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Why You May Consider Choosing an Endowment Plan for Your Retirement planning?

By : Bajaj Allianz Life

Like any milestone in life, retirements are also best planned for with care. Knowing that this period is one where you want to kick back and enjoy the fruits of your effort makes financial planning more important. One of the preferred ways to make your retirement planning smooth is an endowment plan. This type of retirement plan makes for a suitable addition to your portfolio because it can help you live life to the fullest at a time when you know you do not want finances holding you back.


Why You May Consider Choosing an Endowment Plan for Retirement?


What makes endowment plans so special? Read on to know more about It!

• Tax benefits:

Perhaps one of the advantages of opting for endowment retirement plan is that you can save taxes on both your premiums as well as your final withdrawals as your insurance matures.

• Maturity benefits:

Once your policy reaches its expiration date, your insurance company will provide you with your maturity benefit. The individual who has been assured of his/her maturity amount can utilise the pay-out to live comfortably throughout his/ her retirement without having to depend on his/her family members. Note that if the policyholder were to pass away due to an unfortunate accident before the policy matures, the guaranteed death benefit amount will be passed on to their nominees.

● Guaranteed income stream:

Obtaining endowment insurance is a sort of financing that you may be able to use during your retirement years. In most circumstances, you will likely receive a lump sum endowment as your maturity benefits. Alternatively, if you have opted for a guaranteed income plan, you will receive a certain amount of income on a recurring basis. This recurring income may assist you in meeting any ongoing or other types of medical expenses. In case the policyholder passes away, the assured sum would be passed on to his/her nominees.

● Smooth retirement:

When your income streams are no longer available and it is time to reflect and rest as you enjoy the life you have created for yourself, a retirement corpus in the form of an endowment can help keep you comfortable. With a flow of income from your endowment plan, you can continue to live independently without experiencing the slightest worry about having to financially burden your loved ones. You can also get to do things you’ve always wanted to do like tour the world, and more. By steadily building up a corpus through your endowment plan, you are opting for a comfortable retirement.


To sum up


Endowment plans are one-of-a-kind retirement insurance policies that afford retirees a slew of benefits. From becoming a guaranteed stream of income during one’s post-retirement life to offering tax benefits that can help you now and, in the future, an endowment policy can make your retirement planning smooth and hassle-free. Protect yourself financially from an unforeseeable future and keep your retirement plans in sight by considering adding a comprehensive endowment plan to your financial portfolio.



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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.