Retirement planning is one of the most crucial considerations today as financial security in the non-working years of your life is important to avoid dependency. For generating retirement income or building a substantial retirement corpus, people invest in various options, including equity and mutual funds. The mutual funds investment also has a category called "pension plans" that include funds specifically aimed at assisting you with retirement income. Some of the best pension plans in 2023 include:

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1. Max Life High Growth Fund: While this fund's 10-year returns are the highest on the list, the 1-month returns are substantially lower than the other funds mentioned. It boasts a 10-year return of 30.05 percent, however, in the past month it only saw a growth of 1.01 percent, which is lower than funds that offered over 2 percent returns. One thing to note is that it has the highest year-to-date returns on this list which is recorded at 26.92 percent. Hence, it could be a good investment option in the long term for retirement planning. Currently, the fund's AUM is Rs. 3.5 crores.

2. Tata AIA Whole Life Mid Cap Equity Fund: The Net Asset Value (NAV) of this mutual fund is Rs. 107.06, which implies 2.32 percent increase from its value a month ago. Further, it saw a huge increase of 24.25 percent in its value year-to-date. It offers one of the highest 10-year returns, which currently stands at 27.47 percent. Moreover, the value of Assets Under Management (AUM) of Tata AIA Whole Life Mid Cap Equity Fund is Rs. 10.4 crores.

  • Aditya Birla Sun Life - Individual Multiplier Fund: This mutual fund has an NAV of Rs. 71.19, which indicates a jump of 2.84 percent from its value a month ago. The year-to-date returns of  Aditya Birla Sun Life - Individual Multiplier Fund is 20.16 percent, which is commendable. The 10-year returns of this fund is 27.13 percent, which is slightly less than the Tata AIA Whole Life Mid Cap fund but it is still a worthy investment to consider for retirement planning. The AUM currently stands at Rs 3.5 crores.
  • HDFC Life ProGrowth Plus - Opportunities Fund: The NAV of this mutual fund currently stands at Rs 56.23, implying a one-month return of 2.7 percent. The year-to-date returns have been lucrative and stand at 20.30 percent. The 10-year returns are valued at 24.54 percent. Currently, the AUM is estimated to be Rs 32.7 crores.
  • Bajaj Allianz Life - Accelerator Mid Cap Fund II: The fund has seen a 2.72 percent increase in its NAV in the past month and it is now valued at Rs. 59.91. The year-to-date returns are recorded to be 17.51 percent, which is a little lower than other funds in this list but it is still a good investment option for retirement planning. The 10-year returns of Bajaj Allianz Life — Accelerator Mid Cap Fund II stand at 22.77 percent which is substantial enough. The AUM is currently reported to be Rs 5.08 crore.