help plan for retirement and offer the security of insurance.
The physical strength of a person starts reducing with the increasing age and, therefore, people retire. Inflation and health care costs also start increasing with the increasing age. To make sure the old age doesn’t reduces financial status, people go for retirement planning. Retirement plans are simple insurance plans through which a person aims to create a pool of funds for the time when s/he will not be able to earn a regular income. At the time of retirement, the Insured can withdraw the whole amount or can take benefits of Annuity insurance. In the event of death of the Policy holder, the nominee becomes eligible to enjoy the fruits of such savings
With the growing modernization, the joint family structure in India seems vanishing. Owning a financial security becomes must for enjoying the period of rest with pride. Pension plans provide annuities when the regular income of a person stops. In an annuity insurance plan, the policy holder pays a lump sum amount as a Premium and then takes advantage of the retirement income. This income can be annual, half yearly, quarterly or monthly depending upon the requirement of the policy holder. With such annuity insurance, the policy holder can continue the same standard of living and lifestyle even after retirement. Moreover, investing in a Pension plan helps you save taxes. Not only is the premium paid is exempted of the taxes, but also the sum obtained avails tax savings.
A person can take the retirement plans at any point of time in his life or career. However, early starters enjoy an additional advantage of high earnings. There are various retirement plans offered by different insurance companies. In all of these plans, the money is acquired and is invested in ULIPs in the securities market. This investment is done keeping in view the Risk a person is viable to take and return expected. Such investment is governed by the central regulatory authority which is IRDA in case of India. Insurance Regulatory and Development Authority tends to protect the rights of the insured and monitors the Insurer to pay out maximum benefits.
Sporadically, pension plans help boost your retirement income. To know the best plan that suits your requirements and provides you maximum benefits, you can look for various plans and compare them on several parameters like benefits, returns and costs.
Easypolicy.com can help you with such comparisons and provide you the insights of every plan. It can help you to quote for a plan and further help you to manage it online. It is a wise step to keep maximum information on financial matters. The knowledge bank of easy policy.com provides you with huge access to the information that is important for you to know with respect to retirement plans. To know more, register today!