Retirement Plans

Retirement plans provide a financial shield to let you live life with pride and comfort post you retire.


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If you wish to secure your retired life financially, it is important you start investing in pension funds. You can meet the unexpected expenses by planning your retirement in advance.

We all wish for a happy, tension-free and a meaningful life post retirement. Life can be anything that you want it to be once you retire. The moment someone talks about retirement, first thing that comes to your mind is, ‘pension’. Retirement plans are basically investment plans that helps you allocate a portion of your savings to accumulate as time passes and offer you with a steady yet regular income post retirement. Retirement planning has become too important given the rising inflation and standard of living. You can meet the unexpected expenses by planning your retirement in advance. Due to the compounding effect, your funds multiply thereby increasing your retirement corpus.

Types of Retirement Plans

Insurance Based pension Plans

Insurance Based pension Plans

These retirement plans are also known as personal pension plans. They can be availed through life insurance companies. Since these types of retirement plans aren’t linked to your employer, your employer won’t be contributing to this investment. Personal pension plans are of three types; deferred annuity plan, immediate annuity plans and pension plans with or without life cover. Deferred annuity plans are further classified into traditional retirement plans and unit linked insurance plans.

Non-Insurance based pension plans

Non-Insurance based pension plans

Non-insurance based pension plans are also called as work-based pension plans. These types of retirement plans are usually set up by the employer to aid the employees save for retirement. Here, both the employee and employer contribution to the retirement fund is done on a monthly basis. This contribution is deducted from the salary directly. These work-based pension plans are classified into three types; defined benefit plan, hybrid plans and defined contribution plans.

Government Retirement Schemes

Government Retirement Schemes

The Indian government has introduced various types of retirement plans. This initiative has been taken to offer social security. National Pension Scheme (NPS), Public Provident Fund (PPF), Employee’s Provident Fund (EPF) and National Pension Scheme (NPS).

What should a good Life insurance policy have ?

Upto 25 yrs

  • You’re young and healthy and probably must have just begun your career a year or two back. Life insurance certainly may not have yet crossed your mind. But trust us; your mid-20s are the best and smart time to start looking at life insurance. Simply put, the younger and healthier you are, the lower it would cost to insure you. You may have to shell out a very low premium today for you to potentially save thousands of rupees in the future.
  • You may invest in term insurance if you are looking for a pure life cover. Here, you may have to pay a premium as low as Rs.500 monthly for a cover value of Rs.50 lakh till you turn 60 years old.
  • If you wish to get a life cover along with investment considering particular goals such as marriage or buying a house; you should opt for Endowment plans.

25 yrs to 40 yrs

  • Entering your 30s is considered as a decade of discovery. You might be climbing-up your career ladder or getting married or starting a family and buying a home. Experts suggest exploring life insurance, when you enter your late 20s or mid-30s.
  • You may invest in term insurance if you are looking for a pure life cover. Here, you may have to pay a premium as low as Rs.500 monthly for a cover value of Rs.50 lakh till you turn 60 years old.
  • If you fall in this age band ranging from 25 to 40 years, you should opt for a term insurance valuing a cover of Rs.1 crore till you turn 65 years of age. You may have opted for a home loan or a personal loan. In case of any eventualities, a term plan would take care of your family’s expenses and pay off your loans too.
  • You may also opt for ULIPs for wealth creation, health benefits, children's education, retirement, etc. Say for instance, investing Rs.1.5 lakh annually in ULIPs for 10 years, you would fetch around 5% to 8% of guaranteed returns irrespective of the market behaviour. If you wish to get your returns based on market linked, you may roughly earn returns ranging from 12 to 18% depending on market fluctuations.
  • Investing in child insurance plans would also be a good deal since the earlier you buy the plan, higher would be the corpus you could build for your child’s future. 

40 yrs to 60 yrs

  • 40s to 60s is that phase of the life when you are financially strong career wise and all set to start the golden phase of your life – ‘retirement’
  • You should invest in term insurance to ensure that your spouse/ dependents are well-taken care of should anything untoward happen to you. While in your 40s, your liabilities also tend to reduce and therefore you can opt for a term insurance for duration of 20 to 25 years. When you are in your 50s, a term insurance of 10 to 15 years tenure would be ideal since by now your children would be grown-up and probably less dependent on your income. Your liabilities also reduce
  • Investing in ULIPs and Endowment/Money back plans during this phase of life will ensure life cover as well as investment
  • Investing in retirement plans or pension plans would also make sense, to ensure that you lead a comfortable lifestyle even once the regular flow of income comes to a standstill. So, invest in pension plans to retire rich and retire happy.

Beyond 60 yrs

  • Senior citizens in India can also buy life insurance plans to avoid financial stress. Afterall, this is the right age to reap the benefits of your investments and enjoy every moment of life
  • Whole life insurance plans are the most comprehensive types of insurance that offers life cover to the policyholder. Since these plans come with a component of saving and last for lifelong, it would be wise to opt for whole life insurance plans for people who are above 60 years of age
  • Buying a term insurance at this stage would be an expensive affair. Yet, it would give you a sense of relief and peace of mind knowing that you have made arrangements to keep your spouse or children financially independent even during the days when you aren’t around. Term insurance will also help you leave a legacy behind for your loved ones. In case you still have ongoing loans, this term insurance plan would help your dependents to pay off the loan amount.

Some of the frequently asked questions on Retirement Plans

The pension plan makes regular payouts post retirement. This amount is known as the annuity. You can opt for the annuity either monthly, quarterly, half-yearly or yearly basis.


Provident fund amount won’t be sufficient enough. Therefore, it is important to look out for avenues such as retirement plan. Inflation would make your PF amount look tiny in the coming future. To suffice your future expenses and to continue leading a comfortable lifestyle, it is important that you opt for a retirement plan. Besides, health issues too aggravate with growing age; so do not only be dependent on your provident fund amount.

You can opt for a waiver of premium rider, accidental death and dismemberment rider, term rider as well as critical illness rider

No, you cannot withdraw the entire contribution that you have made towards the National Pension Scheme before attaining the age of 60 years or retirement age. Only a maximum of 20% of your total corpus is allowed as a pre-mature exit amount, in case of fulfilling the mentioned criteria’s:

  • Partial withdrawals are allowed only in case of emergencies such as higher education or marriage of your child, loan for buying or constructing your residential house, specific illness of your child
  • No withdrawals of more than 3 times is allowed during the entire duration
  • NPS accountholder for atleast 10 years
  • You are not allowed to make withdrawals within 5 years of the last withdrawals, except in case of specific illnesses


You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.

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