The most important retirement planning questions

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Retirement planning frequently asked questions
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1.
What are pension plans?

• Pension plans insurance plans or retirement plans
  are investment plans where a portion of your
  savings is earmarked to accumulate for a specific
  duration, to yield regular income after
  retirement. The premium for pension plan
  insurance plans is paid to the insurance company
  to build a corpus. When this matures at
  retirement, the insurer receives it as regular
  income or as lump sum and enjoys financial
  security. Compare pension plans for best benefit.

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2.
Why should I have a pension plan?

• Pension plans offer regular income after
  retirement when the paychecks stop, allowing you
  to focus on your dreams, making available the
  funds you need to live comfortably and be
  financially independent

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• The earlier the better, as it will result in
  higher savings when you retire. Since life is
  unpredictable, the sooner you get retirement
  insurance policy, the better prepared you will
  be, financially. Not planning for retirement
  income can be expensive in the long run both for
  yourself and your family, especially in the event
  of untimely death.

3. When should I start planning for my
retirement?
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Retirement planning will provide you with
consistent income to meet your needs as well as
your dependants after you retire, besides
entitling you to tax benefits and financial
stability.
4. How will retirement planning help me?
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In every pension plan, 33 of the final payout is
withdraw able as lump sum and tax-free. The
remaining amount is taxable. According to section
80CCC of the Income Tax Act, premiums paid under
pension plan insurance plans are deductible up to
a maximum of Rs.10000 of taxable income.
5. Are there tax benefits with retirement plans?
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• There are several types of retirement plans and
  these can be categorized based on
• Premium payment mode has deferred annuity
  pension plan an immediate annuity pension plan .
• Nature of investment has ULIP pension plans and
  traditional pension plans
• Tenure has life annuity pension plan and fixed
  term annuity pension plan.
• Pension plan insurance comparison is a must
  before choosing the appropriate one.

6. What types of retirement plans are available?
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Retirement planning must start as early as
possible, preferably the moment one starts
earning an income as this will enable the
individual to create a larger corpus over a
period of time with smaller monthly premiums. For
example, getting a pension plan insurance plan at
the age of 30 will result in a larger maturity
amount at a lower payment. If the pension plan
starts at the age of 40, the monthly investment
will be more and the corpus will be less. So, the
earlier the better, with plenty of options to
manage the investment. Compare pension plans to
enjoy the benefits of a happy retired life.
7. How one should start saving for retirement?
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• Once you decide on investing in a retirement
  insurance policy, consider the following
• Whether the plan offers the option of long-term
  savings
• Do you have flexibility to select retirement
  /vesting age
• Is there minimum guarantee on investment
• Can you balance your investment between debt
  and equity
• Does the plan allow additional life cover for
  your spouse
• Can you increase your monthly savings with an
  increase in employment income
• Are there annuity options to choose from
• What about bonus clause
• Is there cover for terminal illness
• What riders are available
• What is the cost of investment (charges
  payable)
• Compare premium for pension plan insurance plans.

8. How to choose the right retirement plan?
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About Us

• We are developing some unique online insurance
  calculators free tools to help you decide the
  right insurance plans. Our prime focus is to
  develop online insurance products for better
  decision making process. 

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THANKS!

• Any questions?

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