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Retirement Insurance

What if we tell you there is a way to turn all your tax worries into regular pay-outs after retirement? What if we told you that you could get Rs 30,000 pension/month and up to Rs 52 lakhs for your family by saving just Rs 3,000/month?

Have a look at a couple of scenarios really quickly:

Scenario A

  • You retire at the age of 58 from your job. Your colleagues throw a great farewell party.
  • You are happy to finally be done with a corporate career! In celebration, you go on a vacation with your spouse.
  • A couple of months pass and you realize that without your monthly income coming in, your bank balance is not going to last very long.
  • Then your spouse falls ill and the doctors say she needs to be hospitalized. There goes Rs 50,000.
  • Every time you see an SMS from your bank, you can see your bank balance reducing. You are beginning to worry whether your savings are going to be enough for the next 10 – 15 years…

Scenario B

  • You retire at the age of 58 from your job. Your colleagues throw a great farewell party.
  • You are happy to finally be done with a corporate career! In celebration, you go on a vacation to Europe with your spouse.
  • When you return, you bring gifts for your grandkids and start a cooking course to help your spouse in the kitchen.
  • Every 1st of the month, you receive an SMS from your bank that tells you that your retirement plan’s monthly pay-out has been credited. You are grateful that you started a retirement plan in your thirties. This plan now works like an income replacement for you and your family.
  • With these monthly pay-outs, you can take care of all healthcare expenses, take up new hobbies, travel abroad without worrying about finances, and dote on your grandkids with regular gifts.

Retirement plans are the safety net of your sunset years. Many urban Indians in the corporate world wonder how much retirement corpus they must have. We have discussed the same with experts and put their findings in this article. You might also be interested in an article that goes into the concept of dual retirement, which is becoming increasingly popular these days.

How Do Retirement Plans Save Tax?

Retirement plan investments are Section 80(C) compliant. This means that you can claim tax exemptions up to Rs 1,50,000 when you invest in a retirement plan. Along with taking care of you and your family in your second innings, these plans ensure your hard-earned money is saved from the tax net too!

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