Which is the Best Pension Plan: LIC's "Jeevan Suraksha" OR " LIC's Market Plus?

Look, both are good but for applicable for the different kind of people. Jeevan Suraksha is a great deferred pension plan where the premium rates are NOT age specific, i.e. the premium depends on the "Term"(Tenor) - not upon the age of the proposer. You may choose - policy without life cover OR with life cover(where a term assurance rider is to be opted).The rate of of premium is simply excellent and offers MORE NCO(Notional Cash Option/may be compared as the basic FACE VALUE) and the reversionary bonuses are payable based on that NCO. At the end of the term, u will get a PENSION CORPUS [=NCO+Reversionary bonuses for the term+Final Additional bonus(if any)] of which withdrawal of a tax free 25% commutation is optional. And the fund will be utilized by the LIC to purchase an IMMEDIATE ANNUITY from LIC/other co.s. For LIC's Immediate annuity, there are a total no of SIX options are to choose from and most good aspect of the pension is - the rate will never go south.The % will be constant and assured for life. This is a SAFER and MODERATE option if you like to be refrained from the ups and downs of the stock mkt.

There are several pension plans in LIC's basket of which - Jeevan Nidhi(an Endowment policy based plan), Jeevan Dhara and Jeevan Tarang(not a pension plan, but the structure is the same BUT the survival benefits payable to the policyholder is tax free)

Market plus is an Unit Linked plan and naturally the price of the allotted units will create the said CORPUS. Other features are the same. I think, this is only for the li'l adventureists. The performnace of the fund is doing great so far. But, if the truth is to be told, the performance is fully dependable on the stock market. However, there are several investment options and one can reduce the RISK by opting safer option. Switching to another is free, twice a year.
Notably, do not believe on such myths that LIC's fund management is BAD. This is nothing but a clear misinformation spreaded by the touts of the privateers who are yet to generate profit surplus in true sense.LIC is the largest player in the stock market and determines the fate of the mkt, sometimes. On the other hand, LIC holds commendable stakes in almost all the blue-chip companies that indicates the robust futures of the policies issued by the insurer. You may go thru the product portfolio of the Market plus or all unit linked plan of LIC.

And lastly, it is THAT insurer that PAYS - always..LIC settles 99.9% of the claims which is a stunning record. For details, u may visit LIC's web site (www.licindia.com)and a good blog page - http://knowlicofindia.blogspot.com