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Pension Plans

Name: Retirement & Pension Plans
Brand: Axis Max Life Insurance
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Pension Plans or Retirement Plans are a type of financial instrument offered by life insurance companies that can help policyholders secure their financial future after retirement. These are long-term policies that are primarily designed to help individuals create a corpus for purchasing annuities. These annuities can provide guaranteed regular income to cover various expenses after income from salary or business ceases. show less ...Read More

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Written bySumit Narula

Investment Writer

Published 9th December 2025

Reviewed byPrateek Pandey

Last Modified 11th December 2025

Investment Expert

What are Retirement or Pension Plans?

Retirement Plans or Pension Plans are a type of long-term savings plan whose primary goal is to provide the policyholder with regular income to cover post-retirement expenses. Since these plans are offered by life insurance companies in India, pension plans in India come with in-built life cover benefit.

Since pension plans are long-term financial plans, the policyholder contributes into these plan over an extended period of time that might extend over decades. This period of contribution is known as the accumulation phase.

The corpus created at the end of this accumulation phase undergoes superannuation at the end of the pension plan tenure. These retirement savings are then used to purchase annuities which can provide guaranteed regular income after retirement.

Over the years, the adoption of different types of pension plans has increased in India. The recent IRIS (India Retirement Study Index) 5.0 survey conducted by Axis Max Life in 2025 observed that the retirement readiness index score in India has increase to 48 from 44 recorded in 2021. However, gaps still remain and the study found that only 37% of survey respondents had achieved 25% or of the retirement corpus goal.

This is why staring one’s retirement journey early is crucial. Assuming retirement at the age of 60 years, a 40 year old will have only 20 years to save for their retirement. Whereas, if one were to start saving for retirement at the age of 25 years, the accumulation phase of the investor could potentially last 35 years. This additional time can help maximise the benefit of compounding and help create a substantial retirement corpus with relatively less effort.

Why Pension Plan is Important in 2025-2026?

None of us can work our entire lifetime and eventually we will have to retire. After retirement, we cannot look forward to receiving a salary or an income from business or profession. This is where a pension plan can help fill the gap by ensuring that we receive a regular pay out that can replace the income we used to receive during our working years.

Some of the key factors that one needs to consider regarding the importance of pension plans in 2025-26 include the below:

Increased life expectancy: As medical science progresses, we are living longer with life expectancy in India projected to reach 72 years for males and 75.7 years for females by 2030. This means that our post-retirement life will be longer, so traditional savings plans might not suffice. This is why financial instruments like pension plan are becoming more important at present.
Higher Healthcare Costs: As per current statistics, medical inflation in India has risen by around 10% every year over the past 10 years and this trend is expected to continue. What’s more as we grow older, our medical expenses tend to increase. So, having a pension plan in place along with a suitable health plan is essential so that one can cover healthcare costs that might crop up after retirement.
Increase in Cost of Living: It is not just medical costs that are on the rise, retail inflation is on the rise too and this will increase your cost of living. Assuming that your monthly expenses are currently ₹1 lakh and an inflation rate of 5% annually, in 20 years’ time your expenses will increase to ₹2.65 lakh. So, adequate savings as well as regular income from pension funds need to be an essential part of retirement planning.
So, during retirement even though your regular income has ceased, your expenses will still be substantial. This realisation is clear from respondents of the Axis Max Life IRIS 5.0 survey of 2025. In the survey, 63% of respondents said they expected their retirement savings to last less than 10 years. Rising inflation leading to higher cost of living can be one of the key contributors regarding why this might occur.
Decrease in Job Security: Technological advances along with the rise of generative Artificial Intelligence has led many to reconsider how secure their current job is. Older individuals are perhaps more prone to being laid off or face termination as automation in various jobs increases.
In such a situation, one might have to consider taking early retirement, so having a suitably large retirement savings corpus can help one gain adequate financial security. This can only be done with an early start. This thought is echoed by IRIS 5.0 survey respondents where 50% said that retirement planning should start with the first salary itself.
Changing Family Structure: India’s traditional family structure is changing rapidly. With the rise of nuclear families, future retirees might not be able to depend on their children for financial support. A study conducted by Kantar in 2023 highlighted this fact noting that around 75% of new households that have emerged in the past 14 years were nuclear in nature.
As, a result of this shift, adequate retirement planning including purchasing a suitable pension plan is the need of the hour for achieving financial security during the golden years.
Tax Benefits: Not only can pension plans help secure your post retirement finances, but also offer various tax benefits. The primary tax benefit of pension plans in 2025-26 is at the time of investment u/s 80CCC of the Income Tax Act.
Additionally, depending on the type of pension plan chosen, you may also be eligible for tax benefits under additional sections of the Income Tax Act such as Section 80CCD and Section 10(10D). However do keep in mind that a majority of these tax benefits of pension plans are offered only under the old tax regime.
Lack of Social Security Plans: Unlike many western nations, India currently lacks a robust social security plan for the elderly. So in essence once your income ceases post retirement, you are dependent on your savings, investments and extended family members for financial support. This is why contributing towards a suitable pension plan is essential for providing you the benefit of a stress-free retirement.

How Do Pension Plans Work?

The life cycle of a pension plan comprises of 2 key phases. First is the accrual or accumulation phase and the second is the vesting phase. This is what occurs in each phase:

Accumulation Phase: During this phase of the pension plan:

The policyholder makes regular contributions to grow the investment corpus
The insurer invests the contributions into various financial instruments
The investments grow over time by leveraging the power of compounding.

Let’s understand how the accumulation phase of a pension plan works with an example. Suppose a 30 year old individual purchases a pension plan with a premium payment term of 30 years. Assuming monthly premium payment of ₹5,000, the total investment made at the end of 30 years will be ₹18 lakh. Then, assuming a growth rate of 12% p.a. for the investments, the final corpus created will be ₹1.76 crore.

Vesting Phase: During this phase of the pension plan:

The corpus created is superannuated and now available for partial withdrawal and purchase of annuities
The accumulated amount less any withdrawals are used to purchase annuities.
Annuities purchased offer fixed returns that can provide regular predictable income.
The pay out from the pension plan starts after the annuity purchase is completed

Let’s understand the vesting phase by continuing with the earlier example. Suppose the final corpus of ₹1.32 crore from earlier undergoes superannuation and you withdraw ₹32 lakh as a lump sum. The remaining ₹1 crore is used to purchase annuities that offer a return of 5% p.a. for the next 30 years. These annuities will provide a pay out of approximately ₹6.2 lakh annually or around Rs. 52,000 monthly during the vesting phase of the pension plan that will last 30 years.

