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Why Life Insurance Should Be A Part Of Your Early Retirement Plan

Buy life insurance for early retirement

Why Life Insurance Should Be A Part Of Your Early Retirement Plan


March 12, 2020

By : Bajaj Allianz Life

The primary aim of life insurance products is ensuring the financial security of the policyholder and their entire family. When an individual retires, he needs a steady flow of income to sustain regular expenses as well as to accomplish his life goals. With certain life insurance plans including ULIPs, one can protect the financial needs of his family, as well as receive maturity benefits with ease to be able to fulfil their early retirement life goals. One needs to plan their investment in a manner so that they can realise their retirement goals.

Retirement is known as the beginning of a comfortable life. However, for that to be true, an individual requires adequate resources to sustain themselves financially during retirement. The unpredictability of life makes life insurance plans the need of an hour. Hence it becomes very necessary to understand the importance of life insurance plans mentioned below, especially in the light of early retirement planning:

Importance of life insurance plans during retirement:

The average life expectancy in India has significantly increased in the past few years. The increased life expectancy rate implies that the number of post-retirement years an individual has to plan for has increased as well. For people who have a high-pressure/ stressful job or are running their own firms, planning their future might take a backseat due to the work pressure. While an individual can reap the benefits of his/her years of hard work, it is essential to plan for the golden years of life with the help of life insurance plans that can help you achieve your early retirement life goals provided you have planned accordingly.

As a working professional, you should plan your investments well in advance so that you can reap the benefits in the future. One needs to stay invested in the market to be able to maximise their returns over the long run.

Take a look at these top four benefits of retirement planning:

1. Financial security - Life insurance products work towards the protection of the financial needs of your loved ones. It secures the financial needs of your family, even in your absence. Therefore, one should consider the family expenses and requirements as well as the number of dependants in the family before planning their early retirement. These plans can provide dual benefits i.e. life insurance cover and maturity benefits.

2. Sufficient coverage - Under a term insurance plan, a policyholder receives a life coverage. The purpose of term insurance is to protect a policyholder’s family from financial contingencies that may arise during a policy holder’s absence. On the demise of the policyholder, the nominees receive a death benefit. The beneficiaries of the policyholder can obtain the death benefit either in a lump sum or every month depending on the terms and conditions mentioned under the plan. Hence if the policyholder has planned his advances well keeping his family’s financial needs in mind, he/she can ensure a coverage that would ensure the family has enough financial support even during the policyholder’s absence.

3. Tax benefits - One of the major benefits provided by life insurance plans are tax-saving benefits. The premium paid towards the policy is exempted from the payment of taxes. The premium is deductible up to Rs. 1, 50,000 on your taxable income under Section 80C of the Income Tax Act, 1961. This money can in turn be saved and invested, which could further strengthen your retirement corpus.

4. Diversified portfolio - A ULIP policy with a diversified portfolio can be an ideal solution for an investor. Opt for a plan, which provides fund options based on your risk appetite. A ULIP policy offers the policyholder with multiple fund options.

The effective management of your savings can result in a stress-free retirement life. As a part of your strategy towards retirement planning, protecting your family needs in your absence is also something that you need to consider. With life insurance products, you can meet your early retirement goals while also maintaining a safety cover for your family. Utilize a retirement calculator to understand your need for a corpus during retirement. Consider your needs and then choose a plan accordingly.

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