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Retirement is a phase when you want to relax and enjoy your life after continuous, long and hectic professional life. On the financial front, your regular income also stops. Managing post retirement expenses may become hard 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 part of life insurance products cover the risk of living too long. Insurance companies provide the dual benefits of pension and insurance cover under pension plans. Pension plans help individuals to plan for their retirement effectively and provide individuals with a regular income for their 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 pension plan helps you achieve the financial stability after 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.Get Affordable Quotes
Here are the top reasons as to why you should buy Pension Plan.
You need to infuse regular savings towards your pension plan. Here are some key factors that determine your premium amount for a pension plan.
With a pension plan, only a few insurer’s offer limited riders.
(Note:The rider benefit, conditions and eligibility criteria may vary from insurer to insurer.)
If a policyholder commits suicide within one year of commencement of a pension plan, no or limited benefits will be payable.Select from Top Insurer's
Read the do’s and dont’s related to your Pension Plan.
|Start saving for your pension plan at an early stage. The earlier you act, higher will be your pension funds.||Hesitate in clarifying any query regarding your pension plan.|
|Study about the fees and charges levied on your pension plan. You may ask your pension provider to get the details regarding charges levied on your account.||Forget to read the fine print of your pension plan. Any negligence today may cost your savings for tomorrow.|
|Make additional top up contributions to boost your pension savings.||Feel coerced by a financial advisor to buy a pension plan which is not best fit for you.|
|Monitor the performance of your pension fund.||Allow agent advisor to fill the pension proposal form. Fill it in by yourself.|
|Opt for the pension option as per your post retirement needs.||Take a risk with your pension fund. Invest as per your risk appetite.|