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Retirement Plans

Retirement Plans

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Retirement Plan

After you retire and bid adieu to active employment, your primary source of income usually dries up. However, your lifestyle expenses continue, and you might even need more money to pay for your medical needs. This is where retirement plans come into the picture. These plans help in creating a financial corpus for your old age and also provide

Annuity income that helps you meet your financial needs with ease. You can buy a retirement plan at an early age and create a suitable financial corpus over a long-term period. This corpus can give you financial freedom in your golden years and also help you leave behind a legacy for your loved ones

What is a retirement plan?


Retirement plans are retirement-oriented insurance plans, which help save up for retirement. With retirement plans, you can create a corpus, which can then be used to create a regular source of annuity income for your lifetime.

What are annuity plans?


If you choose deferred annuity plans, you defer the annuity payments and receive them at a later date. However, if you choose immediate annuity plans, you can start receiving annuity payments immediately from the next year, half-year, quarter or month, depending on the frequency that you choose.

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Why do you need to invest in a retirement plan

Creates a corpus for retirement

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The purpose of a retirement plan is to create a retirement fund which will help you meet your financial needs in your golden years. This makes it essential for retirement planning.

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Gives financial security against the unforeseen


Deferred annuity plans, being life insurance plans, have a protection component. They pay a death benefit if the life assured passes away during the policy tenure. This death benefit can provide financial assistance to your family and meet their needs and goals in your absence.

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Creates a regular source of income


Retirement plans, both deferred and immediate, create annuity payments which continue lifelong. These annuity payments can become a source of regular income in your old age when you don’t have an active source of income from employment or occupation.

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Why should you invest early in Retirement plans?

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When you start early, you get a long-term horizon to save for the retirement corpus. This helps you to save in small and affordable amounts and still accumulate a good corpus over time.

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The power of compounding works wonders when you give it time. When you buy retirement plans early, you can allow compounding of returns to grow your corpus considerably with time. In fact, the longer you stay invested, the higher the returns you will be able to get.

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Inflation tends to decrease the purchasing power of money. As a result, the value of goods and services increases. This increases the retirement corpus needed in old age.If you want to create a good corpus which will be optimal even after inflation, you need to start early so that you can save affordably.

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How do annuity plans work?

Deferred annuity plans


Under these plans, you first pay premiums to create a retirement corpus. After that, when the plan vests (matures), you can choose to commute (withdraw) up to 60% of the accumulated corpus in cash and utilise the remaining amount to purchase an immediate or deferred annuity at the then prevailing annuity rates. You can also purchase immediate annuity or deferred annuity from another insurer, at the then prevailing annuity rate, by utilising not more than 50% of the proceeds of the policy net of commutation.

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Immediate annuity plans


As the name suggests, immediate annuity plans are those wherein the annuity payment starts immediately after you buy the policy. Usually, a single premium, called the purchase price, is paid to buy the policy. Once the policy starts, you start receiving the annuity payments in the chosen frequency, i.e., monthly, quarterly, half-yearly, or annually.

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Types of retirement plans in India

Deferred annuity plans

Deferred annuity plans are those that help you save up a retirement corpus during your active working life. Under these plans, there are two phases –the accumulation phase and the vesting phase.
The accumulation phase is when you pay the premiums, and the corpus is accumulated. The vesting phase is when you start receiving annuities from the accumulated corpus.
Deferred annuity plans also in many cases, offer insurance protection. If the life insured passes away during the policy tenure, the death benefit is paid.

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Immediate annuity plans

Immediate annuity plans are those wherein the annuity payments usually start immediately after you buy the policy. You can choose to receive the annuity payouts from the next month, quarter, half-year or year. Usually, a single premium is paid to buy the policy which is called the purchase price.

