Sun Life Insurance Co. Ltd.||BSLI Empower Pension – SP Plan|
|Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.||NO PRODUCT|
|DHFL Pramerica Life Insurance Co. Ltd.||NO PRODUCT|
|Edelweiss Tokio Life Insurance Co. Ltd||Edelweiss Tokio Life – Pension Plan|
|Exide Life Insurance Co. Ltd.||Exide Life Golden Years Retirement Plan|
|Future Generali India Life Insurance Co. Ltd.||FG Pension Guarantee|
|HDFC Standard Life Insurance Co. Ltd.||HDFC Life Single Premium Pension Super|
|ICICI Prudential Life Insurance Co. Ltd.||ICICI Pru Easy Retirement|
|IDBI Federal Life Insurance Co. Ltd.||NO PRODUCT|
|IndiaFirst Life Insurance Co. Ltd||NO PRODUCT|
|Kotak Mahindra Old Mutual Life Insurance Ltd.||NO PRODUCT|
|Life Insurance Corporation of India||LIC’s New Jeevan Nidhi|
|Max Life Insurance Co. Ltd.||Max Life Forever Young Pension Plan|
|PNB MetLife India Insurance Co. Ltd.||MetLife Monthly Income Plan – 10 Pay|
|Reliance Life Insurance Co. Ltd.||Reliance Smart Pension Plan|
|Sahara India Life Insurance Co. Ltd.||NO PRODUCT|
|SBI Life Insurance Co. Ltd.||SBI Life – Retire Smart|
|Shriram Life Insurance Co. Ltd.||NO PRODUCT|
|Star Union Dai-Ichi Life Insurance Co. Ltd.||SUD Life Assured Income Plan|
|Tata AIA Life Insurance Co. Ltd.||NO PRODUCT|
Out of the 24 insurance companies in India, only 16 company has specialized retirement plans. We had linked all the pension plans available with each company. All the product features pages are linked with the product names in the above coloumn. You can click on the names for further details of the product.
And all the products are deferred annuity plans. Our experts are analyzing all the above listed pension plans. You can have a review of all the above plans very soon.