Retirement Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. By providing you a tool to accumulate and invest your savings, these plans give you a lump sum on retirement, which is then used to get regular income through an annuity plan. Given the high cost of living and rising inflation, employer pensions alone are not sufficient. Retirement planning has therefore become critical today.
India's average life expectancy is slated to increase to over 75 years by 2050 from the present level of close to 65 years. Life spans have been increasing due to better health and sanitation conditions in the country. However, the average number of years of employment has not been rising commensurately. The result is an increase in the number of post-retirement years. Accordingly, it has become necessary to ensure regular income for life after retirement, so that you can live with pride and enjoy your twilight years.
Priorities at different stages of life:-
However, skyrocketing costs can throw even a well-laid plan off balance. With costs rising every day, you can just imagine how high they will be when you are ready to hang up your boots. So, what should you do to counter this? It's time to plan your retirement and that too sooner than later.
The above illustration shows how with each passing year your annual savings requirement would increase. For instance, if you are 30 years old and plan to retire at 60, then, with a current annual expenditure of Rs. 3,00,000/- , you would need a corpus in excess of Rs. 2,00,00,000/- to maintain your living standards, assuming you live till 85 years and the inflation rate is 4%. To build this retirement corpus, you need to invest Rs 3,60,000/- per annum in a retirement plan that offers 8% returns per annum. In case you delay planning your retirement by 5 years then the investment amount would increase to Rs 6,90,000/- per annum.
Our range of Retirement Plans includes
|Type||Unit Linked Insurance Plans|
|Regular Premium||HDFC Life Pension Super Plus|
|Single Premium||HDFC Life Single Premium Pension Super|
|Immediate Annuity Plan|
|New Immediate Annuity Plan|