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Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan
  • 27th Aug 2021 |
  • 441

The insurance segment in India is flooded with various retirement solutions and offers. The consumer is pampered with many choices. This can be overwhelming for new consumers.

From knowing your needs to finding the right one to choose is an exercise that you need to undertake with utmost sincerity and care. Preparing the following questionnaire can help remove any doubt that you may have. Let’s look at 7 questions that can help you find the perfect plan.

1. What Are Your Goals?

Retirement goals can vary among individuals. Some may like to dream of going on a backpacking trip around the world, while others may want to sit on a chair all day and reflect on their life. And yet some would like to do charity, teach the underprivileged or take part in social activities. Define your goals explicitly and the monetary amount you would need.

2. How is Your Health?

  • Consider your lifestyle and habits. Are they sedentary?
  • Do you have any recurring or critical health issue?
  • What is your family health history? Do your parents, or any other family member have suffered from a severe illness in the past?
  • Will your retirement plan be able to take care of the post-medical care of you and your spouse?

3. The Number of Dependent Family Members

  • How many family members are dependent on you? How many of them will be dependent on you after you retire?
  • Do you have children or parents with special needs?
  • In case of death, what are the benefits that the nominee will get?

4. What are Your Future Social Obligations?

Social obligations, such as children’s education, their marriage, attending family functions, etc., may not count much when you are working. However, the same can put a strain on your finances when you are retired and living off your savings and investments.

5. What is the Expected Inflation?

Can your retirement savings beat inflation in the long run? Ideally, the return of investments should be higher than the rate of interest. Can your retirement plan achieve this?

6. Your Appetite for Risk

If you can take higher risks, you may choose retirement plans which invest a portion of your funds in the stock market, such as ULIPs. If you are risk-averse, you may choose retirement plans with lower but assured returns.

7. Your Target Retirement Amount

Finally, it all boils down to that perennial question. How much is too much? After doing all the above permutations and combinations, you can figure out the approximate amount you might like as a retirement corpus.

Please note that the retirement corpus should not include the regular payout that you would like to have in the form of a monthly or quarterly pension.

While retirement planning is essential for your future, it does not have to be a cumbersome process. The aforementioned checklist can help you a lot in preparing an outline for your golden years. You can add your own points to them. You can use a retirement corpus calculator to find the right fund and the amount you need to start investing in order to meet your goals and objectives.

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


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