All working professionals must plan for their retirement and start investing from a young age when they are active. Retirement is the time when you are typically done with all the responsibilities and start enjoying a quiet, stress-free life. If you don’t have enough money to take care of yourself during retirement, you may end up sacrificing your lifestyle and compromise on fulfilling your remaining dreams. This is the reason why you must investment in retirement/pension plans and build a corpus sufficient to take care of your future needs.
There are different forms of endowment policies available with life insurers. Most insurers offer pension plans designed specifically to take care of one’s retirement needs. These retirement and pension plans come with customised benefits to provide both lump sum benefit as well as periodic fixed income following your retirement. One of the added advantages of these covers is the insurance aspect. If a policyholder dies during the policy term, his/her dependents will get the accrued sum assured amount along with the additional bonuses. Considering the benefits available with these policies, it is worth investing in these covers to take care of your future requirements.
When you decide to buy a retirement or pension plan, you need to consider the following factors and protect your post-retirement needs:
A retirement plan is something that everyone must have. Even if you already have a term insurance cover, you must consider getting a retirement plan just to take care of your post-retirement needs. There are multiple options available when it comes to building a corpus for your retirement. You may also consider other options like PPF, mutual funds, etc. However, the benefits offered by pension plans make it a worthwhile investment. When you decide to opt for a pension plan, make sure that you consider all the above-mentioned factors and decide on your coverage accordingly.
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