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5 Tips to Help You Buy A Retirement Investment Plan In India

Retirement plans India

5 Tips to Help You Buy A Retirement Investment Plan In India


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October 19, 2019

By : Bajaj Allianz Life

Every individual deserves a comfortable lifestyle. However, building a stress-free life is a financial challenge faced by a majority of people and the main reason behind this is lack of financial planning or knowledge. Whether you’re an entrepreneur or a salaried individual, retirement planning is important. The right retirement plan is fundamental to ensure uninterrupted financial support to meet your life goals with ease.

A responsible individual should start planning for retirement right from the initial days of having an income. Many time, people overlook the importance of retirement and invest in a pension plan very late. Such an investment might not get you the desired results when you actually need them the most. Hence it is important to plan for retirement early in your working life.

Importance of early retirement planning:

When you’re in your early 20s, retirement seems ages away. However, early retirement planning is an excellent way to ensure stress-free golden years of retirement. The earlier you invest, the larger is your fund accumulation. Therefore, every individual must opt for the right retirement plan to reap maximum benefits.

When it comes to retirement plans, you are allowed multiple options. Due to a plethora of alternatives, it becomes challenging to select the right one. Therefore, take a look at these few tips mentioned below for buying the ideal retirement plan:

Tips for buying Retirement Plans in India:

1. Analyze the family needs

Analyzing the needs of the entire family is the first step towards successful retirement planning. Every family’s way and standard of living widely differs. For instance, if your family lives a modest lifestyle, the resources required will be less, and vice versa. Therefore, you must identify your expenses in order to maintain the current lifestyle even after retirement. Once you have evaluated the budget or expenses, you can select a retirement plan accordingly, that will fulfil your post-retirement financial needs.

2. Start investing at a young age

A large number of people prefer early retirement today. With early retirement, you can achieve your life goals like travelling the world after retirement age. When you start retirement planning at an early age, you have a higher risk appetite to invest in products that can give you higher return. At the same time, you have enough time to accumulate funds for the future. The funds generated from the early invested retirement plan will allow you to fulfil your life goals comfortably.

3. Look for the available tax saving benefits

Tax saving benefits on retirement plans allow you to save more money in the long run. Under Section 80CCC of the Income Tax Act, 1961, the premiums you pay for retirement plans are eligible for tax deductions. Moreover, under Section 10(10A), a third of retirement savings you get are tax-free. However, the said tax benefits are subject to the provisions contained in the Income Tax Act, 1961.

4. Opt for a more considerable sum assured

Typically, one must buy those pension plans which provides a sum assured amount that would suit your requirements after retirement. You can also look for those policies which provide loyalty additions that get added to your final sum assured amount. Loyalty additions, along with a considerable sum assured amount could help you as well as your family.

5. Seek professional help

The last and the most crucial step towards successful retirement planning is seeking expert advice. Since retirement planning is a serious affair, you should seek professional advice and follow their suggestions. The involvement of an expert will allow you to easily live a stress-free life without any hassle in the future.

To sum up, retirement marks the beginning of living your life on your terms. The key to living life comfortably during retirement is by opting for a retirement investment plan early.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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.