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Retirement is the beginning of a new phase in your life where you want to live life on your own terms. Whether you want to accomplish new objectives post retirement or you want to enjoy a relaxed and comfortable life, the critical factor is adequate financial support that offers a regular income, to take care of health care costs, day-to-day expenses and ensure that you are able to maintain your standard of living.
Retirement plans from life insurance companies, work in two ways – help you build a corpus during your earning years when you are able to save, and invest towards building your retirement corpus, in a way that it provides you with financial support throughout your retired years. During the accumulation phase, a retirement plan invests your money, which over the long term generate appropriate returns and help you build a significant corpus for retired life. In the post-retirement phase, through an annuity product, you can get regular income for life.
There are several benefits of retirement planning ranging from monetary to personal advantage, like bringing in a financial discipline. Here are the key points on why is it necessary to plan for your retirement early:
Retired life is all about pursuing your interests, traveling to new places and enjoying a relaxed and comfortable life. Retirement planning in advance ensures that you are able to comfortably provide for your needs, healthcare expenses and also live a retired life of your dreams.
The earlier you begin planning and saving for retirement, the more you can reap the benefits of the power of compounding, which goes a long way in enhancing your returns on your earnings. Use our retirement calculator to plan your retirement
The other major advantage of retirement planning is the tax advantage both during the accumulation phase and later while reaping the returns after retirement. Premiums for retirement policies qualifies for tax deduction under Section 80CCC of the Income Tax Act 1961, subject to provisions contained therein. Further, when you reach vesting age, you can get up to a third of the retirement savings as a tax-free lump sum under Section 10(10A) of the Income Tax Act 1961, subject to provisions stated therein.
Retirement planning is crucial to ensure that inflation doesn’t derail your dream retired life. By investing systematically, you can ensure that you are able to accumulate significant corpus to fulfil all your dreams and aspirations and to live a comfortable and worry-free retired life.
The rising life expectancy means that you need to save for a longer retired life. Judicious retirement planning is essential to enable you to live a long and prosperous retired years, with adequate financial support during those years.
Some crucial points to keep in mind while choosing a retirement plan are:
Age of retirement:The average age of retirement in India is typically between 55 to 60 years. However, today the concept of retiring early is also becoming common which means one requires a steady post-retirement income for a longer time. Further, with an increase in life expectancy, you need a corpus which will ensure you continue with the same standard of living as long as you are alive. Also, with more and more people opting for nuclear families, one needs to be independent to take care of oneself and their dependents. Hence, whatever age you decide to retire, accumulation of wealth corpus is essential. You can use our retirement fund calculator to find out how much corpus you will need to live a comfortable and worry-free retired life.
ROI during earning years:The sooner you start, the more will be your savings for retirement. The risk-taking capacity is also comparatively high when you are young. Your retirement corpus and income received post retirement should be such that helps you take care of the day-to-day expenses, any health contingencies and maintaining the same standard of living. Confused about what should be your ideal corpus? Use our calculator to find out how much you need to accumulate for a dream retired life.
Expenses after retirement:The health expenses are likely to increase as you and your spouse grow old. Besides, inflation will also lead to an increase in the cost of living. Your savings may be the only source of income you may have after retirement, so investing in a disciplined manner is highly recommended to ensure you are able to meet expenses, factor in inflation, and live a fulfilling retired life.
The key to a blissful and stress-free retirement is to keep your retirement fund separate from other financial liabilities such as children’s education or building a real estate property. It is better to start early so that you can enjoy the power of compounding on your investments.
When it comes to retirement planning, effective management of your funds, whether it is at the time of accumulation or after retirement, takes precedence. With a proven track record, Bajaj Allianz Life has developed an expertise in managing investors’ fund, which enables the customers to meet their life goals through the yields generated on their investments. Our fund performance speaks for itself. You can check out the performance of Bajaj Allianz Life Funds here. However it is to be reiterated that past performance of the funds are not indicative of future performance.
Bajaj Allianz Life offers a range of retirement plans that help you to fulfil all your retirement dreams. Whether it is an annuity plan or a ULIP-based retirement solution, Bajaj Allianz Life has a product to meet your specific requirement for a retirement solution.
Yes, you can include your spouse in the annuity plan. Insurance companies offer options like full or half annuity to the spouse depending upon the annuity option chosen.
Bajaj Allianz Life Pension Guarantee plan offers regular income after retirement. You can opt from monthly, quarterly, half-yearly or yearly annuity payment mode depending on your convenience. The plan offers a range of annuity options to choose from. These include life annuity, life annuity with Return of Purchase Price; annuity certain for period of 5 years, 10 years, 15 years, 20 years and life thereafter; joint life last survivor with 50% of annuity to spouse; joint life last survivor with Return of Purchase Price on death of last survivor (100% of annuity to spouse) and joint life last survivor with 100% of annuity to spouse.
You can either use the full amount or opt to take up to 1/3rd of the maturity benefit as a lump sum and use the balance amount to purchase an annuity plan from Bajaj Allianz Life.
Yes, Bajaj Allianz Retire Rich offers Guaranteed Maturity Benefit (GMB) of 101% of the sum of all premiums paid by you till the time of the policy maturity. At maturity higher of the fund value or the Guaranteed Maturity Benefit (GMB) will be payable to you.