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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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Changing times invariably bring in fresh ideas, thoughts and outlook that challenges the established standards. Indian economy, since the days of liberalization, has been the melting pot of various ideologies in the field of finance at both personal and social levels.
One such idea is retirement planning. From being perceived as a financial plan to support the basic needs of food, clothing, and shelter to an opportunity to achieve financial freedom, retirement planning has undergone a facelift over the years.
However, today people are thinking beyond retirement or even planning to reverse their retirements. Delve deeper to find out this relatively newer phenomenon.
The word ‘Un-retirement’ may have to wait for formal validation, but it is already catching up in terms of online usage. It can be defined as a situation where retired people or approaching retirement choose to remain or re-join the workforce.
1. Updating Financial Stability
A person may desire to achieve a greater degree of financial stability by improving upon his retirement fund. A retired individual can defer breaking the golden egg and secure a better future by continuing a job.
2. Age is Just a Number
These are the people who are still young at heart. Their energy levels still kick in on the prospect of trying something new and challenging, and the long holidays bore them out. Such people try to stay in the workforce as long as they are fit and strong.
3. Mentoring
The ultimate curse of gathering valuable knowledge and experience is that you may feel restless until you pass them on to someone worthy. People with rich experience in their respective fields often yearn to pass the flame to the deserving one. They want the younger generation to know the mistakes they made so that they are not repeated.
4. Entrepreneurship
Many older people might have joined the workforce at a young age out of compulsion, whereas their true calling was always business. With their formal working career nearing completion and relieved of most of their responsibilities, these people want to embark on their entrepreneurial journey after retirement.
With rising inflation and a continuous increase in the cost of living, un-retirement can be an excellent idea to beat the retirement blues and keep yourself physically fit.
However, proper planning and a SWOT (Strength Weakness Opportunities Threat) analysis can help you plan well. Before starting your second innings through a full time or a part-time job, you should work upon your existing savings toward a stable retirement as Plan B.
You can consider buying reputed immediate annuity plans to secure a consistent and stable source of income after you receive your last salary. Additionally, health insurance can help in covering you and your spouse in case of medical emergencies.
Once you take care of the basic compulsions of retirement through smart investment decisions, you are ready to hit the field once again. And why not? Just yesterday, you graduated from college, started your job, and witnessed the highs and lows of a remarkable career. Maybe, the dynamic new world is finally ready to keep up with your spirit and energy.
- A Consumer Education Initiative series by Kotak Life
Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...
Know moreKotak Classic Endowment Plan is a long term protection cum savings plan that offers protection benefit while earning bonuses during the policy term.
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