Why do I need a Retirement Plan?

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Why do I need a Retirement Plan?
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• Retirement Plans ensure that you lead your life
  on your own terms even after retirement, doing
  things what you always have been doing. Our
  innovative plans provide options to choose your
  retirement age and to control the way your
  investments are managed to meet your retirement
  needs.

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• 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.
  Given the high cost of living and rising
  inflation, retirement planning has become all the
  more important.
• India's average life expectancy is slated to
  increase to over 75 years by 2050 from the
  present level of close to 65 years. Lifespans
  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
  without regular income. Therefore it is more
  critical now than ever before to ensure regular
  income for life after retirement.

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• Is social security enough?
• Ask most individuals about how they are likely to
  fare in post-retirement and the first thing they
  mention is the provident fund.
• The public provident fund (PPF) or the employees
  provident fund (EPF) is unlikely to be enough for
  the individual let alone his family.
• Even if we consider the provident fund,
  statistics reveal that only about 10 of Indias
  working population has any form of social
  security like provident fund. Self-employed
  individuals, professionals such as lawyers,
  doctors and accountants, employees in the
  unorganized sector have nothing to fall back on
  in an emergency.

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• Types of Pension Plans
• A retirement plans is a crucial investment,
  considering the prevailing inflation rate.
  Retirement plans vary in terms of their benefits
  and structure. Broadly, these plans can be
  further divided under below heads-
• Deferred Annuity
• Immediate Annuity
• With Cover and Without Cover Pension Plans
• Annuity Certain
• Guaranteed Period Annuity
• Life Annuity
• Pension Funds

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