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Reasons you should Buy a Retirement & Pension Plan

A pension plan, also known as a retirement plan, is an investment plan where a certain amount is invested in return for periodic payments in post-retirement. Read to know more.

  • 3,165 Views | Updated on: Jun 13, 2024

There comes a time when you must hang your boots. While we all have to face this inevitability, the steps we take now can significantly impact how we live our life post-retirement. One of the ways to financially secure your future is investing in a suitable retirement plan.

What is a Retirement Plan?

A pension plan, also known as a retirement plan, is an investment plan where a decided amount is invested in return for periodic payments, lump-sum, or a combination of both post-retirements. These plans are aimed at securing your financial future post-retirement.

Why Should you Invest in a Retirement Plan?

1. Guaranteed Pension or Income

Pension plans are not market linked and provide a fixed pension after retirement for a specific period or throughout the lifetime. The annuity period could be deferred or immediate depending on the type of plan you select. A guaranteed income allows you to plan your retirement years and stay one step ahead in the financial game.

2. Security of Savings and Assets

In the absence of any concrete financial arrangement, the assets and funds remain prone to pilferage and leakage. Therefore, a pension fund helps you secure your future and provides a haven for your savings in the present.

3. Grow Your Savings

You save your hard-earned money to use the same during your later years. Pension Plans can make your post-retirement years comfortable by compounding your savings over the long term. The earlier you start investing your savings in a pension corpus, the more will be the power of compounding.

4. Tax Benefits

Pension plans come with many tax benefits, such as

  • Investments up to Rs 1.5 lakhs in retirement plans are eligible for tax deduction under section 80CCC.
  • One-third of the corpus received post-retirement is tax-free, and only the rest is taxable.
  • In the union budget of 2021, section 194P has been added to provide relief to retirees above 75 years old. Under the section, if the retired individual only earns
    income from pension and interest, the bank will deduct TDS, and the individual is exempt from filing income tax returns.

5. Enhance Your Plan with Insurance Covers

Some retirement plans come with the ability to add insurance covers to your plan, which help in providing complete financial security in your retirement years. You can choose from a wide range of insurance covers, including:

  • Death benefit
  • Accidental Death Benefit
  • Permanent Disability Cover

6. Diversify Your Investments

Many pension plans allow you to choose the asset class you want to invest in based on your risk profile and financial objectives. You can select from equity, debt, or a mix of both to diversify your investments.

Live a Worry-Free Life with a Pension Plan

Different pension plans may have varying features, and you can choose the one to best suit your specific needs. As a preparation for your retirement days, invest in a suitable retirement fund that helps you meet your objectives. You certainly cannot work forever, but that should not stop you from enjoying your life once you retire.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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