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5 Benefits of Early Retirement Planning in India

Retirement planning does not cross our minds when we are young. We assume that we still have time and retirement is far away. But that is certainly not the case. Retirement planning in India is essential for having a secure financial future and a hassle-free life. Early retirement planning can help you build a larger corpus for the golden years of your life. Moreover, it will help you stay invested for a longer period which yields better returns.
 

If you are young and wondering about the benefits of early retirement planning, we have a few top reasons that might help you.
 

5 Benefits of Early Retirement Planning
 

If you are looking for the benefits of retirement planning from an early age, here are some of the top reasons for doing so:


  • It is easier to start early


    When you are young, building a retirement fund is easier. This is because, at a young age, you do not have too many responsibilities but have a larger amount of disposable income. Also, you will have to pay lesser premiums as you will be healthier as compared to when you are old. This enhances your ability to save more in these years of your life. However, once you start growing older, your responsibilities will also increase, which might reduce your ability to save for your retirement.


  • Benefits of the power of compounding
     

    Compounding is one of the best ways to enhance your retirement fund. Compounding simply means that you earn interest on the interest. When you start investing early, you can stay invested for a longer time and leverage the power of compounding. By the time your retirement approaches, the power of compounding might have done wonders for your retirement corpus. 


    Also, if you invest in market-linked plans from an early age, you can get benefits by staying invested for a longer period of time. ULIP plans are one of the apt ways to invest in market-linked securities. ULIPs offer dual benefits of investment and life coverage. You can choose from equity, debt, and hybrid funds as per your risk tolerance.


  • Ability to face emergency situations


    Financial emergencies can arrive anytime. So, financial planning becomes essential to ensure that we are prepared for any emergencies that may occur. After retirement, you might not be earning, and if you are the sole breadwinner of your family, these emergencies can prove to be even more problematic. Also, as you grow older, medical issues start arising, and with a retirement fund, you will be able to pay for your medical expenses.


    If you have created an early retirement fund, the corpus can help you sustain yourself during these emergencies. In addition, you will have mental peace, and you can live without financial constraints if your retirement planning in India is meticulous and proper.


  • Secures your dependents



    Managing the expenses of your family after your retirement can be difficult. This becomes even more difficult if you have dependents and you are the sole breadwinner of the family. By planning early for your retirement in India, you also secure people who are dependent on you.


    One of the ways to ensure that your dependents are secure in your absence is to opt for a life insurance retirement plan. Retirement plans in India come with the dual benefit of regular income after retirement and life coverage. In case of your unfortunate demise during the tenure of the retirement plan, your loved ones will be financially secure with the help of an assured death benefit. And if you survive the policy tenure, you will receive regular income for the golden years of your life.


  • Early retirement planning helps you get tax benefits


    If you buy a retirement plan, it will help you save on taxes. Premium paid on retirement plans in India is eligible for a tax* deduction u/s 80C of the IT Act. Moreover, if you buy a retirement plan from an early age, you can save on taxes for a longer period of time. Also, the death benefit paid to your loved ones in case of your unfortunate demise is also eligible for tax* exemption u/s 10(10D).
     

Conclusion
 

It is beneficial to start retirement planning in India from an early age so that you can enjoy the golden years of your life peacefully. You can buy the right retirement plan so that you can get a regular income after your retirement, and you do not worry about finances.
 

TATA AIA offers various retirement needs for your needs. You can choose a plan that suits your requirements. Moreover, you can also customise the plan by adding riders# to your policy at affordable premiums. 

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

Why is retirement planning essential?

A retirement plan ensures that you are financially stable in the golden years of your life, and you can enjoy the period without any stress. It also helps you deal with medical emergencies, fulfil post-retirement life aspirations, and live independently. 

What is the apt retirement insurance plan that I can choose?

There is no apt retirement plan that you can choose. You must understand your needs before you choose the right plan for yourself. Also, analyze different plans so that you can see which plan is the right one for you. 

Disclaimer

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and does not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • #Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
  • THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.
  • Past performance is not indicative of future performance.
  • All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
  • Please make your own independent decision after consulting your financial or other professional advisor.