Benefits of Starting Early

Many of us tend to delay our retirement planning. This is often due to the belief that financial goals that are to be achieved in the near term should take precedence. After all, retirement is decades in the future and we can wait a while before we start saving for retirement. However, this delay can cost your dearly.

To understand how starting early on your retirement journey can be beneficial, consider the different retirement savings strategies taken by two friends - Ram and Shyam.

Ram starts his retirement journey at the young age of 25 years with a monthly investment of ₹10,000. He continues this investment till the age of 60 years i.e. for the next 35 years.

The total investment made by Ram over these 35 years will be ₹42 lakh. Assuming a 10% annual return on his investment, Ram would have a corpus of around ₹3.43 crore at his disposal by the time he retires at the age of 60 years.

Shyam starts his retirement savings journey 10 years later at the age of 35 years. He starts investing ₹20,000 per month and continues till retirement at the age of 60 years, i.e. for the next 25 years.

So, Shyam ends up investing ₹60 lakh by the time he retires. Now, assuming his investments also grow by 10% p.a., his retirement corpus at the age of 60 years would be ₹2.48 crore.

So, the impact of Shyam’s delay is clear – a retirement corpus which is almost ₹1 crore smaller than his friend Ram’s. This occurs even though Shyam invested more than Ram by the time he retired. Due to Ram’s longer investment period, the power of compounding has worked in his favour.

Recent trends have indicated that more individuals are understanding the power of compounding and the cost of delaying retirement savings. This was observed among respondents of the Axis Max Life IRIS 5.0 survey. In the survey, 50% of urban respondents expressed their belief that retirement savings should start from the first pay check itself.

Types of Pension and Retirement Plans in India

When it comes to finding the best pension plan in India, you will find a variety of pension schemes. Here are a few of them discussed in detail to help you make a well-informed decision:

1. Deferred Annuity

The deferred annuity pension plan allows the policyholder to build up a corpus by paying single or daily premiums. Thus, they will save a significant sum of money as a pension over the lifetime of the scheme. In addition, through this form of a pension plan, you can also take advantage of some tax advantages.

2. Immediate Annuity

It is a form of annuity that is paid out right away. You deposit a lump sum amount and start receiving annuities immediately as pension. You can choose from a variety of annuity plans and the sum you want to invest.

3. Guaranteed Period Annuity

When it comes to the best pension plan in India, the policyholder will collect the annuity for a set number of years in this form of pension plan. They can select the payment duration which is most convenient for them. In the event of the insured's death, the contributions are made to the nominee of the pension plan.

4. The National Pension Scheme (NPS)

The government of India offers a variety of pension schemes for the retired population, including the National Pension Scheme. When you invest in this pension plan as an employee, you can save at regular intervals in the pension account, which will be paid out when you retire.

5. Atal Pension Yojana (APY)

Atal Pension Yojana is designed to provide a fixed pension to subscribers upon retirement. Primarily targeted at individuals working in the unorganised sector, APY offers assured monthly pension options of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 or Rs. 5000. Contributions can be made monthly, quarterly or half-yearly and pension payout starts when the subscriber attains the age of 60 years. The minimum age of entry into this scheme is currently 18 years and entry is allowed to individuals before they attain 40 years of age.

6. Life Annuity

This form of pension plan is active until the policyholder passes away, as the name implies. If their policy has a "with spouse" option, their spouse will be entitled to the pension payout if the insured passes away.

7. Life Insurance in Pension Plans

Life insurance and investment are both included in such pension plans. It ensures that if the policyholder dies, the policyholder's family will receive a lump-sum payout. However, it is important to remember that the insurance payout sum of this form of pension plan might be lower than with a standalone insurance plan.

8. Whole Life ULIPs

Standard pension and retirement plans cover you till the age of 70-80 years, depending on the insurance company. However, Whole Life ULIPs, as the name suggests, cover you for as long as you live (till 99 or 100 years). A Whole Life ULIP does not only provide death benefit, but maturity benefit as well.

9. Defined Benefit

A defined benefit is an employee benefit pension plan sponsored by the employer. The plan is offered to the employee after considering numerous factors such as salary and employment history. The employer often hires an investment manager to manage risks and investment fund.

10. Defined Contribution

A defined contribution-based pension plan is shared between the employer and the employee. Most employers contribute a matching amount to the plan as the employee. This type of plan places some restrictions limited to withdrawal.

11. Pension Plans With/Without Life Cover

The difference between With Cover pension plan and Without Cover pension plan lies in the component of life cover. While a With Cover pension plan comes with a life cover, the Without Cover pension plan does not. However, in the event of the death of the policyholder, the fund value is paid to the policyholder in both the cases.

12. Public Provident Fund (PPF)

PPF is government backed tax-saving investment that offers fixed returns. As it features a lock-in period of 15 years and the returns are completely tax-free, it has historically been a popular investment for achieving long-term financial goals such as retirement. However, you should consider investing in more than one type of investment to reach your planned retirement goals.

13. Employee Pension Scheme (EPS)

Qualified salaried employees contribute a portion of their salary to the Employees’ Provident Fund (EPF) scheme. A relatively small portion of the EPF investments are directed to the Employee Pension Scheme managed by the EPFO. The EPS contributions earn fixed returns and are designed to provide regular pension to the subscribers of the scheme upon retirement. However, the pension income from EPS is restricted and might not be sufficient to cover all your post-retirement expenses.

14. Retirement-Focused Mutual Fund Schemes

Retirement-Focused mutual funds are a type of hybrid mutual funds in India that are also termed as solution-oriented mutual funds. These schemes come with a 5-year lock-in period and invest in both equities such as company stocks as well as debt instruments such as bonds and money market instruments. These schemes are market-linked so these mutual funds do not offer assured returns. While the equity portion of the portfolio of a retirement-focused mutual fund is designed to provide potential high returns in the long-term, the debt portion of the portfolio is designed to provide downside protection during equity market bear runs.

retirement & Pension Plans by Axis Max Life

How to Choose the Best Retirement Plan?

