RETIREMENT PLANS

Retirement plans are insurance products designed to provide you financial security once your working income stops. With the proceeds of the retirement plans, you can also opt for monthly pension benefits by purchasing annuity plans.

They help you invest your earnings over the years and create a fund which you can withdraw as a whole or in parts during your retirement years. Further, with dual benefits of protection with investment, these plans are ideal for covering your financial needs in the golden years of your life.

In our ultra-stressful modern lifestyle, we barely get time to plan for future and give a conscious thought about retirement planning. However, if we can pause a little, understand current and the possible future expenses based on our lifestyle and start investing in a life insurance retirement plan, we can relieve ourselves from retirement woes. What’s important to understand is that:

It is a disciplined, affordable, and secure way for retirement planning.

You can get protection for your family, along with your retirement savings.

You can also choose to invest in market-linked pension plans or stick with a conventional pension plan.

How to choose the best retirement plan?

Vesting age: it is the age at which your pension will start. Retiring early or late will depend on your career and financial status.

Premium payment term: define the period for which you will pay policy premiums.

Annuity options: determine how much income will be enough to cater to your needs post retirement.

Rider Options: decide what all additional benefits you will need to provide a comprehensive cover to your family.

Policy surrender charges: take note of these charges, in case you have to surrender the policy.