What is a Retirement/Pension Plan

Retirement plans or pension plans enable you to set aside a pool of sum every year which can benefit the person post retirement. It is not easy to plan for the future. Who can forecast what your financial situation will be, especially when you consider factors like inflation and exchange rates? Would you be able to continue the same lifestyle tomorrow even if you stopped working today? You would probably need to earn more after retirement, which is an unrealistic situation. This is why a limited source of income often hampers enjoyment during retirement.

So how can you secure your post-retirement life?

Getting the right information is the first and most important step. Being aware of the basics can help you plan for cushy and comfortable golden years.

Let us help you understand the basics about retirement and pension plans, along with the benefits they bring.

It is a financial product that pays you or your dependants a sum of money either at maturity or upon your untimely death.

Term Insurance are protection plans which provide only life cover. These plans can help you get adequate cover at low cost.

ULIPs are combination of life cover and investment. They offer choices of funds depending on your risk appetite.

Health Plans are designed to secure you and your family against expenses due to medical emergency.

Tax planning helps you smartly minimize the amount of income tax payable and hence have more savings