Retirement is a chapter that proposes a new charter of life
to a person and is a conversion from a lifetime of work towards relaxation. It
is that period of time when a retired person gets to enjoy his/her life and
exist in the small pleasures of life which was always left on the back burner.
“Life begins at retirement”- a true statement, However, to maintain oneself
during this period without having to rely on someone and to live life on one’s
own terms and conditions, one needs to plan beforehand and this planning
requires the individual to put savings into retirement plans for getting
economical coverage and enjoyment in the post retirement stage of their life.
A good retirement policy makes sure that the insured and
his/her family will receive a regular income as pension and it also provides
facility of choosing the retirement age and date as well in which one receives
the pension amount.
Below are the some key things that you must keep in mind
while capitalizing for the retirement plans:
Buy an insurance plan at an early age to get more benefits
for post-retirement years
Retirement age is known as the time period when a person
decides to end the build-up phase of money and move towards the phase of
capitalizing on the cash build-up. It is vital to understand that you must
choose the plan which can meet your requirements for the future and the cost of
the premium that you would be able to easily afford.
You should consider the rising costs of health treatment or
an unplanned vacations that you may
undertake during that period before selecting a retirement plan. Hence it is
vital to think about the manner of pension income that you will get based upon
your lifestyle requirements.
Types of Retirement
Plans
Usually in India the basic types of retirement plans that
are offered by the insurers are the one in which the insured will get fixed
returns as stated by the insurance company along with the minimal deviation. On
the other hand, there are some plans in which the funds would be invested in
debt or equity by the insurer. In the latter case, the returns depend upon the
market trends. Based on these facts you can choose from any of the below
mentioned retirement policies available in India-
Deferred Annuity Plans: in this you will pay the premium for
certain years while you are working and would receive the pension amount after
retirement.
Immediate Annuity Plan: it is one of the best policies for
those who have lump-sum cash. Under this, you will get pension right from the
day of payment.
Pension plans or Retirement Insurance Policy are most
suitable for senior citizens of the family. It provides stability to the
insured in a financial and emotional manner. With a good plan, you don’t need
to compromise for the good things in life and wouldn’t have to rely on others
for meeting your basic needs. Pension plan provide double benefits as it
insures you and gives a fixed pension amount after your retirement. But before
choosing a pension plan you need to do some research on the products that are
available in the market.
It is advisable for you to get free quotes on retirement
plans online and compare them with similar products available on the different
online web aggregator sites. By doing a comparison, you will get a good policy
that can meet your requirements at an affordable cost. Don’t just go for a
reduced premium but check out all the features of the plan. There are many
online insurers that are providing retirement plans and insurance web aggregators
that may assist you in doing the calculation which is essential for choosing a
good retirement plan. Retirement Insurance Policy.
Source: https://www.policyx.com/blogs/make-retirement-the-best-phase-in-life-plan-now/
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