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For good reasons, the most talked about and planned aspect of retirement planning is its financial element. Post-retirement, we would need a monthly source of income to sustain a comfortable lifestyle.
To do that; therefore, we must look to save in instruments such as retirement insurance plans, annuities, and unit linked insurance plans , early into our working career, which would enable us to accumulate a large enough retirement corpus and choose payouts as per our convenience and needs.
Here, you need to understand that your choice of investment will help support your income needs post-retirement. Therefore, you cannot make the mistake of saving too little, too late, or conservatively invest in a single instrument. Instead, you must look to include different investment options in your financial portfolio, so that you can maximize your finances for the retired life.
Start with Retirement Plan Early On
In contrast with your working days, your post-retirement life will provide you the opportunity to enjoy life stress-free. Through proper planning; therefore, you must make sure that it is something you can look forward to, in your future.
The core of a comprehensive retirement plan comprises smart and reliable investment tools that align with your goals and objectives, mapping out the course that you need to take to accomplish your objectives.
Retirement Planning – The Max Life Way
At Max Life Insurance, we understand that your retirement years need to be some of the best ones in your life. To help you have an unencumbered and stress-free retirement life; therefore, we have curated a wide range of reliable insurance options that let you plan your finances at your pace and willingness.
You can choose to start small. With time; however, these investments may continue to grow and provide sustainable returns. Here are some of the most popular categories of insurance plans that can help you maximize your savings for your retirement:
1. Retirement Plans
As the name suggests, Insurance plans for retirement are insurance products that are designed to provide you financial stability, once your working income stops. Under these insurance plans, you can maximize your savings through disciplined, long-term investments or savings and create a fund, which you can withdraw either in parts or as a whole, during your retirement years.
You can also utilize the proceeds of your insurance plan to purchase annuity plans and avail monthly pension benefits. Moreover, insurance plans from Max Life Insurance provide the dual benefits of protection with investment, which makes these plans, an ideal option to cover your financial needs post-retirement. You can choose from the following insurance plans, to kick start your retirement planning –
- Max Life Forever Young Pension Plan (UIN: 104L075V03, Unit-Linked Non-Participating Individual Pension Plan)
- Max Life Guaranteed Lifetime Income Plan (UIN: 104N076V09, Non-Linked Non-Participating Individual General Annuity Savings Plan)
- Max Life Perfect Partner Super (UIN: 104N077V03, Non Linked Participating Individual Life Insurance Savings Plan)
2. Term Plan with Return of Premium (TROP)
Being a pure insurance product, term insurance plans earlier did not offer any survival benefits. With the introduction of term insurance plans with return of premium option (or ROP); however, you can avail maturity benefits now. term plans with ROP option offer to return the amount of annualized premiums* paid if you survive the policy term.
In case your unfortunate demise occurs within the policy tenure; therefore, the term plan with return of premium continues to protect your family financially. On the completion of the policy term; however, you will receive the amount of annualized premiums* paid under the base term insurance policy. You can invest the maturity amount into an insurance plan which offer annuity to earn monthly pension benefits. Max Life Insurance offers Max Life Smart Term Plan (UIN: 104N113V04; Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan) with Return Of Premium option (available on payment of additional premium) benefit.
3. Savings Plans
There is no other investment strategy in life, more potent than disciplined savings. You might remember how you did collect coins in a piggy bank, in your younger years. Similarly, insurance plans from Max Life Insurance help you get your financial planning on track, with sustained, long-term investments that align with your short-and long-term goals.
Moreover, these plans may help ensure that you receive steady returns throughout the policy term, payable either as a lump sum or monthly income, depending upon your needs. The following savings and insurance plans are available with Max Life Insurance -
- Max Life Savings Advantage Plan (UIN: 104N111V02, Non-Linked Participating Individual Life Insurance Savings Plan)
- Max Life Monthly Income Advantage Plan (UIN: 104N091V05, Non-Linked Participating Individual Life Insurance Savings Plan)
- Max Life Assured Wealth Plan (UIN: 104N096V04, Non Linked Non Participating Individual Life Insurance Savings Plan)
- Max Life Guaranteed Income Plan (UIN: 104N085V04, Non-Linked Non-Participating Individual Life Insurance Savings Plan)
Secure Your Retirement Financially
The key to having a financially secure retirement is to make systematic investments into different plans throughout your working years. By diversifying your investments, you can not only maximize your savings by leveraging the money-market instruments but also protect the returns from market volatilities. At Max Life Insurance, we offer some of the Unit linked insurance Plans , in the form of protection, savings and investment, which provide you dual benefits of investment and insurance coverage protection. These ULIP plans also offer comprehensive tax benefits to you under Section 80C and 10(10D) of the Income Tax Act 1961.
ARN:- 12012021/KC7-M20
