Which annuity retirement plan I should choose

After years of struggle and hard work,we finally reach a point when we bid farewell to our beloved office cubicles and professional life. Retirement sounds blissful but it has some aspects which you would never want to see in a lifetime. It becomes hard to maintain your lifestyle on accumulated savings. Moreover, things like medical expenses and inflation can drain you financially, no matter how prepared you are. For people nearing their 40s, it is the right time to consider an investment plan, but it is equally essential to choose a plan that matches your preferences.

When investing in a retirement plan, you need to consider certain parameters like income, taxes and returns. Here are some retirement plans you can choose to invest in.

  1. LIC Jeevan Akshay 6 Plan: LIC is among the government authorized insurance providers and areconsidered to be one of the key players inthe insurance industry. The LIC Jeevan Akshay 6 Plan is an annuity plan which canbe availed by paying a lump sum amount with immediate effect. The plan offers the benefit of preferred pension payout duration. It has a minimum entry age is 30 years and maximum 85 years.
  2. SBI Life Saral Pension plan:It is an individual, participating, non-linked, traditional pension plan which offers the policyholders protection from market fluctuations. It has a long list of benefits which includes, guaranteed bonuses for first 5 years, minimum premium payment amount starts from INR 7,500 per annum with no maximum limit and the plan offers a minimum sum assured of INR 1 lakh with no maximum limit.
  3. HDFC Life – Click2Retire:This plan offers the benefit of investment along with retirement The deposited capital is invested in unit-linkedfunds that generate returns over a period of time. The best thing about this plan is, you can start investing from an early age of 18 and set the maturity age to 45 years. Investors get to choose from 6 different funds for investment. The plan comes in two payment options, i.e.single pay and limited pay.
  4. ICICI Pru- Easy Retirement: Just like HDFC Life, the plans allocate invested capital in unit-linkedfunds while providing returns periodically. Easy retirementcomes with its own set of benefits likedeath benefit, switching between funds, calibration of premium allocation and numerous tax benefits.

To conclude, it is important to have a retirement planbefore availing one. When investing, you need to make sure that the retirement planfits in your budget while offering maximum benefits. You can also take the help of an online retirement calculator with pension indicators.

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