by Mr. T.R Ramachandran, Aviva India
The idea of retirement is changing, with more people opting to do things during retirement years that they were unable to do while working.
Taking a world tour with the partner, associating oneself with an NGO or / a cultural organisation, are some of things on their wish list. Unfortunately, a lot of us forget to plan for our retirement to live this dream.
No longer are people content with the idea of just relaxing at home, and taking care of their grandchildren post retirement.
A common question when planning for retirement is how to calculate the amount that one will need every year to maintain the current lifestyle post-retirement. While planning for retirement, one should take into account inflation & any emergency medical need that may arise.
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| T.R Ramachandran, Aviva India |
Ideally, you should build your retirement corpus by investing in a combination of options such as retirement or / pension plans, endowment products, public provident fund, fixed deposits & equities.
Retirement or Pension plans..
You can invest in these plans offered by insurance companies. Insurance plans gives you an option of claiming up to 30% of your sum assured as lump sum on maturity, while the rest is paid off as annuity.
One must also buy a health insurance plan along with these as mere savings will not help meet the rising cost of medical needs and any emergency.
Endowment plans..
These are insurance - cum - investment plans, a good option for risk averse customers, where one has to regularly pay premium for a specified tenure, at the end of which, a guaranteed accumulated corpus is paid out as maturity value.
The advantage of investing in these plans is that even if the policyholder doesn't survive the entire policy tenure, the sum assured or life cover is paid to the policyholder's nominee, making sure that the financial goals of the family can still be met.
In addition to these, an individual can also go in for a combination of public provident saving schemes, fixed deposits and investment in equities through Ulips and mutual funds to beat the inflation costs.
About the Author..
Mr. T.R Ramachandran is CEO and MD at Aviva India
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