Plan Early, Live Comfortably: Finding the Best Retirement Plan in India

In recent years, the trend of inflation seems to have been increasing gradually and to secure yourself financially after your retirement, it’s essential to plan early.

In fact, whether it is your retirement, your family’s financial security, or any other investments, beginning early with them has always been fruitful. 

Therefore, today’s discussion will revolve around starting the hunt for the best retirement plan in India early. Continue reading for some interesting tips and learn how planning early rewards you with comfortable golden years.

Why Plan for Your Retirement at All?

Retirement is the period you would finally want to wind up all your hard work and relax in this phase of your life. Therefore, relying solely on what a mere pension might serve you or your earnings over the years might not be sufficient in regard to inflation. Planning early would actually help you ensure that you keep earning or have a steady stream of income. 

Here’s what having the best retirement plan in India will offer you:

1. Maintain your Standard of Living: You can ensure the same exquisite living standard for your golden years, the same as you live today, without any financial worries.

2. Pursue your Dreams: Golden years are not just a time to sit around. Many of you must want to fulfil your dreams of travelling or pursuing hobbies.

3. Leave a Legacy: Most of you must be planning to leave a pool of funds for your family, and planning early for your retirement can help you do exactly the same.

Now that you know how having the best retirement plan in India helps, let’s check out some of the plans you can choose from.

What are the Types of Retirement Plans in India? 

India's insurance market has a variety of plans to offer you for your retirement. Here are some of the plans that you can explore:

1. Employee Provident Fund

Being a salaried person, EPF is a mandatory savings scheme that all employees get. It offers both employer and employee contributions at a fixed interest rate with partial tax benefits.

2. National Pension System

This government scheme promotes long-term retirement benefits. It has market-linked returns and tax benefits, but on the other hand, contributions are held till your retirement.

3. Public Provident Fund

A retirement policy in India that's worth considering is the PPF. Besides being a long-term saving scheme for your golden years, it offers you attractive tax benefits on the total premium you have paid. The best part is the interest earned, and the maturity amount is tax-free, too.

4. Unit Linked Insurance Plan

A combination of life coverage and investment is what ULIPs offer you. Other reasons why many may consider ULIP as the best retirement plan in India are the market returns, tax benefits on the premium, and flexibility to choose your investment plan.

5. Traditional Endowment Plan

These are the guaranteed maturity plan and risk with the life coverage. Tax benefits are offered on the premium and maturity amounts.

6. Mutual Funds

It allows you to choose your investment fund between equity and debt, depending on the risk involved. You also have the flexibility to choose the investment period, and the return pattern also varies.

Tips for You to Choose the Best Retirement Plan

When you are planning for financial stability during the golden years, it's a must to know the available plans. Well, alongside learning about different retirement policies, there are certain other aspects you must remember. They are:

1. Retirement Age

Knowing when you are going to retire will help you estimate the investment scope for your retirement plan.

2. Save on Taxes

Many retirement policies offer tax advantages on contributions, interest earned, and maturity payouts.

3. Plan Out Your Future

This is the best key to unlocking a secure and financially stable retirement period. Starting early will give you more time to benefit from the compound interest and help grow your retirement corpus.

4. Review Your Plan

It's necessary that you assess your investment performance every now and then to make adjustments as needed. This shall maintain your desired asset allocation and ensure your retirement policy stays on track.

Live Comfortably with the Best Retirement Policy in India

Don’t delay with plans for your retirement, and get started today. Whether you are 25 or 30 years old, it’s never too late to start investing. All you need is a reliable insurance-providing company like Canara HSBC Life Insurance to help you with fixing up a retirement scheme. 

Their variety of online insurance options for retirement planners has some of the best options like Invest 4G, which is a ULIP plan. In addition to offering you and your family a future financial safety net, it’s an option linked with market benefits. 

Secure your retirement years with them today!