Let's look at some tips you can follow to choose from among the best retirement plans in India:

1. Check Limitations on Investment Amount

You will come across pension plans with varying maximum and minimum investment limits. As a result, it is important to review your budget before investing.

2. Consider Returns

The most important aspect of any investment is the return. As a result, it is important to pick a pension plan only after having a reasonable idea of the potential returns. Furthermore, keep in mind that if the returns are assured, the rate of return may be lower than your expectations. As a result, choose an option that has a good chance of paying off.

3. Liquidity of Investment

Some investment plans have a lock-in duration within which you are unable to withdraw funds at any point. Some insurance providers, on the other hand, have pension plans with some withdrawal flexibility.

4. Look for Added Benefits

Along with the standard pension plan, many insurance companies now sell extra benefits such as life insurance, tax advantages, etc. So, before you make your final decision, consider a pension plan that can provide you with additional benefits which can be helpful in the future.

5. Get a Good Investment Mix

You can also consider retirement plans in India that are a part of a mutual fund for a diverse investment mix. As a result, you can expand your investments depending on your financial profile and risk appetite.

Who Should Invest in Retirement & Pension Plans?

Simply put, if you see financial security as a crucial part of your future, you should begin retirement planning and invest in a pension plan. Of course, since each person has a unique financial profile, the details of it may differ. However, anyone who meets the following points of reference should consider investing in the best pension schemes in India.

You want to ensure that your partner has a financially stable life while you are away.
You want to set up a fund to cover potential high healthcare expenses.
You want to keep your current lifestyle after you retire.

Secure Your Future with Axis Max Life Pension Plans

A pension plan is a fund that you build throughout your life to ensure a permanent source of income after your retirement. It is an investment that grows through regular contributions. So, when you plan for your retirement at an early stage in life by purchasing the best pension plan in India, it helps secure a sizeable fund.

In general, there are different ways in which pension plan functions. For example, an individual's pension fund may be created by sharing the contributions between their employer and themselves. In this case, the employer is usually responsible for the larger percentage of it.

Additionally, an individual can create a pension fund by depositing a certain amount monthly. Then, upon retirement, the person is eligible to receive the payments as an annuity, depending on the pension information. For the same, it is critical to explore the best pension plan in India, to realise which one suits your need the best.

It is crucial to understand how the pension scheme in India works to the investment amount appropriately, and the same applies to retirement plans. This is because the chief function of a pension plan is to replace the income source; hence, it must be adequate to cater to future financial requirements.

Retirement is a time when you can finally unwind and realize your long-held ambitions. However, if you are financially unprepared, it can be a difficult time. As a result, it is in your best interest to consider a pension plan, also referred to as a retirement plans, and understand how important it is at a young age. You will have more time to start saving for your retirement if you do so.

Eligibility Criteria for Pension Plans

There is an age requirement to meet when buying pension plans in India, much like every other investment plan. A pension plan can be purchased for someone who has reached the age of 18. A maximum age limit for purchasing a Pension Plan also exists. Most insurance providers have set the maximum age limit at 65-75 years old.

Documents Required for Purchasing Retirement and Pension Plans

No matter what type of pension scheme in India you are looking for, The following is a list of all documents needed to purchase retirement plans in India:

1. Age Proof

You can use your birth certificate, driving license, voter ID, high school mark sheet or passport as proof of age.

2 . Address Proof

For address proof, you can use your driving license, PAN Card, Aadhar Card, Passport or driving license.

3. Identity Proof

Your electricity bill, Ration Card, telephone bill, driving license, passport, or Aadhar Card can be used as identity proof.

4. Income Proof

Your salary slip, Income tax return file or salary slip can be used as income proof.

Key Factors to Consider Before Buying a Pension Plan

Let’s look at the factors you must consider while buying pension plans:

1. Keep Your Budget in Mind

No one knows your expenses better than yourself—the monthly expenses as well as the upcoming significant expenditures in the future. And, with the increasing rate of inflation in India, you will likely need a larger income to survive when you retire than you do now.

Gathering all your expense receipts and identifying your current expenses is a good way to figure out your retirement budget. Learning about your spending is a good place to start when it comes to retirement planning.

2. Plan Ahead of Retirement

The disparity between your working age and your expected retirement age determines how many years you must save for retirement. So, make sure you give yourself enough time to develop your money, regardless of where you invest.

3. Assess Your Risk Tolerance

Not only in retirement planning but in all types of investment planning, considering an individual's risk appetite is critical. So before investing your hard-earned money in the best retirement plans, make sure you understand your risk appetite.

4. Consider Income Sources

While your monthly paychecks will no longer be added to your account, you will be able to continue to earn money in other ways. You might, for example, earn a pension from your employer or own an extra home that you could rent out.

5. Consider Your Debts

Well, paying off debts may not be your priority in the present, you do not want to have outstanding debts later in life, especially when you are about to retire. When you get closer to retirement, it is best to pay off all your debts, to live a stress-free life with the support of the best retirement plans.

Features of Annuity Plans

Annuity plans are one of the most common types of pension plans currently available in India. Below are some of the key features of an annuity plan that you should consider before making it part of your retirement savings plan:

Assured Returns

Annuity plans are designed to provide guaranteed post-retirement income to the annuitant, hence, they provide assured returns. This make them one of the popular low risk retirement plans currently available in India.

Financial Security

The regular pension income provided by annuity plans can provide financial security post retirement. This is essential as post-retirement you might not have a regular income but you will still have regular and unforeseen expenses to take care of.

Flexibility

Annuity plans offer you the flexibility to choose the frequency of income payout such as monthly, quarterly, semi-annually or annually. This customization option will help ensure that you receive regular post-retirement income as per your necessity.

Benefits of Annuity Plans

The benefits offered by annuity plans in India are among the key reasons why these plans are a popular option among those seeking to secure their retirement. Some key annuity plan benefits that you should keep in mind include:

Regular Income

Annuity plans by their very design provide a regular stream of income to the annuitant. This can help you remain financially independent during your golden years.

Market Volatility Protection

Some annuity options such as immediate annuity plans provide assured income that is fixed at the time of annuity purchase. By getting fixed returns from your annuity plan you can stay protected from the potential impact of volatility that may periodically occur in equity markets.

Tax Benefits

The amount used to purchase annuity plans i.e. the premiums paid into these schemes are eligible for tax deduction benefits under Section 80CCC of the Income Tax Act, 1961. This is part of the overall Rs. 1.5 lakh annual tax deduction limit offered under Section 80C.

