Any one and every one would shake to the core thinking with a slightest thought of not having saved anything for their future. I always feel that I haven’t yet saved enough to lead those golden days in a relaxed and stress-free atmosphere. Inflation as well as disruption in the economy are the two things that usually swipes off your savings too fast. Having heard of pension plans in India have given me a sense of security and peace thinking about the unexpected expenses that might come along our way, anytime, anywhere.
Pension plans are nothing but retirement plans requiring the worker and owner to pay some amount of funds for the purpose of the employee’s benefit. The employee later receives this contributed fund.
Certain retirement plans allow the employee to voluntarily opt for investing a part of his current salary that will eventually help him as well as his family members during his retirement.
Retirement or Pension plans are most popular and commonly used insurance plans. In India there are three modules to the Indian pension system namely, Civil servants pension, National Social Assistance Programme (NSAP) and the pension programme by the worker’s Provident Fund Organization of India.
Increase in Life expectancy rate
In India, as per records, life expectancy was 68.78 years as per the World Bank in 2017. However, almost the same has been increased by 10 years in the past 20 years. In short, if the life expectancy is higher, the more amount you would need at the time of old age or post retirement.
Rising health costs & inflation
Inflation does hit our economy badly. The cost of medical and health care is at a rise with the increase in life expectancy of people in India. Simply because, hospitalization costs are simply soaring day by day. Inflation affects our economy badly. The cost of every good and services as well as commodities have risen by the day. Therefore, buying a pension plan would take care of your expenses post retirement even in absence of regular income.
Regular flow of income
A retirement plan will ensure that there will be a regular income flow post your retirement. This is how you and your family can continue leading a comfortable and a relaxed lifestyle without compromising on the same. There are some traditional plans that also offer you bonuses too.
Absence of Social Security System in India
The measures that are taken by the Indian Government lacks a sense of social security. The governing authority takes such measures to typically provide income to the individual or his family once all the sources are disrupted.
Unfortunately, our country lacks in schemes that will look after the benefit of the disabled as well as retirements, etc.
Pension plans offer you tax benefit under Section 80C of the Income Tax Act, 1961. So, you save tax at the same time continue to get a financial security by investing in pension plans.
Therefore, use your brains and stop wasting your valuable time and money, invest in a retirement plan today for a better tomorrow.
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