Page 48 - The Insurance Times September 2024
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structures, has made it imperative for people to plan their income groups, as they convert the savings in the form of
retirement well in advance. premiums into regular lifelong income. Moreover, most
retirement plans offer bonuses as well as loyalty additions
Early retirement option to boost the retirement fund corpus.
Many people might not have the zeal to work till 60. The
FIRE Financial Independence, Retire Early phenomenon, Low on risk:
is gaining popularity amongst the millennial and Gen Z Retirement phase is different from the working years. The
population. If retirement planning is done at an early age, risk appetite drops and people tend to seek safer bets, which
it creates the perfect opportunity to start ones own stands true even in their financial goals. With a savings pool
venture. A survey done last year has shown that 67% of thats cautiously built, its paramount to utilise the fund
Indians are contemplating early retirement, with some wisely to cover the expenses, without losing money for
considering it as young as 33 years of age. market volatility.
Tiding over untoward circumstances of life Disciplined approach:
An emergency situation can come up unwarranted. A Its always best to start investing early and the same stands
retirement fund will ensure the situation can be resolved true for retirement planning as well. Along with an early
with promptness and assurance. start, its best to be disciplined when it comes to paying
premiums. This will ensure the golden years have a steady
Retirement planning is an undeniable facet of life and in flow of money setting aside the stress that comes with
order to make it financially viable, life insurance policies fluctuating market rates.
have a very important role to play. The common
presumption is that life insurance offers a protective financial Saving on tax:
shield to the immediate family members, in case of an
untimely demise of the policyholder. While thats certainly Life insurance plans provide various tax benefits under
Section 10 (10D) and Section 80C of the Income Tax Act,
true, life insurance policies can also be great financial tools 1961. These benefits can help make the most of the
to build an outstanding retirement corpus. These low-risk retirement savings and at the same time lower the tax
fund options are excellent for lowering tax and therefore output considerably.
suitable for goal-based savings, such as retirement.
It is always prudent to be financially independent and build
Heres how life insurance can help build a safety net to bust any financial exigencies, if they may
a retirement fund: happen anytime.
Regular income in retirement: So, plan today to make your tomorrow safe and secure with
These plans can be suitable for people irrespective of the a comprehensive retirement plan.
Enroll Today!!
from
www.smartonlinecourse.co.in
(A Unit of The Insurance Times Group)
For Enrollment Contact: info@smartonlinecourse.org
Ph. : 9073791022
The Insurance Times September 2024 43
