Hi Mr Girish Pension is a steady income given to a person usually after retirement. Pensions are typically payments made in the form of a guaranteed annuity to a retired person.There is no clear diffination of  best & better plan , it is your plan u have to  decide the pension plan. It all depends upon the life style you lead now and think to lead after retirement.  There are some good plan which is discussed below.


1) Aviva Pension Plus:-
Key Features -- Aviva Pension Plus Benefits:-
a)      Minimum 5 years;  Maximum up to vesting age chosen
b)      Minimum Rs. 6,000 for Regular Premium (Rs  15,000 for policy terms less than 10 years), Rs. 100,000 for Single Premium; No maximum limit.
c)      Option of “INDEXATION” by which u can protect your real value of your amount against inflation rate.
d)      Loyalty addition upto 2%

2) SBI Life Horizon ii Pension.
Features:-
•    Choose your retirement date, the plan option and the regular premium amount.
•    Offering two option 1) pure pension & 2) pension cum life cover.
•    No medical required to enroll for Pure Pension.
•    No premium allocation charges from year 11 onwards.
•    Save tax u/s 80 CCC (1) of IT Act.
Death Benefits:-
•    Option I Pure Pension - Fund value is payable to nominee.
•    Option II Pension with Life Cover - Fund value plus sum assured after deducting any mortality charges due but not paid   during policy year  in which death occurs.
•    Death after vesting age: Death Benefit depends upon the annuity option chosen.
•    Plan A - Dynamic Plan: Here a higher proportion of your money is invested in equity. It is ideal for longer period of  terms.
•    Plan B - Growth Plan: Here, the investment in equity automatically decreases more rapidly as the funds are put into less risky  options.

So u can choose one of them which suits to your need.