Retirement Plans are a classification of life/annuity designs that are exceptionally intended to meet your post-retirement needs like clinical & everyday costs. To guarantee that you can partake in your brilliant years with monetary autonomy, these approaches assist you with making arrangements for your costs and secure your future. With significant expense of living & rising swelling, retirement arranging has turned into an unquestionable requirement. Benefits plans assist you with covering every one of the costs emerging in your post-retirement years, including going on a get-away & seeking after a leisure activity, among others. It gives you monetary autonomy in your brilliant years as you get a month to month pay.
Why do I need to plan for my retirement?
Expanding retirement years: With normal future expanding in India, it has become progressively essential to anticipate a more drawn out retirement. The future figures show how long a normal individual lives. In India, the normal future of an individual matured 60 is 18.022 years. This implies that a normal Indian satisfies the age of 78. Thus, you need to begin arranging ahead of time to keep up with your way of life and deal with different costs for a long term.
Medical expenses: A major worry with increasing age is unforeseen medical expenses. Rising medical costs can be difficult to manage unless you plan for them in advance.
Financial independence post retirement: You would like to live your life on your own terms after your retirement. However, more than 65%^^ individuals above the age of 60 depend on others for their daily expenses. This shows how important it is to plan for your retirement and ensure your financial independence.
Benefits of Retirement Plans:
Guaranteed regular income for life: With Retirement plans, you and your spouse can receive regular pension for life.
Security for your children in your absence: In some retirement plans, your children will receive a lump-sum amount in the absence of both you and your spouse. This helps you leave behind a legacy for your children.
Tax benefits: Apart from enjoying a comfortable retirement, you can also enjoy tax benefits** on the premium paid up to a limit of ₹ 1.5 lakh.