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Retirement Plans

Retirement Plans

An Introduction to Retirement Plans

In today's fast-paced world, retirement planning can no longer take a back seat. In fact, the earlier you start your retirement planning, the better you can prepare for your golden years. Retirement Plans can ensure financial independence for you and your family even as you enjoy a peaceful retired life of your dreams.

A sound retirement plan will enable you to:

  • Retain financial independence
    You toil hard all your life to achieve your dreams. Then, why would you want to be dependent on someone else after you retire? Retirement Planning becomes all the more important in present times as you are likely to spend more time as a retiree. The average life expectancy has increased; however the average number of employment years has not been increasing correspondingly.

  • Enjoy living the way you like
    With the right planning, you can ensure that you enjoy the same lifestyle that you are currently used to, even after you are no longer working.

  • Pursue expensive hobbies/activities
    Do you dream of pursuing your love for astronomy with a professional, high-end telescope? Or perhaps you’d like to indulge in the finer things of life, like tasting exclusive wines, exploring exotic places. You probably dream of doing this when you have the leisure. Retirement plans can get you there.

  • Ensure your family is not dependent on anyone in your absence
    Being the family’s primary breadwinner, you are rightly concerned about your family’s financial stability in your absence. Investing in a pension plan can ensure that your family continues to remain financially independent and enjoy the same lifestyle that you both are enjoying right now.

Go through the links below to know more about retirement plans.

Putting aside some money every month in the provident fund or a fixed deposit is just not enough, although it is a good start. You need sound insurance and pension plans to enjoy the retirement of your dreams. Here’s why you should consider retirement planning:

  • Increasing life expectancy
    Average life expectancy in India has been increasing steadily over the decades.

    Source of Data : http://data.worldbank.org/indicator/SP.DYN.LE00.IN/countries/IN?display=graph

    The longer one lives, the more time he/she would be spending as a retiree. If you want to maintain that expensive flat that you just invested in and keep those two cars well into your retirement, you should seriously consider retirement planning.

  • Rising inflation
    With inflation on the rise, your money's purchasing power is on a steady decline. It is thus necessary to invest in a way that your buying capacity is in sync with the changing times.

    Source of Data : http://data.worldbank.org/indicator/FP.CPI.TOTL.ZG

  • Escalating medical costs
    Prices of medical services are increasing exponentially. Add to it the inflation effect and you would realise that healthcare would eat up a sizeable chunk of your savings, especially in those golden days? Your insurance plan can help you fund your medical expenses after retirement

  • Rising standard of living
    You are probably enjoying the best in life right now and your professional life is going great guns too. Rising income brings in higher standard of living, which you expect to continue even when you are no longer working. You wouldn’t want to return back to the same standard of living that you were living when you just started off your career. Investing in a good pension plan will ensure that you enjoy the good things in life well into your retirement.

Invest today, invest regularly, invest smartly
Invest early and see your money grow with the magic of compounding, which basically reinvests your returns so that they generate additional gain. The sooner you start, the better it is. Investing small amounts at regular intervals over a period of time in insurance plans is a smart way to build a bigger corpus for your retirement.

  Invest Today Invest after 10 years
Annual Investment Rs 10000 Rs 20000
Age at which you begin investing 30 years 40 years

At Age - 50 years

Total Investment Rs 2,00,000 Rs 2,00,000
Wealth Built Rs 4,94,000 Rs 3,13,000
  Difference of 57.83%

Note: Rate of return assumed at the rate of 8% per annum.

Choosing a pension plan is not difficult at Kotak Life Insurance. You get to choose from one of the best pension plans in India - in short, Faidey Ka Insurance! With our pension and retirement plans, you can:

  • Retire with dignity
    Ensure that when you retire, you have enough funds to not only meet your expenses but also continue the same lifestyle that you have been living all throughout.

  • Be financially independent
    Our insurance plans enable you to continue being self-reliant even after you hang up your boots, so that you do not have to be dependent on anyone else for your needs.

  • Enjoy adequate post-retirement income
    These plans will ensure that money does not come in the way of your dreams after retirement.

  • Don't let financial constraints spoil your retirement party
    Indulge in leisure pursuits, enjoy doing all that you always wanted to do, but couldn’t because of work commitments – without any worries.

  • Inculcate the habit of regular savings to create a large post-retirement corpus
    By committing a small amount every month, you can create a larger corpus for your retirement in a systematic manner.

  • Be better prepared for medical exigencies
    Investing in these insurance plans can ensure you have adequate funds post-retirement to meet the rising medical costs.

  • Enjoy tax benefits
    Investment in pension plans offers tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

  • Get the option of enjoying life cover
    These plans only set you free from the worries of retirement, but also give you the flexibility to opt for a simultaneous life cover.

  • Provide for a higher financial security through riders
    Riders allow you to enjoy more from the life insurance plan and provide additional financial security in the unfortunate event of your death or disability.

  • Let your money grow with time
    With inflation on a rise, your savings for your retirement may not be adequate. Investing in pension plans is a prudent way to ensure that your money grows with time.

  • Click on the retirement plan of your choice to know more about the plan
  • If further information is required, the plan brochure as well as a Premium Calculator is available for reference.
  • Click on "Send me a Life Advisor" to contact an expert advisor who will guide you in the buying process

Retirement plans we offer:

Kotak Premier Pension Plan
Kotak Lifetime Income Plan
Kotak e-Lifetime Income Plan

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