There are several personal retirement plans available in the market as per various age groups. For young savers, Aditya Birla Sunlife Empower Pension plan is most popular. The plan lets you enter at the age of 25 years with a reasonably lower premium below Rs.20,000 per year. Depending on your age and choice of premium amount, you can choose the policy term as short as five years or as long as 30 years. Another pension plan that is popular among young savers is “HDFC Life Click 2 Retire” pension plan, that allows you to enter into a pension scheme at the young age of 18 years. Starting early can yield you huge benefits at retirement.
For middle aged savers, government backed NPS (National Pension Scheme) is most popular, mainly because of tax benefits available on the same. However, already retired persons widely chose PMVVY (Pradhan Mantri Vaya Vandna Yojna) and SCSS (Senior Citizen Saving Scheme) to park their retirement proceeds safely. These schemes offer a higher rate of interest than the market, hence enhancing your pension amount.