Retirement Plan is a kind of insurance cum investment plan. In this plan, the insured pays regular premium to build up a big corpus over time. On maturity (retirement), this corpus is paid back to the insurer in the form of regular income at prevailing rate of return at that time  In cases where the insured dies, the beneficiary will get the sum assured along with the bonuses.

The returns that are paid by the insurance company to the insured from the investment done in the retirement plan post accumulation period is called annuity. The annuity can be availed on a monthly/quarterly/half-yearly/yearly basis.

Retirement plan assures a regular income post retirement when you enter the no-more-paychecks phase of your life. Retirement is perhaps the best time to enjoy leisure activities. A retirement plan is a great way to be financially independent in your second innings

Simple Provident Fund and PPF account is not enough because the investment limit is capped due to statutory laws.  The ever growing inflation will make your PF amount look quite insufficient in the future and will not suffice your future expenses. This becomes all the more important, as you become more vulnerable to health problems in your old age. A lone provident fund amount will utterly fail to financially support the healthcare needs.

You can do that by contacting Get-Insurance and also with the help of 
•    Present cost of living (monthly expenses)
•    Inflation rate
•    Retirement age
•    Number of years you expect to live post retirement.

It is the time period during which you regularly pay premiums to the insurance company to receive income post retirement in the form of pension.

Choosing the right annuity plan can be a major challenge at times. Nowadays, many people consider buying annuity pension plans as the part of their retirement option. Annuity plans can be broadly categorized into immediate annuity plan and deferred annuity plan. To know which retirement plan you should choose it is important to learn more about these plans: 

•    Deferred annuity plan= Under this plan, annuity phase is preceded by saving phase. Such types of policies are designed for people who don't require immediate pensions and have several years till the retirement age. It means they have enough time to invest and build a corpus. All premiums which are paid get invested till the maturity date.
•    Immediate annuity plan= In immediate annuity plan, if you are above 30 years, you can pay a lump sum amount and then start earning annuity benefits immediately after retirement. The payments are given for Lifetime with the option of return back of the invested amount on the death.
•    You can choose any of the above plans based on your risk appetite, fund requirement and current annual income.