Retirement Plans
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Buying a retirement plan is not the end of your journey, and we understand that. With OneInsure, experience the new way of purchasing, managing, and getting service support on all types of retirement policies.
Right from keeping your policies claim ready till claim settlement, we got everything covered!
Round-the-clock assistance from our team of subject matter experts on all types of retirement policies for a lifetime.
Compare retirement plans and get the right policy at the most competitive rates.
Experience the ease of managing your policies from anywhere and anytime.
Here are some time-tested nuggets of wisdom about retirement plans from the desk of our in-house insurance gurus. Use these points when you compare retirement plans.
The earlier you buy retirement plans, the lower the premiums and the higher the returns tend to be. This is quite obvious – the more the years the insurer has with your money, the more it compounds and the higher the pay-out. For example, when 30-year-old Mr. X invests Rs 3,000 in a retirement plan for 30 years, he receives a pay-out of Rs 44 lakh. However, when 35-year-old Mr. Y invests Rs 3,000 in a retirement plan for 25 years, he receives a pay-out of only Rs 28 lakh.
Retirement is a life-altering event that changes the way you live, your spending habits, the way you think about finances, the way you think others value you, and so on. Good retirement plans make this life-altering event more comfortable and easy to bear by providing a financial cushion. If these funds come early, you will tend to spend a good portion of it. If they come too late, there will be a dip in your standard of living.
When 60 was decided as retirement age, a male’s life expectancy was 67 – 70 years. Therefore, his retirement funds at 60 were enough to carry him through till his eventual death. With technological and medical advances, however, the average life expectancy of an Indian male is 77 today and only getting higher (female – 79). While this is good news, it needs proper financial planning or there will be no funds left to enjoy your sunset years in comfort. Plan your investments in such a way that there is some money coming to you when you hit 70 years of age.
Read on to know why investing in life insurance retirement plans is one of the most crucial decisions of your working life.
Investments in gold, FDs, and MFs can be discontinued without a penalty. Due to this feature, it is very easy for people who have a financial crunch to either stop funding these investment tools or break into them. Contrarily, due to the unavailability of a discontinuing feature in retirement savings plans (without penalties), the habit of saving continues and you are invested for the entire duration agreed upon between the insurer and yourself. In a way, retirement plans do not allow you to move your eyes away from the larger goal.
Mr. X invests Rs 3,000 in a retirement investment plan for 30 years, he receives a pay-out of Rs 44 lakh. Presuming Mr. X earns at least Rs 30,000 per month, this is a mere 10% of his take-home salary. Also, his salary is only going to increase here on out, and the premium isn’t.
Note that if Mr. X begins investing at an even earlier age with smaller amounts, he will receive even higher pay-outs.
With pension/retirement plans these days, you have 3 options to choose from as far as pay-outs are concerned:
So, whether you opt to buy a retirement plan online or offline, keep these points in mind and do not hesitate when it comes to retirement planning. Remember to compare before selecting the best retirement plans for yourself.
Know what you are buying! Before you make up your mind about your policy, it is recommended to go through our FAQs to understand the different aspects of a retirement insurance policy.
A retirement plan is basically an investment plan where you pay out regular premiums to receive either a regular income or a lump sum amount (depending on the plan you have chosen) after your retirement.
It is not possible for anyone to work throughout their life. Also, after years of putting in hard work, it is best you enjoy the last phase of your life peacefully and without having to worry about finances. A retirement plan offers that peace of mind.
Today, plenty of life insurance retirement plans are available in the market. This may make it difficult for you to select the best retirement plan. In such circumstances, it is advised that you compare retirement plans online or consult an expert and then go ahead with the final purchase.
Yes, you definitely need a retirement savings plan. Once you’re 60, income ceases but expenses don’t. Besides, everybody deserves to have a comfortable retired life, and that is made possible only with a retirement plan. Here are the benefits:
If you have a simple retirement plan in place, then you do not need to financially depend on your children. You can take care of your own expenses.
You can also get the best retirement plans online. However, before you make any purchase, ensure you have compared retirement plans based on your requirements.
The corpus each individual requires under their retirement savings plan varies based on the following factors:
Keeping these factors in mind while you compare retirement plans will help you choose the right retirement cover.
Tip: Retirement planning should begin at an early age. The earlier you start investing, the higher will be your corpus and the lower will be your premiums.
Retirement plans act as protection for your life’s sunset years. Retirement plans are designed to create value of the principal amount and provide steady returns at the same time.
Retirement plans can broadly be placed into the following types:
To have a relaxed retired life, one should plan for it. The following are some best practices of retirement planning:
