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Retirement Planning - How To Calculate Your Retirement Premium in India?

The monthly premium you must pay towards the retirement plan depends upon the corpus you need upon retirement. Here is how to Calculate your Retirement Premium.

  • Dec 21, 2021

An effective retirement planning is crucial for a peaceful and uncompromised life during your retirement years. Having a source of funds to take care of your daily needs, medical bills, and other expenses helps you stay financially independent and enjoy a stress-free retirement.

Any retirement plan can be beneficial only if it helps you gather funds sufficient for leading a comfortable life after retirement. If the estimation has not been done efficiently, considering all the relevant factors, the final corpus may be too little or insufficient in meeting your expenses.

Factors Influencing Estimation of Monthly Premium

The monthly premium you must pay towards the retirement plan depends upon the corpus you need upon retirement. So, let’s look at the factors used to calculate the corpus requirement and hence the premium amount.

1.Your Monthly Expenditure

It includes current monthly expenses, including groceries, utility bills, medical bills, and other expenditures that will still hold after you retire. It helps you to estimate the monthly pension you would need to live comfortably upon retirement.

2.Number of Years Left for Retirement

Suppose you start investing in a retirement plan at the age of 30 while you plan to retire at 60. So, you have 30 years left to save for your retirement. The more time you have, the more comfortably you can save for the future to build a substantial corpus.

3.Expected Inflation Rate

Inflation is one of the most crucial factors while estimating the corpus and monthly premium. For example, if you need Rs 3.5 lakh for your yearly expenses today, you would need nearly Rs 12 lakh for the same expenditure after 25 years (considering 5% inflation).

4. Life Expectancy

Though no one can estimate the exact years, they would live, constant innovation and better healthcare facilities have pushed the life expectancy of Indians to an average of 69.27 years. Hence, the higher the life expectancy is, the longer you need a monthly pension for your expenses. Also, inflation will continue to affect your monthly expenses till you are alive.

Online Retirement Calculator and How it Works?

It is one of the most valuable tools for retirement planning available online. Many banks and other financial institutions offering retirement or pension plans provide such online calculators on their websites.

The user needs to provide their current monthly expenses, planned retirement age, expected inflation rate, and life expectancy as inputs. Based on this data, the calculator generates the corpus you would need at retirement and the amount you must invest monthly towards it. Suppose you are new to this field and face challenges in understanding the different factors. In that case, it is better to connect to the insurance company’s representative who can assist you in the process.

Retirement Plan: Save Today for a Secured Tomorrow

Working hard during youth years is easier due to high energy levels and zeal to achieve your targets. Hence, you must start investing for your retirement years as soon as possible. The early you start, the bigger may be the accumulated corpus and easier your retirement. A retirement calculator can facilitate your retirement planning by estimating your lifestyle’s corpus and monthly premium within minutes. Use one today and get started towards building a secured tomorrow for yourself and your family.

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

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Ref. No. KLI/22-23/E-BB/521


- A Consumer Education Initiative series by Kotak Life

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