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Why Need to buy the Retirement Plans?

Pension Plans are individual insurance plans that impact your future by providing financial stability during old age when it is needed the most.

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Why Need to buy the Retirement Plans?

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  1. Why Need to buy the Retirement Plans?

  2. Retirement marks the beginning of a new phase of life for an individual. Besides medical care and emotional support from family members, financial independence is one of the major concerns among retirees nowadays. Opting for a suitable pension plan at an early stage is a wise decision and guarantees a steady income at a time when a person’s income-earning capacity reduces. There are various Retirement plans Indiabased insurance companies offer to suit the specific needs of individuals. Since times have changed, there is a growing majority of people in the country who support the thought of planning for the future and leading a life with dignity post their retirement.

  3. Before choosing the Best pension plan in India, individuals need to understand why having such an investment plan is important. Listed below are some important reasons for buying a retirement plan:

  4. Encourages the habit of savings With a large number of Retirement plans India has for its citizens, offered by several reputed insurance companies, there is clearly a growing awareness among individuals about the major benefit provided by such plans - that of instilling the habit of savings. Retirement plans are excellent money saving plans, empowering individuals to take care of themselves financially. • Provides flexible investment option with insurance Often, buying the Best pension plan in Indiawill mean the individual has opted for investment option cum insurance plan. In fact, pension plans are a special category of insurance plans designed to cater to the post-retirement financial requirements and helps build up the much-need retirement corpus. Mostly, they also offer tax benefits too.

  5. Takes care of family’s interests When buying a pension plan with a suitable annuity option, say the lifetime option promising annuity for a certain number of years irrespective of whether or not policyholder survives, the joint life/last survivor annuity provides pension until the individual is alive, after which his or her spouse will receive the pension. This way pension plans secure a family’s future, even in the absence of the policyholder.

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