Pension Plans are Individual Plans that look into your future and predict financial steadiness in your old age. These policies are mainly suitable for senior citizens and those people planning a safe future, so that you never sacrifice on the greatest things in life.

In India most retirement is a far-away objective and therefore they barely plan for it. The majority working people contribute to their provident fund (PF), their company also making similar contributions. Individuals normally end up merely buying insurance policies, pension plans from insurance companies and real estate thinking that's all there for retirement planning.
The difficulty in retirement planning is that the majority does not have on paper plan and there are no particular savings made with a view of corpus buildup. Actually, mainly people think that they still have time to build up wealth. Though, one of the main mistakes that people make is not allowing time to build up their retirement aim.
What should one do for retirement planning?
State plainly, “I will retire on March  1, 2020 (or any date) and wish to have an funds of Rs 1 lakh (as on today) per month till my age 80

Invest a specific piece of what you earn in debt, long term equity investments like mutual fund schemes, and gold.  Open a PPF account and invest every year. Contribute regularly to EPF.  Investing to have a corpus for your pension, for your child’s higher education as well as marriage, and also for emergencies is one part.

The tip for retirement planning is easiest to follow. If you have a normal job, then 12% of your basic pay and an equivalent contribution by your company that flows into your PF  account is a good method to build a savings.

LIC Pension Plans are:

• Pension Plus
• Jeevan Nidhi
• Jeevan Akshay-VI
• New Jeevan Dhara-I
• New Jeevan Suraksha-I