What are Retirement Plan?
Retirement Plans are a category of life insurance plans that are specially designed to meet your post-retirement needs such as medical and living expenses. To ensure that you can enjoy your golden years with financial independence, these policies help you plan for your expenses and secure your future.
Why do I need to plan for my retirement?
- Increasing retirement years: With average life expectancy increasing in India, it has become increasingly important to plan for a longer retirement. The life expectancy figures indicate how long an average individual lives. In India, the average life expectancy of a person aged 60 is 17.5* years. This means that an average Indian lives up to the age of 77.5. Hence, you need to start planning in advance to maintain your lifestyle and take care of other expenses for such a long duration.
- Medical expenses: A major worry with increasing age is unforeseen medical expenses. Rising at 15-17%^ every year, such medical costs can be difficult to manage unless you plan for them in advance.
- Financial independence post retirement: You would like to live your life on your own terms after your retirement. However, more than 65%* individuals above the age of 60 depend on others for their daily expenses. This shows how important it is to plan for your retirement and ensure your financial independence.
