The with cover pension plans include a life cover element in the plan. If the policyholder dies, the family members receive a lump sum. The cover is moderate as most of the premium paid is used to build the corpus, instead of life risk cover. In without cover pension plans, there is no life cover. In the event of the policyholder’s death, the family receives the corpus minus the unpaid premium and other expenses. You can explore deferred annuity plans that come with the cover and immediate annuity plans without cover.