5 Insurance Options You Can Consider At Least 10 Years before You Retire

Insurance plays an important role in one’s retirement planning. It acts as a life cover that protects one’s family in the event that the policyholder should die unexpectedly. It can also provide health cover to protect the policyholder and their family members against healthcare costs eroding their retirement corpus.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      If you plan to retire in 10 years’ time and would like to purchase insurance to safeguard yourself and your family against unexpected situations, you can consider the following while making a pension plan:

       

      1. Consider Purchasing a Retirement Plan

      Nowadays, insurers are providing special market-linked and traditional non-market linked plans. These plans could include a death benefit and additional riders like a life cover, guaranteed bonus and maturity benefit. Such plans also provide tax benefits. SBI’s Saral Pension plan, for instance, provides a guaranteed bonus of the simple reversionary variety for the first 5 years at 2.50% of the sum assured, and 2.75% for the next 2 years. Such a bonus is applicable only to policies which are in force.

      2. Opt For an Insurance Plan With Life Cover and Savings Combined

      If you’d like to consider building a corpus for retirement while also attaining life cover, an endowment plan might fit the bill. Endowment plans provide savings and life cover under a single plan. It acts as a life insurance policy which would help you save regularly over a specific time frame so that you can get a lump sum amount once the policy matures if you survive the policy term. Furthermore, if you should die unexpectedly during the policy term, your nominee will receive the full sum assured. Thus, returns are guaranteed. The lump sum can be used to fund your child’s educational goals, or marriage, or even for retirement planning.

      Insurance Options for Senior Citizens

      Generally, a life insurance plan with a savings component can be referred to as an endowment policy and they can be either of a Unit-linked insurance plan (ULIP) or a non-ULIP kind. However, it is the saving-linked non-ULIP insurance plans that are generally termed as endowment plans.

      You May also like to Read: Why You need to require Health Insurance for Senior Citizens?

      3. Earn Regular Income Through Money Back Plans

      Money back plans are a type of endowment plan. The main difference between the two is that in a money back plan, you can earn assured returns at regular intervals. Thus, the sum assured is deducted on a regular basis and paid to the policyholder. In addition, the policyholder will get maturity benefits if they should survive the term of the policy. Furthermore, death benefits are extended to the nominee, should the insured die unexpectedly. For instance, LIC’s New Money Back Plan 20 Years provides a death benefit where the nominee will receive 10 times the annualised premium (which is 125% of the basic sum assured) as well as a vested reversionary bonus and the final additional bonus as well. Thus, if you would like to earn a regular income with assured returns, then a money back policy is a low-risk option as the premiums are not invested in the securities market.

      4. Ensure That You Have Adequate Health Insurance

      Nowadays, you can purchase health insurance even when you are well into your 50s.  The premium is much higher as opposed to the premiums charged to younger individuals. This is because there is an increase in health risks as you age. A policy with a total payout of Rs. 1 crore for example, will have a premium of Rs. 3,259 for 20 years old as opposed to a premium of Rs. 20,333 for a 50-year-old. However, it is worth it as the risks of contracting a serious health issue increase with age.

      5. Consider Loan Insurance for Easy Payback of Car and Home Loans

      Loan insurance aids in ensuring that your family would not be financially burdened with having to pay back loans, if you should die unexpectedly. Some plans like the Bajaj Allianz iSecure Loan offers customers the option of either opting for an individual cover or a joint cover with a business partner or spouse. The death benefit which is payable at any point in time would be the prevailing sum assured. The premiums are determined on the basis of the policyholder’s current age, the sum assured, policy term, the interest rate of the loan and the payment mode for the premiums.

      Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.  

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Should You Buy a Super Top-up Health Insurance Policy?

      18 Jan 2023

      India is abuzz with a variety of health insurance plans to cater
      Read more
      6 Reasons Why Your Cashless Health Claims Can Get Denied

      18 Jan 2023

      Cashless claims are one of the most lucrative benefits of buying a
      Read more
      Check Out the Mandatory KYC Documents for Health Insurance

      30 Dec 2022

      The Insurance Regulatory & Development Authority of India
      Read more
      What to Look for in a Health Insurance for Cancer Plan?

      20 Dec 2022

      Cancer is one of the biggest demons that the world faces today
      Read more
      What are the Factors Affecting Health Insurance Premium?

      20 Dec 2022

      Demand for insurance products in India, especially health
      Read more
      What are the Normal Thyroid Stimulating Hormone (TSH) Levels as Per Age?
      The thyroid gland is an important gland responsible to produce the right amount of hormones for normal body
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Income Tax Slab for Women: Guide to Exemptions and Rebates
      In India, every person who earns beyond a certain limit is liable to pay income tax to the government. The tax
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      How Senior Citizens can save Tax with Medical Bills u/s 80 D?
      Senior citizens can save on income tax by availing tax benefits on medical expenses under Section 80D of the Income
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL