Choosing the Right Retirement Plan

Retirement is an inescapable period of life. Life insurance companies offer pension plans so that your retirement are trouble free and restful. Inadequate pension funded by employer, rise in life expectancy, lack of social security, or changes in social structures are a few of the many reasons why one needs to plan well for retirement. Pension plans are bundled products that offer a combination of investment and protection.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

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Here are a few pointsto keep in mind while choosing a right retirement plan:

  1. Right plan

    While planning for your post-retirement period, you need to choose a plan that can effectively deal with inflation and yield returns that would be sufficient to meet your needs after retirement. Also, the plan you buy should complement your existing retirement savings. For instance, if most of your investments are into equity instruments, then your retirement plan should look at debt instruments. To get the best value for money, compare the quotes on returns and premium basis on policybazaar. For example, if a 25-year old starts investing Rs. 4,510 p.m. towards a retirement plan, then he will get a pension of Rs. 50,000 p.m. after retirement.

  2. Pension guarantee

    An investment in retirement plans is not only focused on securing your post-retirement life but also securing the futureof your spouse. The perfect retirement plan is the one that also takes care ofyour dependents’ needsin your absence. The plan that guarantees pension for the spouse in case policyholder’s death is the best plan to go for. At the time of the policyholder’s death, the lump sum equal to about 30% of the premiums is either paid to the dependent or the dependent can withdraw it at anytime during the annuity period. The balance is paid in the form of pension every month. 

  3. Premium payment flexibility

    You should always choose a plan that allows you flexibility with respect to changing your premium amount. As you advance in your career, the ability to pay higher premium will also increase. Therefore, choose a plan that offers maximum flexibility and the option to increase the amount of premiums through top-ups every year. Even an increment as less as 5 % in your premiums each year, can increase your returns by nearly 50% over 25 years.

  4. Additional Benefits

    While buying a retirement plan, you should carefully assess the bonus and benefits that are offered to you with the plan. Benefits, such as completion of payment premiums, help in maintaining your future goals even in your absence by self-funding of premiums in case of an untimely death of the policyholder; while the additional benefits,such as loyalty bonus, fetch you a larger amount on your retirement.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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