Tax Deferment

Purchase of annuity plans allows you to defer your tax payments as you do not have to make tax payments till the time you start receiving the regular annuity payouts offered by your chosen plan. This makes annuity plans a good way to minimize your tax outgo during your period of employment which can help boost your retirement savings in the long term.

How do Annuity Plans Work?

The working of an annuity plan depends on the type of annuity plan that you have chosen to opt for. Below are some key details about how different annuity plans work:

Annuity with Return of Purchase Price

In this type of annuity plan, the annuitant receives regular income as per the and conditions of the scheme. After the death of the annuitant, the initial annuity plan investment is paid back to the nominee.

Inflation Indexed Annuity Plan

This is a type of annuity plan, where the individual annuity payouts keep increasing at a pre-determined rate as the plan progresses. This is designed to help the retired individual cope with higher future expenses due to inflation, at least to some extent.

Life Annuity Plan

This type of annuity plan is designed to provide regular income to the policyholder during their lifetime. Upon death of the annuitant, the policy terminates automatically.

Joint Survivor Annuity Plan

This type of annuity plan allows you and your spouse to receive a regular income during the period either of you alive. This type of annuity plan terminates only after death of both joint annuitants.

Limited Period Annuity Plan

This annuity plan variant offers regular payout only for a limited period of time such as 5 years, 10 years, 15 years and so on. This type of plan terminates once the pre-determined annuity payout period ends.

What is QROPS (Qualifying Recognised Overseas Pension Scheme)?

Qualifying Recognised Overseas Pension Scheme or QROPS for short are a unique category of pension plans offered by life insurance companies in India. The retirement plans allow Non-Resident Indians to transfer their UK-based pension contributions to India in a cost-effective manner. Currently Axis Max Life insurance offers NRIs the option to choose from the below 4 QROPS-compliant pension plans:

Axis Max Life Guaranteed Lifetime Income Plan(UIN: 104N076V21)
Axis Max Life Smart Guaranteed Pension Plan(UIN: 104N122V21)
Axis Max Life Smart Wealth Annuity Guaranteed (SWAG) Pension Plan(UIN: 104N137V10)
Axis Max Life Forever Young Pension Plan(UIN: 104L075V05)

Benefits of Pension/Retirement Plans in India

With pension and retirement plans, you may get some of the benefits mentioned below:

1. Guaranteed Vesting Benefit

With retirement plans, you will get a fixed or guaranteed income to help you with your retirement planning. Not only this, but you might also get an option to provide the income to your spouse in case of your untimely death.

2. Death Benefit

Pension plans also provide a death benefit for the financial security of your family in your absence. The nominee will get the sum assured or death benefit in case of your untimely demise

3. Flexible Premium Payment Terms

With retirement and pension plans, you also get the flexibility to choose the premium payment term. You can select your premium payment term depending upon your financial goal.

4. Customize your Retirement Plan

With additional riders, you can customize your retirement plans to help you and your family avail additional protection.

5. Tax Benefits⁴

Pension plans and retirement plans qualify for tax deduction under Section 80CCC of the Income Tax Act, 1961. You can avail tax deduction up to Rs.1.5 lakh for the purchase of a new policy or payments made towards renewal of an existing policy providing a pension or periodical annuity.

Under pension plans, some amount is paid at maturity which is exempt from tax and the rest amount is used for annuity purchase. Annuity earnings are added to the taxable income and taxed as per your income tax slab. Also, no TDS will be deducted on annuities

*Note:The total tax deduction of Rs.1.5 lakh includes Section 80CCC, Section 80CCD (1).

Features of Pension Plans

Before you get started looking for the best pension plan in India, keep these critical features of pension plans in mind:

1. Steady Flow of Income

Depending on how you invest in a pension plan, you will get a fixed and steady income after retirement (deferred plan) or directly after investing (immediate plan). This means that when you retire, you will be financially self-sufficient. You can use a retirement calculator to get a rough idea of how much money you will need when you retire and invest in the best pension plan in India.

2. Vesting Age

The age at which a pension plan's participant begins to receive a monthly pension is known as the vesting age. Most pension plans in India have a minimum vesting age of 40 to 50 years and a median vesting age of 70 years. You can choose any age between the minimum and maximum limit for when you want to start earning a monthly pension.

3. Surrender Value

It is recommended that you should not surrender a pension plan before the due date, or you will forfeit all benefits. You will still earn the surrender value of the plan if you still want to surrender it for whatever reason.

The surrender value is only granted after you have invested for the minimum amount of time in the plan. This benefit is typically only available with pension schemes in India that have a life insurance component.

4. Accumulation Period

An investor can pay the premium as a lump sum investment or in monthly instalments with retirement plans in India. Over time, the wealth would grow in tandem, resulting in a sizable sum. For example, if you begin investing at the age of 40 and continue until you reach the age of 60, you would have invested for 20 years. This corpus is where the majority of the pension payments will come from

5. Payment Period

The payment period is when you start receiving your pension post-retirement. For instance, if a pension is received between the ages of 60 and 80, the payout period would be 20 years. When you look for the best pension plans in India, you will find that most plans have a distinct payment and accumulation period. However, some do allow partial or complete withdrawals during the accumulation period.

Pension Plans Comparison

When it comes to pension plans in India, there are many options ranging from new-age retirement products such as whole life ULIP to Public Provident Funds (PPF). But the availability of so many pension plans can make it somewhat challenging to figure out the right fit for you.

Axis Max Life Insurance offers retirement plans that can help you turn your life savings into life-long income comfortably. These plans come with varied benefits and features to suit diverse financial profiles. Here’s a comparison of two retirement plans offered by Axis Max Life Insurance to give you a detailed perspective:

Criterion	Guaranteed Life Time Income Plan (A Non-Linked Non-Participating Individual General Annuity Savings Plan \| UIN: 104N076V21)	Saral Pension Plan (Non-Linked, Non-Participating Single Premium, Individual Immediate Annuity Plan \| UIN: 104N119V03)
Entry Age	25 Years	40 Years
Annuity Variants	Option to choose from 8 variants	Option to choose from 2 variants
Guaranteed Surrender Benefit	Single Pay: Ranges from 75% - 90% of the Single Premium Limited Pay: Ranges from 30% to 90% of the Annual Premium	Higher Surrender benefit
Loan Facility	Loan benefit available with deferred annuity variant	Loan benefit available
Premium Payment term	Single Pay, Limited Pay: 5 to 10 Years	Single Pay
Return of Premium	Death Benefit to the nominee in case of an eventuality of Annuitant for Single Life and last survivor for Joint Life with death benefit option. Immediate Annuity: 100% of premium shall be payable Deferred Annuity: minimum 105% of premium shall be payable	Death Benefit (100% of premium shall be payable ) to the nominee in case of an eventuality of Annuitant for Single Life and last survivor for Joint Life

Make sure to consider your long-term financial goals carefully when choosing a suitable retirement plan. It is best to go compare the benefits offered by different policies and invest in one that aligns with your particular investment objectives.

