Kotak Life
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Retirement Planning Guide: These 5 Steps Will Help You Towards a Safe, Secure and Fun Retirement

Retirement Planning Guide: These 5 Steps Will Help You Towards a Safe, Secure and Fun Retirement
  • 10th Mar 2021 |
  • 1,611

What do you wish to do after retirement? Take up a social cause or get back to your hometown? Start your own business or spend more time with your family? Whatever your dream is, it is important you start saving for your retirement from now.

Once you retire, your monthly income would stop, and to sustain your daily expenses and live a dignified life, you will need a robust financial back-up.

Why is Retirement Planning Important?

With retirement planning, you are well equipped to handle factors such as surpluses, shortfalls and emergencies of finances. A sound retirement plan allows you to:

  • Cover daily living expenses post-retirement
  • Cover your medical expenses
  • Tackle the rising inflation
  • Deal with uncertainties of life
  • Meet your retirement goals plans sooner than anticipated
View Plans

5 Step Retirement Planning Guide

Step 1: Decide Your Retirement Age

The most common retirement age is 60 years, but it may differ from person to person. For example, one individual would like to work till 65 years of age, while another individual would want to retire early at age 55. Basically, it is a matter of choice.

However, deciding your retirement age early is important because, beyond that point, your regular income would stop, and you would be more dependent upon your savings and investments.

Step 2: Start Early for a Peaceful Retirement

It would be best to plan for your retirement early. Especially if you are young, you have several years in your hand and the power of compounding with you. Delaying your retirement plan might cause you to sacrifice some of your retirement goals or worse, be financially dependent upon your family and children in your twilight years of life.

For example, if you invest in a plan such as Kotak Premium Pension Plan at an early age, it will help you accumulate enough wealth for your retirement while you are earning sufficiently and offer assured benefits to your loved ones in case of your unfortunate demise.

Step 3: Ascertain Your Retirement Corpus

Retirement corpus is the amount you would require after your retirement to sustain the same lifestyle and pursue your post-retirement goals. For this, you need to calculate the current expenses and then calculate your expenses post-retirement considering the rising inflation rates. You can categorise your expenses, such as household, medical, travel, entertainment, EMI, etc.

Step 4: Calculate the Future Value of Your Current Savings

You need to find how much you are able to save each year after meeting all your expenses. You can keep aside a part of your savings towards retirement. The value of money you save today will be far less ten years down the line. Hence, you need to estimate your current saving’s future value considering factors such as the expected rate of return on your investments and inflation.

Step 5: Create a Portfolio and Track Your Progress Regularly

You can seek the help of a professional financial planner to create a diversified portfolio for you. Apart from retirement plans, you can also invest in other assets such as mutual funds, gold, real estate to ensure all your eggs aren’t put in a single basket. Lastly, make sure you track the progress of your portfolio regularly (at least once a year).

Conclusion

Planning your retirement early will allow you to live a financially independent life after your retirement. A reliable retirement plan today can help you live comfortably and worry-free after retirement.

Kotak e-Term Plan

Features

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

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

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Why Term Insurance Is Important in times of COVID-19?

What Types of Deaths Are Covered in a Term Insurance Plan?

How To Calculate The Amount Of Term Life Insurance You Need?

Cost of Term Insurance Likely to Increase Soon

What is Term Insurance - A Complete Guide

Term Plan with Spouse Cover

How To Change The Nominee in Term Insurance?

5 Reasons to Buy Term Insurance When You are in Your 30s

Does Term Insurance Cover Accidental Death?

What Are the Best Term Insurance Plans for Planning Retirement?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Choosing Riders for Insurance Plans

Best Investment Plans for Children - Secure Your Child's Future

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Gift Your Father A Term Insurance Plan This Father's Day

4 Reasons Why You Need Critical Illness Cover

While Buying Term Insurance Compare Features, Not Just Premiums

Can I Buy Term Insurance for a COVID-19 Patient?

Insuring Against Accidents with an Accidental Death Insurance Rider

Eligibility Criteria for Buying Term Insurance in India

Why Buy Term Insurance Even at Rising Rates?

How Much Cover Should I Take In A Term Plan?

Why Buy Term Insurance Plan With a High Cover?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Individual Life Insurance vs. Group Term Life Insurance

Term Insurance Age Limit – Term Plan for All Age Groups

Can You Increase Your Term Insurance Cover?

What Should Be The Duration Of Your Term Plan in India?

Term Plans are Definitely Cheaper than You Think!

Is ₹1 Crore Term Insurance Good Enough Cover?

Everything About Claim Settlement Ratio for Term Insurance

Why does every working woman need life insurance?

Difference between Term Insurance and Life Insurance

Term Insurance – Why You Must Include In Your Financial Planning?

Understanding Term Insurance Riders

Steps on How to Buy Term Insurance Online

Why should single women purchase term life insurance?

Why Term Insurance Is Better Than ULIP?

