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Life Insurance and Retirement Planning

Planning to use life insurance as retirement investment? Read this guide to understand the importance of life insurance in retirement planning.

  • Nov 21, 2019

The average life expectancy has significantly improved in India. Undoubtedly, this is great news. You can expect to live a happier and longer life with your loved ones. However, you must also realize that you will live an extended retired life. If you have not yet started planning for the retirement phase, you must do the needful at the earliest.

Could Life Insurance be the perfect Retirement Investment?

If you have a busy professional life, it is understandable if you do not get enough time to plan your retired life. It requires thorough thinking, understanding your needs, and making many decisions. You have to choose between different available options like life insurance as a retirement investment or a retirement fund. You also need to consider an array of scenarios regarding the retired period of your life.

Here are some important aspects that you must consider:

1. The time horizon available for saving

The longer your saving period is, the higher will be your corpus. You need to start planning your retirement early so that you have more time to build a fortune for yourself.

2. Savings

The main purpose of a retirement plan is to make sure that you do not have to change your lifestyle after retirement. If you are doing your retirement planning with life insurance, you need to decide how much savings should be enough for you.

3. Expected inflation rate

The rate of inflation will make it tougher for you to maintain your lifestyle in the future if your target savings are decided based on your current expenses. The savings should be set based on the expected rate of inflation.

4. Risk appetite

Your risk appetite must determine the investment product you choose for your retirement planning. The smartest idea is to build an investment portfolio that balances security with high returns.

5.Transferring the wealth

This is an important aspect of retirement planning. The role of life insurance in retirement is to allow you to secure the future of your loved ones. So, you must make sure to decide on your nominees and the fixed portions of wealth they are entitled to receive.

The role of a life insurance policy

A life insurance policy can plan a significant part of your retirement planning. Apart from the death benefits, some policies also offer returns at regular intervals and maturity benefits. These are perfect options to build a fortune over a long period.

One of the biggest advantages of a long-term life insurance policy is that it requires you to pay a lower premium. So, you can easily build an affordable retirement fund.Some plans such as unit-linked insurance plans also come with the flexibility to switch your funds and redirect the premiums. You can also decide on a sum assured that your insurer will pay on maturity.

With all the aforementioned options, it is easy to find a life policy that not only secures the financial future of your family but also helps you save for an exciting retired life.

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Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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