What is Retirement Planning?

The process of deciding your income goals for life post retirement, as well as the actions and decisions required to meet those goals, is known as retirement planning. Identifying sources of revenue, estimating costs, putting in place a savings plan, and controlling assets and risk are all part of retirement planning.

Your retirement plans can begin at any time, but it is most effective if you incorporate them into your financial planning at an earlier life stage. That is the most effective way to ensure a comfortable, stable, and enjoyable retirement.

How Much do I Need to Save for Retirement?

If you’re wondering how much you need to save for retirement, there is no right answer, as it differs from one person to another. Moreover, while a specific savings amount might be sufficient for you, it might come close to nothing for the next person. However, there are some aspects that you can evaluate to figure out how much you should save for your retirement years, which are:

It goes without saying that the earlier you start saving, the better. Therefore, start by considering your age when you start saving. For instance, if you are 30 years old and investing around 20-30% of your monthly income, you will be able to save sufficient funds.
Next, evaluate your monthly expenses, credit card bills, EMIs, and other daily expenditure so you can get by with your savings comfortably during retirement.
When it comes to retirement planning and savings, it is also vital to consider all your long-term investments, as it will give you a clear idea of how much savings will be sufficient once you retire.
Lastly, think about the lifestyle you wish to lead post-retirement. For instance, if you plan on travelling/exploring new countries after retirement, you might need a larger savings fund. However, if you wish to stay indoors and spend time with your loved ones, you can get by with less. Regardless, it is crucial to have sufficient financial backup for emergencies.

Retirement Planning Guide for Salaried

Retirement planning is essential for everyone including salaried individuals. So, if you are one, here are a few steps you can follow:

Assess your future financial goals, including all short-term, medium-term, and long-term plans that you want to achieve in the next 5 to 20 years.
Calculate your current income, loans, EMIs, and other expenses. Next, subtract these liabilities from your total assets/investments, which will give you your net worth.
Plan a budget by following the general thumb rule – allocate 50% of your income for needs, 30% for wants, and 20% for savings.
Evaluate how much savings you will require to get by during your retirement years, based on which you can invest in pension plans in India or retirement plans in India.

Based on the above assessment, you can figure out which type of retirement or pension plan would be suitable for you. Some of the popular ones among salaried individuals include Unit Linked Insurance Plans, equity mutual funds, National Pension System, Employee Provident Fund/Voluntary Provident Fund, Annuity Plans, etc. The choice of retirement savings instrument would depend on multiple factors such as the investment period till retirement, the risk appetite of the investor, etc.

Retirement Planning Guide for Self-Employed

There is a common misconception that self-employed people don’t need to plan for retirement or that it isn’t as important as it is for salaried individuals. However, retirement planning and investing in pension schemes & plans is crucial for everyone, regardless of their employment status.

So, here are some tips that self-employed individuals can consider for effective retirement planning:

Identify the financial needs of your family, including yourself. Plus, calculate monthly expenditures, including power bills, groceries, etcetera.
Evaluate your current income and saving pattern so you can figure out how much you need to contribute for a sufficient retirement corpus.
Select a suitable pension plan or retirement plan after assessing any associated risks. Current retirement investment options available to self-employed individuals include the annuity plans offered by life insurance companies, Public Provident Fund, National Pension System (NPS), Atal Pension Yojana, Unit Linked Insurance Plans, etc.
Always consider inflation before choosing a suitable pension plan. Typically fixed return options such as Public Provident Fund and standard annuity plans offer assured returns, but they might be unable to beat inflation in the long term. In view of this an inflation-indexed annuity plan or a market-linked retirement plan such as NPS or ULIP might be a more suitable option when choosing among available investment options.

So, self-employed individuals need to make sure that they consider the pros and cons of available long-term investment options when planning their retirement. This can help one avoid making an investment that is not in line with their requirements for a stress-free retirement.

Retirement Planning Guide for Senior Citizens

It can be difficult to plan for retirement at any age. Even more so if you are already retired and do not have a regular income. However, there are some things you can do when you are in your 60s or older to help you secure your golden years financially:

Organizing your finances is key to begin retirement planning at any age. Since you are likely to live off a fixed budget after retirement, it is crucial to have a regular in place and all financial decisions managed to retain your existing lifestyle.
Post retirement, you have to prioritise the safety of the capital you have invested over potential growth of your investments. So, low risk investment options are preferable even though overall returns might be relatively lower. Some investment options that fit the criteria include immediate annuity plans, Senior Citizens Savings Scheme, capital guarantee plans, potentially low volatility mutual funds like ultra-short duration funds, liquid funds, etc.
While NPS investments can currently be started as long as you aged 65 years or younger, be carefully with the choice of asset allocation in this case.
In order to stay prepared for health emergencies make sure you have adequate funds in low risk liquid assets such as savings account or ultra-short duration/liquid funds. Additionally, you can use your retirement plan benefits as an additional layer of financial security so, that you have adequate financial security post-retirement and are prepared for life’s various uncertainties.

Following the above steps can aid retired individuals secure their retirement years so that they can continue to live the lifestyle they desire without compromising their long-term financial security.

Why ULIPs Make Good Retirement Plans?

Since ULIPs are invested in the equity market, they yield higher returns compared to other retirement, pension, and investment plans such as FDs, pension schemes, bonds, and endowment policies. In addition, investing in Unit Linked Insurance Plans (ULIPs) involves less risk, so you get the benefit of both security and excellent returns.

How to Use Retirement Planning Calculator?

A retirement planning calculator is a handy online tool that estimates how much money you will need after retiring. The calculation is done on the basis of your age when you invest in a pension plan, the retirement age, income, inflation rate, expected return on investment and other such parameters.

