Retirement planning is very crucial for staying financially stable in the long run. It should ideally be done at least 15 years before you are going to retire to make all the necessary decisions and start saving money for your future. Now, let’s consider that just 10 years are left for your retirement and one day you feel an urge to do something for your future and you realize the time will soon pass. Don’t worry it’s never too late and there is still a lot you can do. The biggest investment out of all this is investing in a health insurance plan.
It is important to have health insurance so that you are covered for the long run. Health insurance will protect you from any kind of unexpected financial crisis that may occur due to any medical condition. While making a pension plan there are following things which you can consider to get the best out of the time you have and to build a secure future.
Purchasing a Retirement Plan
Insurer these days know your need and thus provide especially market designed retirement plans. These plans could include death benefits and additional things like life cover, maturity benefit etc. These plans also provide a rebate on the tax and thus are advised by almost everyone. With a lot of bonuses available, these are one of the best policies, you can get.
Insurance with life cover and savings together
If you are planning of getting insurance with savings as well as life cover, the endowment plan is the best as they provide both the things under the same umbrella. This is like a life insurance policy which will also help you save at regular intervals. Apart from this, if there is unexpected death during the term then the nominee will get the full sum assured. Thus, with this, the returns are guaranteed. Lump-sum amount of this could be used to fund your child’s education, their marriage or event retirement goals.
Money-Back Plans
These are plans which give you assured return at regular intervals and thus the sum assured is deducted at regular intervals and is paid to the policyholder. Apart from this, there is maturity benefit involved if the person survives the term of the policy. Death benefits like other plans are extended to the nominee. It could pay 10 times the annualised insurance premium. With this, there are other financial benefits which are included and thus makes this plan a great investment.
Adequate Health Insurance
Having a health insurance plan is a very crucial part of life when you are getting old and especially when you are approaching your retirement. With increasing health risks, the premium when you get above 50 is higher as there is an increased risk of health risk at that age. Therefore, you must get health insurance well before the premium price goes very high. Buy a health insurance policy and have security for the future.