Comparison between Deferred and immediate annuity plans

Here is a quick table highlighting the primary differences between deferred and immediate annuity plans

Deferred annuity plans

Immediate annuity plans
These plans aim to create a retirement corpus These plans aim to create a regular source of income through annuity payments
Can be taken on a single life Covers hospitalization expenses due to illness, accidents, and surgeries
The death benefit may be available Can be taken on a joint life basis
It can be offered as a traditional or unit-linked insurance plan There is no insurance cover. On the death of the annuitant(s), the annuity payments stop under some annuity options. In the case of joint life annuity, the annuity is paid to the surviving annuitant. The purchase price is also returned, if ROP option is selected
Premium paid is allowed as a deduction under Section 80CCC up to ₹1.5 lakhs2 It is usually offered as a traditional plan wherein the annuity payouts are fixed
The commuted value of the annuity on maturity is allowed as a tax-free income under Section 10(10A)3 No deduction is allowed on the premium paid

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FAQs

1. When should I start planning for retirement?

It is better to start as early as possible. This will give you two main benefits. One, you can save small and affordable amounts to create your retirement corpus. Two, over time, the power of compounding will help in creating a good corpus for your golden years.

2. How do you pay the annuity plan premiums?

You can pay the premium offline through cash or cheque or online through UPI, net banking, credit and debit cards, etc.

3. What is the vesting date?

The vesting date is the date when the annuity plan matures. This is the date when the plan’s benefits become payable to you.

4. What is the average income during retirement?

The average income will depend on the retirement corpus that you have accumulated, your retirement age, and the frequency of annuity payout selected.

Why is medical insurance necessary for your health?

Medical insurance provides financial protection against unexpected medical expenses, ensuring access to quality healthcare without depleting your savings.

How many dependent members can I add to my family health policy

You can add your spouse, children, parents, and other dependents as per the policy terms, ensuring comprehensive family coverage.

Why should you compare health insurance plans online?

Online comparison helps you find the best plan that suits your needs and budget, offering a clear understanding of coverage and benefits.

Why should you never delay the health insurance premium?

Delaying premiums can result in policy lapse, losing coverage benefits and financial protection, and may lead to difficulties in renewing the policy.

How to get a physical copy of your Insurya Consulting General Insurance

Request a physical copy from the insurer or take a printout of the digital policy document received via email.

Is there a time limit to claim health cover plans?

Claims should be made within the stipulated time as per the policy terms to avoid rejection and ensure timely processing.

What exactly are pre-existing conditions in Health Insurance?

Pre-existing conditions are medical conditions you had before buying your Individual Health Insurance plan. Coverage for these might require waiting periods or exclusions. Be transparent about your health history.

How is the insurer going to pay my hospital bills?

Insurers cover hospital bills through reimbursement (you pay upfront and get reimbursed later) or cashless hospitalisation (insurer settles bills directly with network hospitals).

Are there any tax advantages to purchasing Health Insurance?

Individual Health Insurance premiums often qualify for tax deductions under Section 80D of the Income Tax Act (India).

Why should I need Personal Medical Insurance?

Personal medical insurance offers financial protection against unexpected medical expenses due to illness, accidents, or hospitalisation. It provides peace of mind and safeguards your savings.

How do I go about renewing health insurance plans?

Don’t stress the small things in life! The easiest and quickest way to renew your life insurance policy is by doing it online. Topping up your health cover gives you freedom from worrying about heavy medical expenses.

How is the health insurance renewal premium calculated?

We know that reading through the ponderous terms and conditions section of a health insurance policy isn’t always easy. So, here is the quick answer. Your renewal premium is calculated based on your age and coverage. As always, you can put the power of compounding to good use by investing in health insurance as early as possible.

Can I renew my expired health insurance policy?

Yes, of course. Life can get really busy and even things as important as renewing your health insurance plan can get side-lined. With Insurya Consulting, we turn back the clock to give a grace period where you can renew your expired policy. For 30 days from the expiry date, you can still renew your health cover with ease. Now, you can run the race at yo

Can I renew health insurance online?

Absolutely! All you have to do to renew your health insurance is click or tap a few times! You can definitely renew health insurance policies online and also buy new policy for your family & friends click here to know more.

Will I be able to transfer my health insurance policy from another pro

Yes, as per IRDAI regulations, insurance portability between providers is allowed. This also includes transfer of benefits like Cumulative Bonus and credits relating to waiting period for pre-existing diseases.

What makes our insurance unique

With Motor On-The-Spot, Health Direct Click, etc we provide fast claim process , Our sales toll free number:1800-209-0144

What makes our insurance unique

With Motor On-The-Spot, Health Direct Click, etc we provide fast claim process , Our sales toll free number:1800-209-0144