It supports you in planning your savings so that you can retire with the perfect retirement corpus. In addition, the retirement planning calculator can help you remain secure in the future as it helps estimate the amount required to maintain your current lifestyle.

Here's how you can use it:

Provide basic personal information such as your age.
You must select and your ideal retirement age as well as your life expectancy.
Fill in the appropriate monthly income that you require post-retirement, as well as the projected inflation rate and return on investment.

The retirement planning calculator displays the annual income needed immediately after retirement and the additional retirement funds that must be invested, and the monthly savings necessary to do so.

How to Pass Down Your Retirement Plan Money to Your Family?

Retirement plans not only give you financial freedom, but they also help protect your family's future. Here's how you can make sure that your retirement savings really help your loved ones:

Nominee Declaration:Choose a nominee to enable them to get the death benefit immediately. This will make sure that the money goes to your family without any hassles or legal challenges.
Plans for Joint Life:Pick a joint-life pension plan that keeps paying out after your death so your spouse can keep getting money without worrying.
Return of Purchase Price:Choose annuity plans such as Saral Pension Yojna that will give your family back the money you paid for them if you die. This way, they will at least get back what you put in.
Planning Your Will:Include your retirement savings in your will, and make sure to name beneficiaries so that there are no arguments about how to divide your assets after you die.

Importance Retirement Planning at Different Ages?

Retirement planning is an ongoing process, and its importance cannot be overstressed no matter what your age. Let’s understand the importance of pension plan as per the unique needs of age groups:

In your 20s

This is probably the best time to start planning for retirement. If one purchases a pension plan in their 20s, the policyholder is ideally placed to leverage the potential benefits of compounding to the fullest. At this point of life, financial responsibilities also tend to be fewer that can help boost savings early on.

This can aid in creating a substantial corpus with significantly less financial strain. This understanding has been expressed by 50% of urban respondents covered by the Axis Max Life IRIS 5.0 survey who said that retirement planning should start with the first paycheck itself.

In Your 30s

By the time one reaches the 30s, financial responsibilities tend to increase and there is less time left time left to accumulate a retirement corpus. In case you haven’t already started, it is high time to get serious about retirement savings.

This is the perfect time to consider various market-linked investment options such as equity funds that have the potential to generate inflation-beating returns in the long term. However, one does need to focus on consistency as well because financial discipline is key to ensuring a financially secure retirement.

In the recent IRIS 5.0 survey conducted by jointly by Axis Max Life and KANTAR, it emerged that 43% of survey respondents felt that retirement planning should start before the age of 35 years.

Yet, it was observed that only 37% has managed to save up to 25% of their target corpus. This discrepancy illustrates there is a significant gap between understanding the need for retirement planning and actually following the plan to achieve retirement savings goals in this age group.

In Your 40s

By this time in your life, retirement planning should supersede all other financial goals. If you already have started on your retirement savings journey, make sure you keep contributing steadily to your retirement savings.

While it is never too late to get started, waiting till your 40s to get started with retirement savings is definitely not recommended. This is primarily because the potential benefit of compounding is greatly reduced and your retirement funds will have less time to grow.

What’s more, you should now consider a balanced approach to investments with a focus of diversifying your investments across multiple asset classes such as equities, debt, gold, real estate, etc. This will help manage risk better. So, you should consider switching to hybrid funds instead of pure equity funds if you have already purchased a pension plan.

In your 50s

Now that you are closer to retirement, it is time to start focusing more on capital preservation instead of wealth creation. One way to do this to move your pension fund investments into potentially less volatile debt funds instead from pure-equity or hybrid schemes.

This will help protect against short-term equity market volatility while continuing to offer some growth to your investment. This is crucial to ensure that your hard work over the past years and size of the retirement corpus is not adversely impacted by market downturns.

Failure to do this can significantly diminish the size of your corpus by the time your retire. In fact, this could a potential reason why 63% of respondents in the recent IRIS 5.0 shared the worry that their retirement savings would not last beyond 10 years post-retirement.

After 60+ and Post Retirement

Now is the time to put your pension plan savings to work. Post superannuation of your pension plan, you can consider withdrawal a portion tax-free in order to maintain sufficient liquidity and use the rest to purchase annuities. Annuities are designed to provide risk-free assured returns that can replace the loss of regular income from salary or business after you have retired.

How Retirement Readiness Varies Across India?

The recent India Retirement Index Study 5.0 indicated that the preparedness of Indians varies across regions as well as across demographics. Below are some of the key findings of the survey regarding retirement readiness among Indians:

Respondents based in Eastern Indian cities led the country in terms of overall preparedness and displayed a superor balance across key factors such as finance, health and emotion.

Why is retirement planning important for Emotional & Lifestyle Security?

On the surface, it might seem that pension funds being financial products are only concerned with ensuring the port-retirement financial security. However, life after retirement is not just about having sufficient money to meet financial needs.

This is evident when one take a closer look at key emotional wellness statistics uncovered by the recently conducted IRIS 5.0 survey conducted by Axis Max Life across multiple locations in India. Below are some key highlights:

Highlighting the emotional burden of retirement, around 70% of urban respondents aged less than 50 years expressed a fear loneliness in retirement
Beyond health concerns associated with getting older, around 79% of IRIS 5.0 respondents also expressed worries related to climate change that might adversely impact their retirement
Another sobering realisation was expressed by 50% of IRIS 5.0 respondents who expected to be financially dependent on their family during their golden years

In view of these considerations, retirement planning can not solely focus on ensuring financial security. One also needs to consider health and well-being through regular physical activity, health check-ups and adequate health insurance cover to overcome medical emergencies.

Beyond health, the emotional well-being also needs to be considered. As one grows older, one might have fewer things to do but have a lot more time on one’s hands. In such a situation, even small actions such as pursuing a new hobby or learning a new skill can help protect one’s emotional well-being.

A well-constructed retirement plan should thus take a more holistic view that combines key elements of financial, emotional and health needs into a single unified solution. In this regard, a pension plan can serve as a suitable starting point. This is because eliminating post-retirement money worries can play a pivotal role in reducing the emotional strain and contribute to the overall health and well-being of the policyholder.

Pension Plans, PPF, NPS, and Saral Pension Yojana: What Are They?

