Which pension plan is best in India 2020?

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Which pension plan is best in India 2020?

We at Scripbox have curated 10 best Retirement Plans available in India for you –

  • LIC Jeevan Akshay 6 Pension Plan.
  • Jeevan Nidhi Pension Plan of the LIC.
  • SBI Life Saral Pension Plan.
  • Reliance – Smart Pension Plan.
  • HDFC Life – Click to Retire.
  • HDFC Life – Assured Pension Plan.
  • Bajaj Allianz – Pension Guarantee.

Which is the best single premium pension plan?

Which is The Best Single Premium Pension Plan in India?

  • LIC Jeevan Akshay 6 Plan.
  • LIC Jeevan Nidhi Plan.
  • HDFC Life – Assured Pension Plan.
  • Bajaj Allianz – Pension Guarantee.
  • Max Life Forever Young Pension Plan.
  • Bajaj Allianz Retire Rich Pension Plan.
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What is LIC pension plan?

LIC Pension plan provides a steady flow of income to the individual in their golden years of retirement. There are four different pension schemes offered by LIC, i.e., LIC Jeevan Shanti, LIC Jeevan Akshay-VII, Pradhan Mantri Vaya Vandana Yojana, and Saral Pension. Best Pension Options. Get Tax Free Pension For Life.

How do I choose a pension plan?

Important tips to Choose the Best Pension Plan for a Secured…

  1. Inflation-adjusted returns. One of the best factors to determine which pension plan is best is to see if the plan offers inflation-adjusted returns.
  2. Guarantee pension for you and spouse.
  3. Flexibility.
  4. Bonus and other benefits.
  5. Guaranteed income option.

Is NPS good for senior citizens?

The good news is that now senior citizens above age 65 (up to 70 years)are also allowed to open a National Pension System (NPS) account. By investing in NPS, they can now plan for a regular pension till their lifetime. The amount invested in NPS also comes with tax benefits and helps the senior citizens save tax.

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What is the difference between LIC NPS and LIC Pension Plan?

LIC is an insurance company, where you will get annuity after accumulation. the yield on the pension plan in LIC is not more than 5–6\%. The NPS is a market-related investment product where you can expect higher yield, in the range of 8–9\%.

What is the tax treatment of an annuity in NPS?

Income from the annuity plan is taxed at your marginal tax rate in the year of receipt. There is no concept of surrender in NPS. For more on tax treatment of NPS funds at maturity, refer to this post. With pension plans from insurance companies, you can withdraw up to 1/3 rd of the accumulated corpus as lumpsum (commuted pension).

Can I buy an annuity from LIC after investing with NPS?

During the working years, you contribute to NPS and the time of retirement, you have to purchase annuity/pension (for atleast 40\% of accumulated wealth) from one of the life insurance companies. LIC is one such life insurance company. So, after investing with NPS, you can purchase a pension plan (annuity) from LIC.

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What is NPS (National Pension Scheme)?

The NPS, or the National Pension Scheme, is the initiative of the Government of India, and protects the interest of the subscribers through regulations, while offering them higher interest and returns. NPS of National Pension Scheme is a defined contribution, and voluntary retirement saving scheme.