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Written by

Kriti Arora
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Kriti Arora

Insurance Writer

Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Axis Max Life Insurance.

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Reviewed by

Vaibhav Kumar
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Vaibhav Kumar

Insurance Expert

With over 15 years in life insurance, Vaibhav is a recognized products and digital leader for driving innovation at Axis Max Life. He's played a pivotal role in developing new business lines and implementing successful D2C strategies.

Why Invest for Retirement?

As you grow older, you need a stable income to lead a peaceful life with pride. Investing in a suitable pension plan can help you build a comfortable life for yourself when you have a clear understanding of the importance of financial freedom for your retirement years.

It is equally important to have a source of regular income when your working years are over. This is where various investment options for retirement come into the picture. When you start investing early for your retirement years, it helps build a financial cushion. Even if you start with small investments, they can yield high returns consistently over time. This gives you the confidence to retire on your terms, without depending on others or making any compromises.

Why Should You Plan Your Retirement?

Retirement planning is important to ensure you can continue enjoying life even after your productive years. With challenging situations like inflation, rising medical costs, and changing lifestyles, it is essential to cover your future financially. Advanced planning ensures you stay independent, achieve your dreams, and take care of your family without stress.

1. Fulfil Your Retirement Goals

Whatever dream you had, and for some reason, these could not be fulfilled during your younger years, can be achieved during your retirement. However, it needs the right financial planning. Whether it's travelling, pursuing hobbies, or starting a new business, preparing in advance helps you turn your retirement goals into reality without financial worries. Having a proper retirement plan in place ensures a financially secure future for yourself and your family.

2. Save for Children and Family

Retirement planning also helps you provide for your children's marriage or any unforeseen medical or financial emergencies, without affecting your lifestyle. Planning for retirement early also means you are financially secure to meet your family’s needs.

3. Financial Freedom

A carefully analysed retirement plan means financial freedom during your 2nd innings. It means you don’t have to depend on anyone to meet your daily needs or any emergency that may arise later in life. This gives you control over your finances and the much-needed peace of mind.

Best Investment Plans for Retirement

1. Annuity Plans

These are long-term investment plans that comes with a monthly income after retirement benefit. In this, you have to pay a fixed amount over time, and during your retirement the plan pays you back. There are mainly two types - Immediate annuity: starts payouts within a year of a lump sum investment. On the other hand, deferred annuity involves smaller investments over a period, growing the investments, with payouts beginning post-retirement for the duration agreed.

2. National Pension System (NPS)

It is very a popular option when it comes to retirement planning in India. This govt. backed investment plan offers stable returns over time since it involves little to no risk. You can also claim tax benefits of up to ₹1.5 lakh under Section 80C, and an additional deduction of ₹50,000 is available for NPS Tier I account subscribers under Subsection 80CCD (1B) under the old tax regime.

3. Systematic Investment Plan (SIP)

SIPs got very popular in India in last few years. This mode of investment lets you invest a fixed amount periodically (weekly or monthly) in mutual funds. SIP is a great way to build wealth over time with due to compounding effect. When you retire, you have peace of mind, accumulating a significant amount to spend your life comfortably in later years.

4. Public Provident Fund (PPF)

PPF is one of the safest investment options with fixed interest and tax-free returns. It is ideal for building a long-term retirement corpus. You can open a PPF

account and invest between ₹500 and ₹1.5 Lakh annually, either in one single payment or in instalments.

5. Bank Fixed Deposits or FDs

Fixed Deposits

or FDs offer fixed returns and are one of the safest investment options. Senior citizens often prefer this option for regular interest income post-retirement. In India, you also get an extra interest rate as compared to the general citizens.

6. Senior Citizen Saving Scheme (SCSS)

This is a government savings scheme specifically designed for individuals aged 60 years or older. The minimum annual investment allowed is ₹1000. You can open an account with this amount and invest in multiples of ₹1,000, up to a maximum of ₹30 lakhs. The initial investment tenure allowed is 5 years with the option of extending for an additional 3 years after maturity.

