Retirement/Pension Plans are savings and investment plans
that provide income after retirement. These plans help to build a retirement
corpus which is invested on maturity to generate a regular stream of monthly
income to cover policyholder’s expenses. Pension plans provide financial
security to policyholders during their retirement days to live their life with
pride and so it’s important to choose a pension plan carefully.
Pension Plans are individual insurance plans that impact
policyholder’s future by providing financial stability during old age. Pension
plans are suitable not only senior citizens, but anyone planning for a secure
future. With an increasing number of young Indian professionals who are working
in the private companies and moving away from traditional joint family
structure, parents are required to plan carefully for their retirement years.
Given the high cost of living and rising inflation, employer pensions alone are
not sufficient. Pension planning has therefore become critical today. Life
spans have been increasing due to better health and sanitation conditions
across the world. However, the average number of years of employment has not
been rising commensurately. The result is an increase in the number of
post-retirement years.
To lead a secured retired life one needs to plan for his or
her Retirement Pension Plan from very early in
their life. Small investments made early in the life can help in getting a
regular retirement income which enables you to lead your life with the same
lifestyle even after retirement. Saving in such plans also has tax benefits.
The amount of investment in a pension plan shall depend on how much monthly
income do you require in our post retirement years.
Pension plans are offering a comprehensive long term
financial plan for retirement years. We should have to compare various plans
available in the market, in terms of costs and benefits from the data available
on companies’ websites to choose the best plan.
Documents required to get a pension plan are as follows:
Age Proof, Identity Proof, Address Proof, Income Proof, Duly
Filled Proposal Form
So, take a Pension Plan and secure your future.
Source:
http://priyankablogthoughts.com/retirement-pension-plans/pension-plan-2/
Thank you for sharing such great information. It is informative, can you help me in finding out more detail on Retirement Plans , i am interested and would like to know more about this field and wanted to understand the basics of Retirement Insurance Company.
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