Retirement marks a significant milestone in your life. The prime reason you work hard and save and invest funds all your life is to ensure you have a financially secure future. However, merely saving money does not ensure a secure retired life. You have to make wise savings early in life to ensure you can reap their financial benefits in the future when you do not have a steady income source. Hence, retirement planning is a critical component of life.
Retirement Planning in Today’s Times
Retirement planning has witnessed a paradigm shift over the years. With increasing life expectancy, reducing interest rates and diminishing government retiree aids, living a financially independent retired life has become slightly challenging. Moreover, the concept of early retirement has become even more popular now. People are aspiring to retire early to enjoy the latter part of their lives doing things they like.
Whether you take early retirement or plan to retire at your official age, you must invest your savings wisely and create a guaranteed1 income source for the non-working years of your life. It is beneficial to invest in market-linked securities to accumulate a large retirement nest egg but even wiser to create a diversified portfolio with safe investments like a pension policy with assured returns, which offers you a guaranteed1 income irrespective of the market performance.
Investing in an online pension scheme is critical to creating a regular income during retirement, which can help you fulfil your retirement expenses and maintain your standard of living. You can easily buy pension plan online by analysing the different options of pension plans in India, such as NPS (National Pension Scheme), annuity plans, pension scheme with a life cover, etc.
Top Reasons for Investing in an Online Pension Plan in Today’s Time
- Ease of online purchase: Buying any financial instrument online has been made easier with easy-to-use websites and interfaces. Leading financial institutions in the country offering pension plans, offer extensive information, detailed product information, simple processes, secure payment platforms and dedicated customer support for seamless purchase and after-sales processes.
Moreover, with the post-pandemic focus on social distancing and contactless transactions, it makes sense to use the online mode to purchase your pension policy from the comfort of your home.
You can use a range of online pension calculators to determine the maturity amount and the monthly/yearly premium payments for the plan of your choice. You can also seamlessly analyze the various plans and schemes on offer with the click of a button.
Thus, buying a pension plan online is not only convenient but also extremely easy.
Now that we know why buying an online policy is beneficial, let us look at the general benefits of buying a pension plan.
- Longer life expectancy: Advances in medical and healthcare systems in India have increased the life expectancy rate.Hence, you need more intense retirement planning. You will require a larger retirement corpus than the previous generation due to the increased life span.
In this case, an online pension plan can prove beneficial because it promises to offer you a guaranteed1 income for a lifetime or a specific duration, as per your preference.
- Diminishing government pension aids: Over the years, the payouts from the government-sponsored pension schemes have proved insufficient to cover the rising retirement expenses. The coverage of the existing pension plans in India is skewed and favours an organised workforce, whereas the informal workforce is on the rise in the country.
Hence, it is critical to invest in an online pension plan that assures you of regular income during retirement, reducing your dependency on government pension plans in India.
- Change of social structure: Earlier, parents in India would rely on their children and grandchildren to fund their retirement expenses. However, with the changing times, the societal structure has also witnessed a shift.
Now, retirees do not want to depend on their children to sustain their retirement life. They prefer to be financially independent to fulfil their wishes and lead a life of their choice post-retirement.
In such cases, online pension plans prove the utmost beneficial as they allow you to invest a lump sum and get periodic payments during your retired life, enabling you to remain financially secure.
- No social security: Unlike the U.S., there is no Social Security programme in India. Hence, as a retiree in India, you have no supplemental income from Social Security aids and are dependent on your retirement corpus to fund your expenses and maintain your retirement lifestyle.
Investing in a pension policy that offers stable income during the non-working years of your life is a more necessity than a choice today.
- Desire to stay financially competent: Now, more than ever, people want to retain their financial competency until they die. This means retaining control over their finances, living a financially independent life and monetarily supporting their children even after they retire from the workforce.
If you want to financially support your children after retirement, you can invest in an online pension plan that offers a secure retirement income. Investing in a pension scheme early in life lets you accumulate a large corpus by the time you retire, owing to the power of compounding.
- Longing to relax and indulge: The present times are mounted with stress. You work all your life to eventually relax and indulge in things you desire and want to do. The concept of early retirement is fuelled by this desire.
People want to take early retirement because they want to spend more years doing things they love and working to make money. If you wish to travel, spend time with family, pursue a hobby or indulge in any recreational activity after retirement, it is critical to have a stable financing system, like a pension scheme.
Insurance Plans
Overall, the importance of an online pension plan in today’s time is indisputable. Online pension plans, like TATA AIA Life Insurance pension plans, help you live the retirement life you desire. Our pension schemes give you a guaranteed1 regular income so that you can lead a life free from any financial worries. You can choose to get your pension scheme payouts immediately or at any time in the future.
Further, our pension policies give you guaranteed1 additions, choice of riders#, tax* benefits, and an option to avail of a loan against the policy. Moreover, in case of your unfortunate demise, our pension policy pays a death benefit to the nominee.
Conclusion
If you want to live a financially secure and independent life, you should buy pension plan online at the earliest to get better benefits. Buying a pension plan online is easy. You only need to submit a few required documents and start paying your premiums online to keep the policy active. If you want to precisely know how much you will get from your pension scheme, use a pension calculation formula. However, be careful about the pension policy you choose.
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