The Perfect Gift - A Pension Plan

How Pension Plan Changed Our Lives!

Papa was 60% convinced; he wanted to know more, and I was ready to give him all the explanations he needed. So, the next weapon in my armoury was the tax-free premiums. Without further ado, I shared with him all the benefits associated with the premium paid in this plan. I am sure this sounded too good to be true to dad, but it is indeed a fact that under Section 80CCC Income Tax Act, premiums paid towards this plan resulted in considerable tax benefits.

From 60%, we moved to 80, and I knew 1 last point, and the deal would be set in stone. I left the climax for the end and got on to the last advantage of this lifetime pension plan, the survival benefit. As per our plan Lifetime Income Plan CashBack option, maa will get the remaining amount of the plan altogether after his unfortunate demise, meaning papa does not have to worry about maa in his absence. And within no time, 80 became an entire 100%, and papa was finally convinced.

Papa was now ready to accept our gift, the gift for which we had started investing ten long years ago. This time I rushed to the kitchen and bought sweets for everyone.

I jumped with joy and hugged papa for making the right decision. He waited for my reaction, and my overjoyed expressions made him realize that he was making the right decision to opt for this pension plan.

My parents were finally ready to take the leap of faith and start the new journey with all the excitement and, of course, a few butterflies in their tummy. Without wasting another minute, the deal was done, and papa was finally tension free. Seeing him happy and relaxed instilled in us a sense of relief too.

After receiving the monthly pension for almost a year and saving bits and pieces of the amount, my parents are now ready to take their first international trip to Italy, all ready to eat the most amazing and delicious foods in the country. Ruchika and I are not far behind; we are also completing our last-minute work and busy packing our bags to join our parents next week.

We were able to provide for our family’s financial needs even after my dad retired because we chose the right plan and invested time and money wisely.

We understand how crucial it is to make plans for your family’s future while empowering your parents to enjoy their latter years because we know how unexpected life can be. In light of this, Ruchika and I took all necessary precautions to protect our family. We will always run short of words to express how elated we feel when we see those ear-to-ear grins on our parents’ faces. We are glad we took the right step on time.

Young adulthood is frequently considered a carefree phase. While it’s true that you should make the most of the present and enjoy every moment, you should also consider your security and financial future. While pursuing your short-term objectives, such as taking a trip with your friends or purchasing your first car, you must also consider life after retirement. The idea of retiring may seem unrealistic in your 20s or 30s. Nevertheless, it would help if you began retirement planning as soon as possible to have a secure and comfortable retirement.

I’m Akshay Sharma, and this is my story of how I gave the best gift to my superhero, my father.