Whether you have been saving up since an early age, or begun investing in a few policies as you venture into your forties, one can never be truly prepared for retirement. While it is a phase to enjoy after having spent years working hard to support your families, planning for your retirement is equally important.
Investing in a retirement plan is the best way to provide financial stability for you and your family after retirement. There are some important queries, however, that need to be answered before you choose a plan. Keeping these things in mind can help you in selecting the best retirement plan to support you in your golden days:
What are your retirement goals?
Choosing a retirement plan that may not be sufficient to meet your needs after retirement is hardly a wise decision. Keeping your retirement goals in mind helps you ascertain the best way to go about, helping you fulfil your long-time dream of travelling all over the world or, perhaps, taking up an interesting hobby.
How is retirement being funded overall?
With almost every organisation providing pensions and annuities, keeping these resources in mind while calculating how much you would need to invest can help you make the right decision.
Are you prone to critical health issues?
The cost of medical treatment can itself be a huge burden to bear, especially if you are surviving solely on your pension. Taking your health into account and ensuring that the policy would be enough to take care of the medical costs is the biggest factor to be considered while opting for retirement plans.
Making thorough enquiries about the retirement plan you wish to opt for will help you make an informed decision and cover your financial responsibilities after retirement.
Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Forever Young Pension Plan(UIN: 104L075V02)is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Past performance of the funds does not indicate the future performance of the funds. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.