Retirement Planning:
Retirement Planning should be an important part of one’s life. In today’s world you can no longer be dependent on anyone for your own survival. The NRI’s have an added advantage when it comes to retirement planning if they choose to do so in India. They dollar to rupee conversion benefits the NRI’s and gives them something extra per dollar that is converted. Moreover, the cost of living in India is a lot lower than other developed countries. This is why India is the most preferred location for NRI’s when it comes to Retirement Planning.
The most important part of a good retirement plan is to have a stable flow on income till death. It is here that a good retirement plan setup through various types of insurances policies comes into play. A good mix of insurance policies contains a few policies which give out regular sum of money like pension plans to cover your day-to-day expenses and some giving guaranteed returns at the end of the policy tenure to keep a healthy corpus at all times. A good retirement plan ensures that you stay financially independent for the rest of your life.
Why Is It Necessary To Have A Retirement Plan?
- Lifetime or long term income.
- Ensures financial independence.
- You can live the same financially stable life after retirement as before retirement.
- Helps to achieve retirement goals.
- Income will be received for lifetime or long term, but in addition a lumpsum amount will be given to the nominee as death benefit on the death of the insured.
Can NRI's Have A Retirement Plan?
- NRIs can also take insurance if the insurance company’s terms and conditions are fulfilled.
Various Plans To Plan Your Retirement:
Pension Plans:
Pension plan or retirement plan are a type of investment plan, which helps you to accumulate a part of your savings over a long-term period so that you can have a secured financial future. A pension plan helps you to create a financial cushion in a long-term so that you can ensure to have a financially sound future. The pension plans not only secures the financial future of the individual after retirement but also help an individual to deal with the eventualities post-retirement. Savings get exhausted very fast and are sometimes used in emergencies, thus it is very important to choose the best pension scheme so that you secure your cash flow for meeting basic daily needs post-retirement.
A pension plan is a fund that you build throughout your life to ensure a permanent source of income after your retirement. It is an investment that grows through regular contributions. So, when you plan for your retirement at an early stage in life by purchasing the best pension, it helps secure a sizeable fund.
Life Long Income Plan:
You can do retirement planning through insurance. There are also a number of plans available in which the insured is given a fixed income for a long time or for a lifetime and also a lump sum amount is given to the nominee as Death Benefit on the death of the insured.
