Retirement is the end of active employment it means that you will not be having regular income. So, you will have to plan for your retirement as early as possible. Earlier the families had more than one or two children and the parents knew that they can rely on the traditional support system of the younger generation taking care of the older.
You know that you will not always going to be employed, the only reason why you want to prosper and save more is that you can retire one day and do whatever the heck that you dreamed of doing. It could be going on a world trip or taking a small little farm and enjoying your old age in the best way possible.
But now that people are opting for one or two child, they can no longer rely on the traditional support system.
The cost of living is increasing at an alarming rate and hence preparing for it is necessary. The development in healthcare has led to increase in the life expectancy of a person, you will have to prepare for the long years that you will have to do without the regular income. It is no news that old age means having to deal with a wide range of health conditions from diabetes to heart problems to BP problems. The medications for the same don’t come cheap. You must also bear in mind the additional expenses that you will have and save up funds to meet all the expenses and for you to have a comfortable life.
Once the money is accumulated, you will start availing the vesting benefits. The vesting benefits start from the ages of 40 and goes up to 70 years for most plans.
The premiums have to be paid at once at the beginning of the plan.
You will be paid a lump sum amount after a specific period in the endowment plan. The various plans that offer endowment policy are:
Annuity is fixed sum of money that will be paid to you at your retirement on a regular basis.
You choose a certain term for which you will be paying premium, and you choose at what age you would like to receive pension. If you die in the policy term, the nominee will receive the entire sum assured.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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