Here's a full comparison of Pension Plans, PPF, NPS, and Saral Pension Yojana based on their main features, benefits, and investment choices:

Feature	Pension Plans	PPF (Public Provident Fund)	NPS (National Pension System)	Saral Pension Yojana
Plan Benefits	Long-term retirement savings with a pension and life cover	Long-term savings with guaranteed returns	Long-Term Retirement scheme for individuals	An immediate annuity plan that provides post-retirement income
Guaranteed Returns	Yes (varies by plan)	Yes	No but Market-linked	Yes (Guaranteed Annuity)
Flexible Contributions	Yes	Yes	Yes	No
Death Benefit	Yes	No	No	Yes
Annuity Payment Options	Yes	No	Yes	Yes
Type of Scheme	Pension + Life Cover	Long-term savings scheme	Retirement Scheme	Immediate Annuity Plan
*Tax Benefit Sections**	Section 80C and Section 10(10D)	Section 80C and Section 10	Section 80CCD(1) and Section 80CCD(1B)	Section 80C and Section 10(10D)
Investment Mode	Regular / Limited / Lump Sum Premium	Minimum deposit amount	Minimum contribution amount	One-time premium
Minimum Investment / Contribution	Varies by plan	₹500 per year	₹1000 per year	₹1000 per year
Maximum Investment Amount	Varies by plan	₹1.5 lakh per annum	No upper limit	No upper limit
Flexibility of Investment	Various payment modes (Regular / Limited / Single)	Fixed yearly deposit required	Flexible contributions allowed as per NPS Tier Rules	Lump sum premium only
Partial Withdrawal	Allowed	Allowed after 7 years	Allowed after 3 years	Not allowed
Lock-in Period	Varies as per plan	15 years	Till 60 years of age	40 years of age
Returns (Approx.)**	9% – 15% p.a.	7.1% p.a.	9% – 12% p.a.	Guaranteed annuity
Risk Factor	Moderate	Low	Varies as per asset allocation	Low

*Only Applicable under old Tax Regime.
**Varies as per market conditions/asset allocation. Please check current applicable returns before making final decision.

When is the Best Time to Put Money into a Pension Plan?

One short and crisp answer to this is- Today is the best day to opt for a pension plan!
The best approach to make sure you have a stress-free and financially independent retirement is to start saving in a pension plan as soon as possible. As you become older, here's how your approach can change:

In your 20s: Make small, regular payments to take advantage of compounding. Getting started early puts your money on a gradual but consistent growth path, making it easy for you to build up a large retirement corpus over time.
In your 30s: As your income rises, you should balance financial obligations, such as paying off your home loan or taking care of your family's needs, while also increasing your pension payments. Investing more and more over time will help ensure that your finances stay stable in the long run.
In your 40s: You have now fewer years left to work, so now is the time to save as much as you can. Think about making bigger contributions to fill in any gaps and make your retirement fund more secure.
In your 50s: Think about short-term pension plans that let you choose between immediate and deferred annuities to get a stable income once you retire. This is the time to plan how you'll continue to support your lifestyle during retirement.

Starting early makes sure you receive the best pension planning outcomes in India that fits your changing financial goals. It also lets your assets increase over time with stability even when the market changes.

Why Should I Start Retirement Planning Today?

Retirement planning, like any other financial planning in life, must be done ahead of time. With the average working life of 30 to 35 years, the best retirement plans are often begun at a young age. This implies that retirement preparations and implementation take place at various stages of life. When done correctly, you will reap the benefits of investing in the best pension scheme in India that you started years ago.

Conclusion

Pension plans are important for making sure you have long-term financial security and freedom after you retire. There are several plans to choose from, and people may pick the ones that will help them reach their retirement goals by giving them a regular income throughout retirement.

Planning ahead and putting money into the right pension plan at the right time can make retirement a stress-free and enjoyable period of your life.

People can make sure their future is safe, meet their basic needs, and have a financially stable and happy life after retirement by making smart choices.

FAQ's on Retirement & Pension Plans

Which Is the Best Retirement Plan In 2025?

When selecting the best retirement plans in India, no one answer applies to everyone. Insurers offer multiple pension plans with varied benefits. It depends on the investor's financial profile, lifestyle requirements, risk tolerance, and other personal factors to choose the best retirement plans in India.

What Are the Types of Retirement Plans?

Generally, you will find traditional pension plans, National Pension Scheme (NPS) and Unit Linked Pension Plans. These may have varied combination of benefits going further, depending on the insurer.

What Is Participating and Non-Participating Pension Plan?

With a participating pension plan, a policyholder can share the profits of the insurance company. These earnings are disseminated as dividends or incentives. Thus, it can also be called a with-profit scheme.

In contrast, no profits or dividends are shared with the policyholders of non-participating pension plans.

How Is Pension Plan Different from A Term Plan?

Pension plans may be set up so that you or your employer contributes to them. You can receive a monthly payout for the remainder of your life if you purchase an annuity. With a term plan, you safeguard the family's future by securing a certain amount against unpredicted circumstances.

What are the Tax Benefits Accompanying Pension Plans in India?

As far as the tax benefits of pension plans in India are concerned, you can claim deductions for contributions up to Rs 1.5 lakhs, including buying and renewing, as per Section 80CCC of the Income Tax Act.

Tax benefits are as prevailing tax laws subject to change

What Is Annuity?

Policyholders who require future payments can purchase various forms of annuities from insurance providers. You may choose whether to collect the money in monthly instalments or not, depending on the type of annuity. It assures an individual that they can rely on the income from this source in the event of financial difficulty.

Can I Have Multiple Pension Plans?

You can invest in multiple pension schemes in India, but there may be limits to the total amount you can contribute each year to all schemes if you want to get tax relief on your contributions.

What If I Surrender My Pension Plan Before Maturity?

In case you decide to surrender your pension plan before it matures, the full surrender amount will be added to your taxable income and charged according to your tax bracket. Notably, you will still have to pay back any tax exemptions you received the premiums you owe up until now

Can I Withdraw the Money Invested Before Maturity?

Generally, pension plans come with an age limit, crossing which you can begin withdrawing funds

Does Pension End After the Policyholder's Death?

After retirement, a pension plan provides financial protection to the policyholder. In the event of the insured's untimely death, the nominee will be entitled to compensation.

What Is Guaranteed Lifetime Income?

A guaranteed lifetime income is a fixed amount that will be paid at the start of the policy and will be paid for the rest of the policy's duration, depending on the mode chosen.

