I agree with Harish on investment in MFs for long term for retirement. Insurance is for life cover, not for investment. For example – If you have invested Rs. one lakh in Birla Sunlife TAX Relief 96 Fund in March 1996, than you would have received Rs. 21 lakhs as dividend in 12 years (Between year 1996 - 2008) & its current value is approximately 4 lakhs; even after recession and market crash. So in total you would have received 25 lakhs. I don’t think, if it is possible in any pension plan of any life insurance company.