Best Age For Investing In Pension Plans^~

Is there a best age for investing in pensions schemes? It is completely wrong to think so! When it comes to your post retirement life there is nothing called an early planning. With the expenses of daily life increasing at a rapid space, nobody knows what is going to happen when you are no longer in a stable job. People are in their most vulnerable stage during the old age. With the joint family structure crumbling rapidly, there is nobody you can fall back on. The only backing that can have any meaning in such a scenario is the all-important financial backing. When you are in a job your salary remains your strength, but when even this stability ends, what remains for you!

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Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

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We are rated⁺⁺

9.7 Crore

Registered Consumer

Insurance Partners

4.9 Crore

Policies Sold

Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

In order to make the life of people easy and give complete security in the old age there are a number of pension schemes available that can provide you the ideal coverage over the existing pension plan in your office.

Start as soon as you are in a job

Only when you start planning from an early stage will it be possible for you to develop a corpus which his ideal for covering you when you are no longer in a job scenario. This is the reason why most organizations call for 12% savings from the basic income of individuals from the very first day of employment. If your office or institution has an existing pension scheme well and good, otherwise it is ideal to go for a saving scheme that takes 12% from your regular income and provide the related benefits when you retire.

When You are in Your Mid 30s

Those who have an existing pension scheme at the organization they work in presently should take stock of their situation during the mid thirties and project how much they are going to need after retirement. Is the current scheme ideal for such situations, or do you need to save more in keeping with the rising expenses? Based on the answer to these questions find additional plans to invest in and secure your future.

Planning in Mid 40s

Mid forties is a time when you are ripe to think of retirement and any planning afterwards can simply lead to a naught. Therefore, this is high time to consider your situation and give realistic projections regarding your future. For example, you know by now where you are going to live when you retire, about your plans to travel or remaining in the same place, as well as your liabilities post retirement. Base your planning on such scenarios and find a scheme that works.

You may also like to read : Retirement Planning in India

Mid 50s Planning

Mid fifties is the time when some serious planning is in the offing. Now you simply cannot take tings lightly any more, because the water is under the bridge! Health care becomes a major issue at this stage therefore find a plan besides your existing investments that takes care of such crucial issues.

Any age is a good age to start thinking of retirement once you become ready to earn and make a living. Crucial steps in planning involve understanding the importance of such plans and changing your lifestyle to accommodate the required savings for a secure old age!

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.