What Is A Typical Pension Plan?

A typical pension plan comes with the 'accumulation phase,' which lasts from the moment you buy a plan until you retire. You will be paying premiums during this period, which will be wisely spent as they are received as pension during the 'payment phase' of the plan.

Which Is Better Pension or Investment?

Whether a person should choose an investment plan or a pension plan depends on a number of factors such as return rate, risk-appetite, investment tenure, tax benefits, and more.

What Is Provident Fund?

An Employee Provident Fund (EPF) is a retirement savings plan for salaried workers who work for a company with 20 or more employees. The Employee Provident Fund Organization of India, or EPFO, has mandated that all employers contribute a portion of their workers' wages to the fund.

What Is New Pension Scheme? What Are the Benefits Available with It?

The New Pension Scheme, also known as the National Pension Scheme, is a pension plan developed by the Indian government to help individuals protect their financial future after retirement. The Pension Fund Regulatory and Development Authority of India (PFRDA) regulates the National Pension Scheme, which is open to any Indian person between 18 and 60.

Some of the benefits of the new pension scheme are that it is cost-effective with a variety of investment opportunities, tax benefits and more.

When Should I Start Retirement Planning?

The answer is straightforward: as soon as possible. In an ideal world, you would begin saving in your twenties, when you first start earning money. The reason for this is that the faster you start investing, the more time your money will have to grow.

What Is the Importance of Insurance in Retirement Planning?

In retirement, having the right form of life insurance and the right amount of life insurance coverage can serve many purposes. It will help you protect your wealth, generate tax-free cash flow, give families peace of mind, and even increase your portfolio's overall returns.

Can I Change the Nominee of The Policy?

The policyholder may change the nominee of the policy at any time if they feel the need for it.

What Is Vesting Date?

The age at which a pension plan's policyholder begins earning a monthly pension is referred to as vesting age. In most cases, the minimum vesting age is between 40 and 50 years old, with some flexibility up to 70 years old. There are a few businesses, however, that extend the vesting age to 90 years.

Should I Save for My Retirement or My Child’s Education First?

While it is difficult to prioritize one over the other, it is essential that you secure your retirement years first, as retirement planning is essential and pension plans in India are mostly affordable. In addition, you can invest in a child’s plan or open a savings account/fund that will help your child for his education or other future financial goals.

Can I Include My Spouse in the Annuity Plan?

While an annuity plan typically covers one individual/life, you can invest in a joint annuity plan that will cover both you and your spouse.

Is There Any Guaranteed Maturity Benefit (MGB) in Retirement Plans?

No, there is no Guaranteed Maturity Benefit (MGB) in retirement plans in India. However, it varies from one plan to another and you might be able to avail of a surrender value/benefit.

How Can I Pay the Pension Plan Premiums?

Today, you can easily pay the premiums for a pension plan online as most insurance providers offer the option. However, you can also write a cheque or pay offline based on your preference.

What is the difference between pension and retirement?

The words pension and retirement are often confused with each other, but they are different. While pension refers to the monetary amount subject to the pensioner on their retirement, retirement refers to the time when one reaches the end of their employment age, i.e.58- 60.

How long does a pension last?

Pension refers to the monetary moment one receives after retirement. It is paid in form of lifetime monthly payments which means that pension lasts a lifetime.

What is accumulation phase?

Accumulation refers to the phase wherein an individual contributes to their pension plan to get the pension benefits after retirement.

What is the legal retirement age in India?

The legal retirement age in India is 60 years.

What is an average retirement income?

It depends on the kind of lifestyle you are living. If you are living a comfortable lifestyle, experts suggest that you should have a minimum of INR 1.3 crore saved up to meet your retirement expenses.

What is the 7% rule for retirement?

7% rule helps individuals decide the amount that would be adequate to meet their financial requirements after retirement. 7% rule takes inflation into consideration. According to financial experts, once you are done estimating your ideal retirement amount after calculating your annual expenses, it’s suggested that you increase that amount by 7% to include the rate of inflation. This way, your retirement corpus won’t lose its value in future.

How much corpus do I need for retirement?

The size of the retirement savings corpus you need to be financially secure will vary significantly based on key factors such as your lifestyle, current health conditions, number of financial dependents, and so on.
Also keep in mind the average retail inflation rate of around 5% annually and an annual health care inflation rate of around 10% over the last 10 years. You have to consider also consider these factors when determining the ideal size of your retirement savings corpus.

Why should I start retirement planning early?

Retirement planning, if started early in life, gives your savings and investments more time to grow and the power of compounding works in your favour. Due to compounding benefits and longer growth period, even relatively small regular investments will have the potential to create a substantially large corpus.

What is the Unified Pension Scheme (UPS)?

The Unified Pension Scheme or UPS is a government-backed retirement plan that is currently available to central government employees who are currently contributing to the National Pension System (NPS).
This optional pension scheme attempts to strike a balance between the perceived security of traditional government pension plans and the potentially more risky market-linked. In order to achieve this balance UPS combines the security of the more traditional defined-benefit pension with a contribution-based structure. Simultaneously UPS also features key benefits such inflation-index pay and minimum guaranteed pay out.

ARN: PCP/RP/290124

Sources:

www.financialexpress.com/money/insurance/choose-whole-life-ulip-for-a-worry-free-retired-life/1737011/

www.klaggarwal.com/direct-tax/investment-pension-plans/

www.differencebetween.net/language/words-language/difference-between-pension-and-retirement/

www.livemint.com/money/personal-finance/how-much-retirement-corpus-is-enough-this-is-what-4-withdrawal-rule-says-11620377326537.htmlhttps://www.thehindubusinessline.com/economy/shrinking-households-50-of-indian-families-are-nuclear/article67126676.ece

economictimes.indiatimes.com/wealth/personal-finance-news/is-rs-3-crore-enough-for-retirement-find-out-here/articleshow/72866612.cms

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99.70% Death Claims Paid Ratio

(Source: Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025)

405 Branches

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Axis Max Life Retirement Plan

“It’s not that I had difficulty in understanding and evaluating retirement plans online but talking to someone gives you that extra assurance that you are taking the right step. I have to commend the ways in which these Axis Max Life agents are trained and that only reflects in the way he explained the policy details to me . I will recommend Axis Max Life to anyone seeking a pension plan”

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