Page 47 - The Insurance Times September 2024

Retirement

Planning: How

insurance can

contribute towards

building a robust Chief Distributor Officer (CDO) for
Piyush Trivedi

Partner Channels
retirement fund Kotak Mahindra Life Insurance

"Retirement phase of our life is a milestone where we bid adieu to a traditional work routine and
set out to begin a new chapter. It’s a wonderful phase where we seek to fulfil many of our dreams
and aspirations that may have been on hold during the working years."

R etirement phase of our life is a milestone where to pursue their passion and accomplish many unfulfilled
we bid adieu to a traditional work routine and set
dreams.
out to begin a new chapter. It’s a wonderful phase
where we seek to fulfil many of our dreams and aspirations Taking charge of medical bills –
that may have been on hold during the working years. Be it Health expenses are undeniable and this is one area that
travelling, volunteering, learning a new skill, pursuing a long has to be primarily focused upon, especially during the
cherished hobby or spending time with friends and family, retirement phase. Along with that, the inflation factor
retirement provides an opportunity to create a fulfilling cannot be ignored as well.
existence beyond a regimented work life.
An income source to last a lifetime –
Culturally, retirement planning was never on top of the list With a comprehensive financial retirement plan, it is easy
for us, Indians, but study has shown that over the years the to tide over apprehensions of exhausting the corpus that
focus has shifted and now it ranks 6th, among the top financial may have been built during the work years.
priorities of today’s working population – 35 to 50 years.
Becoming self-reliant financially –
A few of the reasons why retirement
With the retirement fund in place, the vulnerability factor
planning has become so important will erode with no financial dependency, be it on the
today: children, family members or friends.

An enriching retired life – Increased life expectancy –
Retirement isn’t considered a dull phase of life with nothing A study conducted by a prominent media channel has shown
interesting to look forward to. People take on life’s second that there has been a 100% increase in life expectancy in
innings with renewed zest and consider it as an opportunity India since 1947. This, along with collapsing traditional family

42 September 2024 The Insurance Times