RETIREMENT PLAN
Retirement and pension plans are financial instruments that can shape your hard-earned income into savings for your post-retirement life. It comes in various forms to cater to a multitude of savings and investment goals, enabling a financially stable retired life.
Retirement is a time when you can finally unwind and realize your long-held ambitions. However, if you are financially unprepared, it can be a difficult time. As a result, it is in your best interest to consider a pension plan, also referred to as a retirement plan, and understand how important it is at a young age. You will have more time to start saving for your retirement if you do so.
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What Is Retirement Plan?
The process of deciding your income goals for life post retirement, as well as the actions and decisions required to meet those goals, is known as retirement planning. Identifying sources of revenue, estimating costs, putting in place a savings plan, and controlling assets and risk are all part of retirement planning.
Your retirement plans can begin at any time, but it is most effective if you incorporate them into your financial planning at an earlier life stage. That is the most effective way to ensure a comfortable, stable, and enjoyable retirement.
Benefits of Retirement Plans
Guaranteed Vesting Benefit
Get fixed income to help with your retirement planning
Life Cover
In case of untimely death, empower nominee with sum assured
Flexible Premium Payment Terms
Choose premium payment term as per financial goals.
Customize your Retirement Plan
Avail additional protection with additional riders.
How Much Do I Need to Save for Retirement?
If you’re wondering how much you need to save for retirement, there is no right answer, as it differs from one person to another. Moreover, while a specific savings amount might be sufficient for you, it might come close to nothing for the next person. However, there are some aspects that you can evaluate to figure out how much you should save for your retirement years, which are:
It goes without saying that the earlier you start saving, the better. Therefore, start by considering your age when you start saving. For instance, if you are 30 years old and investing around 20-30% of your monthly income, you will be able to save sufficient funds.
Next, evaluate your monthly expenses, credit card bills, EMIs, and other daily expenditure so you can get by with your savings comfortably during retirement.
When it comes to retirement planning and savings, it is also vital to consider all your long-term investments, as it will give you a clear idea of how much savings will be sufficient once you retire.
Lastly, think about the lifestyle you wish to lead post-retirement. For instance, if you plan on travelling/exploring new countries after retirement, you might need a larger savings fund. However, if you wish to stay indoors and spend time with your loved ones, you can get by with less. Regardless, it is crucial to have sufficient financial backup for emergencies.
How to Choose the Best Retirement Plan?
Lets look at some tips you can follow to choose from among the best retirement plans in India:
Policy Duration
The policy duration of your savings plan affects the premium rates of the savings scheme, depending on whether they are short-term or long-term.
Nature of Income Source
Insurers will inquire about your job history when you apply for life insurance. If you work in a job that exposes you to greater risks, your savings scheme premiums may be higher since it also includes life security.
Investment Goals
An investor chooses the best saving scheme, depending on the purpose behind the investment. This also means the premium rates for the savings scheme will be affected by it.
Health History
Insurance providers may need a medical exam and access to your medical data. Your premiums are likely to rise if you have a history of medical issues, particularly major ones like heart disease or cancer.
Why ULIPs Make Good Retirement Plans?
Since ULIPs are invested in the equity market, they yield higher returns compared to other retirement, pension, and investment plans such as FDs, pension schemes, bonds, and endowment policies. In addition, investing in Unit Linked Insurance Plans (ULIPs) involves less risk, so you get the benefit of both security and excellent returns.
How to Buy Best Health Insurance Plans from BIMAFINSERV ?
Buying health insurance can be easy if you approach the right channel. Having said this, Bimafinserv.com can be a good platform for choosing the right insurance policy. Bimafinserv Insurance Broker Private Limited has made the process of comparing & buying a health insurance policy easier in comparison to earlier days. A person has easy access to complete details of almost all health insurance plans available in the Indian insurance market at a competitive price.
Bimafinserv.com helps you to compare numerous health insurance plans and zero down on the plan that best fulfills your needs. Moreover, the post-sale services are extended to the customers online as well even at the time of medical insurance claim.
