Why do I need Retirement Plans?
Retirement Plans provide you with financial security so that when your professional
income starts to ebb, you can still live with pride without compromising on your
living standards. By providing you a tool to accumulate and invest your savings,
these plans give you a lump sum on retirement, which is then used to get regular
income through an annuity plan. Given the high cost of living and rising inflation,
employer pensions alone are not sufficient. Pension planning has therefore become
critical today.
India’s average life expectancy is slated to increase to over 75 years by 2050 from
the present level of close to 65 years. Life spans have been increasing due to better
health and sanitation conditions in the country. However, the average number of
years of employment has not been rising commensurately. The result is an increase
in the number of post-retirement years. Accordingly, it has become necessary to
ensure regular income for life after retirement, so that you can live with pride
and enjoy your twilight years.
Priorities at different stages of life:-
However, skyrocketing costs can throw even a well-laid plan off balance. With costs
rising every day, you can just imagine how high they will be when you are ready
to hang up your boots. So, what should you do to counter this? It’s time to plan
your retirement and that too sooner than later.
The above illustration shows how with each passing year your annual savings requirement
would increase. For instance, if you are 30 years old and plan to retire at 60,
then, with a current annual expenditure of Rs. 3,00,000/- , you would need a corpus
in excess of Rs. 2,00,00,000/- to maintain your living standards, assuming you live
till 85 years and the inflation rate is 4%. To build this retirement corpus, you
need to invest Rs 3,60,000/- per annum in a retirement plan that offers 8% returns
per annum. In case you delay planning your retirement by 5 years then the investment
amount would increase to Rs 6,90,000/- per annum.
Types of Retirement Plans
Our range of Retirement Plans includes
| Type |
Conventional Plans |
Unit Linked Insurance Plans |
| Regular Premium |
- HDFC Personal Pension Plan
|
- HDFC Pension Super
- HDFC Pension Supreme
- HDFC SL Pension Champion
|
Single
Premium/
Investment |
|
- HDFC SL Unit Linked Pension Maximiser II
|
Let Us Help You Choose The Right Plan For You