Continue living the life you’ve always aspired to live
Retirement planning is an essential step to ensure that your standard of living does not fade when your professional income starts to wane. With help from reliable pension plans, you can continue living your life without compromising on what you want in old age. If you factor in the increasing costs of living as well as the impact of inflation, retirement planning is more critical today than ever before.
What are Retirement Plans?
Retirement Plans are insurance products, which helps you accumulate savings over a long period of time and provide financial security for your future. Pension plans help you in building a corpus to ensure a steady income flow after your retirement. ensure a steady income flow after your retirement. With the proceeds of the retirement/pension plans, you can also opt for monthly pension benefits by purchasing annuity plans. Further, with dual benefits of protection with investment, pension plans are ideal to help you prepare for your financial needs in the golden years of your life.
How to Choose the Best Retirement Plan?
You can choose the most suitable pension plan and retirement plan by keeping the following things in mind: 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.