Pension Plans

help plan for retirement and offer the security of insurance.

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Retirement Planning - Do Not Neglect it!

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Retirement is a time when people look to spend some relaxed time and pursue their hobbies. But for some this is not the case as they are constrained because of inadequate savings. They are either forced to continue working post retirement or they become financially dependent on their relatives, and as a result they have to compromise on their desires and needs. With increasing life expectancy, the retirement phase of life is getting longer and you need to be prepared well.

Retirement planning - The importance of starting early

A timely beginning when it comes to retirement planning can really help you spend retirement days happily and peacefully at your own terms. The most essential aspect of retirement planning is to start as early as possible. Starting early helps you gather enough retirement savings for your retirement phase with ease and you do not even have to stretch too much to save every year.

How much retirement income is enough?

If you are currently a 35 year old middle aged man and wondering how much you would need for you retirement life, here is the answer. So if you intend to retire at 60, you have 25 years in hand from now till you retire. If you spend about 50,000 every month on your lifestyle and you think you would want to maintain this lifestyle while you retire you need to incorporate the impact of inflation. Over the last few years Inflation as measured by consumer price index has hovered around 5 to 6 percent. So when you apply the impact of inflation on your monthly expense you would need your retirement plan to provide you 1.7 lakhs per month so that you can continue to maintain your quality of life.

Choosing the best retirement plan

The savings you invest in a retirement plan are compounded over a period of time to yield you an attractive retirement income. Depending upon your Risk profile you can decide on what proportion of your funds should be invested in equities. Equities traditionally have provided higher returns than debt instruments over a longer investment horizon and hence if you are young it makes sense to invest a larger proportion of Pension plan funds in equities

Most mutual funds offer a pension scheme and these help you invest your savings smartly and regularly. There are various options when it comes to choosing from various retirement plans and you can do an online comparison to buy online retirement plans that offer the best retirement income at the lowest Premium cost.