Education is an important medium of acquiring skills and knowledge. Our education begins at home. Thereafter, as we grow we go to schools, colleges and other educational institutes.
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
- 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 plans 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