How to Choose the Best Retirement Investment Plan?

Choosing a suitable retirement plan for you depends on your goals, risk appetite, and retirement age. Here's what to consider:

  • Always analyse your retirement goals and future lifestyle needs.
  • Carefully estimate how much money you will need during retirement.
  • Consider your current income and how much you can invest regularly.
  • Try to diversify your investments between low-risk and high-return options.
  • Choose retirement investment plans that offer flexibility and tax benefits.
  • Remember that you need to periodically review and adjust your investments as per changing life needs.

By carefully evaluating these points, you can build a retirement portfolio that fits your life perfectly.

Secure Your Retirement with Our Pension Plans

On the basis of the options discussed above, you should consider one for your retirement without further delaying it. Besides this, you can secure your future along with your loved ones with a retirement plan by Axis Max Life Insurance today. Whether you are looking for safety, flexibility, or growth, at Axis Max, we have got you covered.

Frequently Asked Questions

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What are the benefits of investing in retirement funds for long-term financial security?

How do I choose the right retirement investment option based on my risk appetite?

What factors should I consider when planning my retirement investment strategy?

Are there tax benefits associated with retirement investment plans?

What are the common mistakes to avoid during retirement planning?

ARN: May25/Bg/08G

Sources:

https://economictimes.indiatimes.com/mf/analysis/retirement-plan-where-to-invest-if-you-have-a-monthly-pension-of-rs-30000/articleshow/120541426.cms

https://bankofindia.co.in/senior-citizens-savings-scheme

https://cleartax.in/s/best-investment-options-pensioners-senior-citizens

https://cleartax.in/s/best-investment-plans-for-retirement

https://www.hdfcbank.com/personal/resources/learning-centre/invest/retirement-planning-and-investment-options

https://www.sensiblemoney.com/learn/best-retirement-investments-for-a-steady-stream-of-income/

https://economictimes.indiatimes.com/wealth/invest/top-5-investment-options-that-can-help-senior-citizens-earn-monthly-income-during-retirement/articleshow/103492628.cms?from=mdr

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Our Range of Pension & Retirement Plans

  • Axis Max Life Saral Pension Plan

    Guaranteed income for lifetime

    Option to choose a single or a joint life annuity

    Option to receive return of purchase price on death of policyholder

    Know more
  • Axis Max Life Smart Wealth Annuity Guaranteed Pension Plan

    Design policy from a wide range of Annuity Options

    Flexible premium payment & personalized income timing

    Tailored return of premium to align with your financial objectives

    Know more
  • Axis Max Life Perfect Partner Super

    Guaranteed payout of 212.5% of sum assured at the age of 75

    Insurance coverage till 75 years, with withdrawal flexibility

    Guaranteed benefit for spouse through riders

    Know more

Why Choose Max Life?

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99.65% Death Claim Paid Ratio

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-2024)

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304 Offices

(Source: As reported to IRDAI, FY 2023-24)

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₹1,779,409 Cr. Sum Assured

In force (individual) (Source: Axis Max Life Public Disclosure, FY 2023-24)

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₹150,836 Cr. Assets Under Management

(Source: Axis Max Life Public Disclosure, FY 2023-24)

Customer Reviews

Axis Max Life Retirement Plan

“It’s not that I had difficulty in understanding and evaluating retirement plans online but talking to someone gives you that extra assurance that you are taking the right step. I have to commend the ways in which these Axis Max Life agents are trained and that only reflects in the way he explained the policy details to me . I will recommend Axis Max Life to anyone seeking a pension plan”

Mr. Mishra

Axis Max Life Retirement Plan

“The idea of investing in a pension plan came to me from my father, who being a retired Army officer is very focused about planning early. However, it was only when he introduced me to his friend who is an Axis Max Life Agent, I realized it’s actually very simple. Anyways, I think it was a timely decision and I knew that while he will get his army pension, I’ll have to plan post my corporate life.”

Mr. Menon

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