Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Retirement life, ideally, is all about comfort, peace of mind, and taking out the time to actually do those things you have been planning for. It is supposed to be one of the happiest times of your life where you put procrastination aside and make your golden years count by investing time in travelling, sports, passion projects, etc. This can be done by securing your future, and by security, we are referring to retirement plans. It requires adequate financial planning and commitment, which is a lifelong process.
You have the flexibility to start anytime but starting earlier on is always beneficial. A survey by PGIM India Mutual Fund and Nielsen showed that over 51% of Indians had not planned for retirement at all - which is a point of concern. So, let’s see Why it is necessary
A retirement plan is essentially a financial strategy where you equip yourself to live out your post-retirement years as smoothly as possible. It involves gauging and setting a financial goal, streamlining your sources of income, managing risk factors, making investments, predicting future cash influx, looking after assets, and a host of other things. Retirement planning looks into all aspects of your life - financial and non-financial.
Being aware of insurance plans is one thing but finding an ideal one for yourself can seem a little challenging. Here’s how you may proceed -
Step 1 - Know when to start so that at the end of the line, you are in a safe spot.
Step 2 - Use online calculators to gauge an amount that would be suitable for you and your loved ones post-retirement.
Step 3 - Never lose focus of your financial goals. Track and analyse them regularly.
Step 4 - A plethora of retirement plans are available. Choose the one that best suits your needs and requirements.
Step 5 - Choose how you would like to invest your money in the selected plan.
There are many kinds of pension schemes in India. While each plan has its own features, the basic requirement is to invest till the time you retire. As a result, you will start receiving a steady income post-retirement. Retirement Plans have varying features, but here are a few core ones -
You might wonder why “now” is the best time to invest in retirement plans. Here are a few reasons why -
To plan ahead of time, you need to prepare yourself to be eligible for such schemes. Companies providing retirement plans also need to ensure that you match their qualifying requirements. There might be plan-specific variations, but let us have a look at the most common ones -
While there is much to learn from the knowledge, experience, and suggestions of others, retirement planning requires an individual to have a very strong mindset because the end result is your future. A good plan will ensure the happiness and well-being of you and your loved ones. Getting an early start on building the retirement nest can make all the difference!
- A Consumer Education Initiative series by Kotak Life
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