Yes, by investing in a retirement plan, you can avail tax benefits. As per the Income Tax Act, 1961, the pension scheme premiums paid up to a limit of Rs. 1.5 lacs are exempt from taxes
under Section 80CCC. Additionally, the retirement plan payouts received at the time of maturity are completely tax-free under Section 10(10 A) of the Income Tax Act. However, applicable taxes are charged as per the prevailing rates, and these tax laws are subject to changes from time-to-time.