Retirement could be a part after you wish to relax and revel in your life when continuous, long and hectic professional life. On the money front, your regular income also stops. Managing post retirement expenses might become onerous for you with growing inflation. Only 4% of the total working population of India is covered by a pension scheme, usually government employees. The remaining population is either salaried or self employed who do not have the provision of a formal pension scheme.
Ideally, life insurance covers the risk of “dying too early “ or “living too long”. Pension Plans being a locality of insurance product cowl the danger of living too long. Insurance firms give the twin edges of pension and insurance cowl beneath pension plans. Pension arranges facilitate people to plan for his or her retirement effectively and supply people with a daily financial gain for his or her post retirement years. Also, in the event of the death of the insured, the amount specified as per the policy is paid to your nominee. A retirement account helps you reach the money stability when your retirement. You need to infuse a specific amount of money during your working phase to build a corpus.
These plans are best for those planning a secure future. Retirement plans are a decisive way of safeguarding that your current lifestyle is maintained even after you stop working.
