Some of the features of pension plan are:

1. Corpus of funds- With pension plans you can build a corpus of funds which can be used to satisfy you financial needs post retirement.
2. Limited premium payment term- You can pay premiums for a limited term of 5/7 or 10 years based on your requirements.
3. Life long income- Retirement plans provide lifelong guaranteed income as annuity.
4. Minimum guarantee: Pension plans offer minimum guaranteed amount. Based on IRDAI guidelines, there should be "on zero returns" on all premiums or guaranteed maturity benefit. Most companies offer a minimum of 1% of total premium over the complete policy term.
5. Tax benefits: Pension plans are eligible for a tax deduction under sec. 80C.