5 Things To Consider While Buying Term Insurance Plan

Know How to Invest at Every Age for Larger Returns

Term Insurance With Riders In India

Term Insurance Calculator - Everythng You Need To Know

5 Term Insurance Benefits for Single Women

How Much Term Life Insurance Cover Do I Need in India?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Why Should You Add a Rider to a Term Insurance Plan?

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Why Should You Not Take A Term Plan Without Medical Test in India?

How to Surrender Term Life Insurance When you have No Liabilities

What are the Documents Required for Term Insurance Plan?

Can Senior Citizens Avail Term Insurance?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Top 3 Reasons Why You Should Buy A Term Plan Now

Different Types of Premium in Term Insurance

Should You Buy a Term Plan After 40?

Why Should New Parents Buy Term Life Insurance?

Tips to Choose the Right Term Period for Term Insurance Plan

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

How Does Term Life Insurance Work? Learn the Benefits

Do Beneficiaries Pay Taxes on Term Insurance?

8 Factors to consider before choosing a Critical Illness Insurance

8 Things To Do After Buying Term Insurance

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Term Insurance with Critical Illness

Advantages & Disadvantages of Term Insurance in India

Planning For Children's Future

How To Choose the Right Sum Assured Under a Term Plan?

Planning For Son or Daughter's Wedding

Why 1 Cr Term Plan Is Necessary For Family?

Why Married People Should Buy Term Insurance Under MWP Act?

What Is a Renewable Term Insurance Policy?

Insurance Policy for Housewife In India

Do I Need to Give a Medical Test for Term Insurance in India?

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

How Much Term Insurance Do I Need

What Is the Correct Age to Buy Term Insurance?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Why Premium Amount for Term Insurance is So Low?

5 Benefits of Early Retirement Planning

6 Reasons That Make Term Insurance a Must Buy

What is a short term insurance policy?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Should Youngsters, Working Couples Buy Term Insurance Plans?

What Happens if you Hide Facts in your Term Insurance?

Calculating Term Insurance Premium

9 Ways to Help Family Members in Financial Trouble

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Does Your Term Insurance Plan Cover Death Due to COVID-19?

What is Insurance Premium - A Detailed Guide

Should You Have Multiple Term Life Insurance Policies?

8 Benefits of Term Insurance You Should Know

9 Most Frequently Asked Questions on Term Insurance

Make Your Online Term Plan Your Family's Monthly Pay Cheque

What are incremental term insurance plans?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Why Term Plan Should Be The First Step To Securing Your Future?

Term Insurance: Smokers vs Non-Smokers

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Insuring Protection Against Death With Death Insurance Rider

Do You Need Term Insurance Cover After Retirement?

Insuring Against Disability With Disability Insurance Rider

Why Should You Buy Term Insurance in 2022?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Importance of Term Insurance at Every Stage of Your Life

Is It Good To Buy A Term Insurance Plan In 2022?

Is Group Term Life Insurance Provided By Employer Sufficient?

Endowment Plans vs Term Plans: Understanding the difference

How to Compare Term Insurance Online

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Can I Extend the Tenure of My Term Insurance Plan?

How Does A Term Life Insurance Work in India?

Which Death Type Does Your Term Plan Not Cover?

Buying A Term Insurance Plan? Take These Factors into Account

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

What All Documents Required For Term Insurance In India?

All About Term Insurance Inbuilt Coverage

Make Your Online Term Plan Your Familys Monthly Payout

Increasing Term Insurance and Riders

Why is it important to buy term insurance plan?

Term Insurance Basics You Should Know

Can I Get Term Insurance on Behalf of My Spouse?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Tax Benefits of Term Insurance in India

What is Critical Illness Policy

Can Term Insurance Plans Be Purchased As A Gift?

Is a Term Insurance Policy Portable?

Term Life Insurance Plan for Smokers vs Non-Smokers

All you need to Know about Term Insurance Plans for Housewives

Insuring yourself against Ill Health with a Critical Illness Rider

Reasons You Need Term Insurance Plan as a Self-Employed Person

Advantages of Buying Term Insurance in Your 50s

6 Types of Death not covered in Term Insurance Plan

10-Year Term Life Insurance Policy - Explained in Detail

Protection for your family

4 Things To Expect From Your Term Insurance Plan in India

How Not To Get Your Term Insurance Claim Rejected

What Should You opt for - Limited or Premium Pay?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

4 Methods to Calculate How Much Term Insurance You Need

Comparing Term Plans – What Should You Look Out For

How To Choose the Right Term Insurance Plan?

Term Insurance Plans and Policies for Smokers

Can I Make Changes to My Term Insurance Policy Post Purchase?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Is term Insurance Needed for People With No Dependents?

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Different Types of Protection Plans

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Is There Any Tax Benefit on Term Insurance?

Busting Myths and Facts About Term Insurance Policies

Is Life Insurance Investment Worthy Enough

Is Term Life Insurance Plan an Investment or Expense?

How to Identify Term Insurance According to Your Needs?

Term Vs. Whole Life Insurance: Which One You Should Buy in India?