Retirement plans A necessity of life
A person works whole life to give a decent upbringing to his children and families
. But while improving the present of the family he forgets about his future. A person opts for all kind of medical insurance, car insurance, and money saving policies but forget of the future which holds the most crucial time and that is when a person retires. Since the income is almost negligible a person needs to think initially and plan early for the retirement plan.
Need for Retirement plan:-
1.) No Joint Family Culture: Indian is now moving from the joint family culture and young professionals are moving to different cities forever. So in order to make their future secure, they can invest a good retirement plan.
2.) Increasing costs: Earlier the cost of living was very low so people could survive in whatever they had. But now with rising costs people need to have a stable income, and for that this plan comes handy.
3.) Also after the improvement in medical services, the life span is increased for people. Therefore, they spend more time as non-working after retirement. So again a plan is needed here.
Policybazaar.com offers you a wide variety of retirement plans, keeping your age and your needs in mind, A few minutes to provide information on the website will enable
policybazaar.com to advise the best plan suited for your needs. Needless to say, that the retirement plans calculator on policybazaar.com helps you to determine the premiums and amount on maturity and also a steady income.
Types of Retirement Plans in India:
There are various types of plans available from both public and private sector:
Life Annuity Plans: As per this plan, a person enjoys a steady income till the time he is living. Upon the person's death the originally invested amount is given back to the beneficiary.
Guaranteed Period Annuity: In this plan a time period is set for the regular income. The person continues to get the monthly income till the time he is living. If he dies before the term period, the beneficiary gets the remaining monthly incomes till the period ends.
Annuity Certain: In this plan, the person is given a fixed period of regular income. If person lives after the period, the income is stopped and policy expires after guaranteed period.
Deferred Annuity: As per this plan, a person keeps investing into a fund for number of years. And then that fund is used for investment into a
retirement plan which can give a steady income to the retiree.
Few available plans:-
ICICI Pru LifeStage along with ICICI Pru Life Time Maxima are two popular plans which provide both flexible incomes and insurance benefits.
Reliance Life Super Golden Years Term is a unit linked retirement income, where you can pay top-up premiums also.
You can always visit the policybazaar.com and check at the retirement plan calculator about the premiums and maturity amounts. Further comparisons can be done to select the best retirement plan for yourself and future can be secured with few clicks only.
Retirement plans A necessity of life
By: Elex Martin
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