Financial security is one thing that we all need. As we grow older, we are more vulnerable to diseases, and other accidents that may come in the wailing of deteriorating senses. These situations make room for a lot of stress, and not having a solid financial backup makes thing seven worse.
Often, families in the middle income bracket don’t find their savings to be enough. If you, as a young adult find that your parents have not saved money through their, then it is time that you intervene and help them get through their old age as they helped you get through your childhood, school, and college. For example, there are some good pension plan for senior citizens available on Bajaj Finserv MARKETS.
Start with sharing the burden
Before you even start to think of getting a pension plan for senior citizens, you must acknowledge the biggest hindrance to saving money — expenses that need to be met. Often, a lot of the burden falls directly on the shoulders of your parents. Giving them access to a pension plan which can help them a lot.
According to an HSBC survey , 44% of retired people who had not saved enough said that it was due to the continued financial support from their children. The study also revealed that 21% haven’t even started saving for retirement while 41% wish they had started saving at an earlier age.
To save up for your parents’ old age, you can start right from college. The first thing children should do is cooperate with their parents and start sharing the financial burden — right from college, especially when you have made the decision to study abroad.
Children should start getting part-time jobs through college which will reduce the financial burden on their parents. There are options such as joint educational loans where they and their parents can be the co-borrowers. They can start paying the loan and back once they get a job. This way, the massive financial burden of studying abroad or studying in an expensive university can be taken off from the parents’ shoulders, and they themselves will be able to save some money.
Getting the right pension plan
Regular income comes handy, especially for your parents after they are retired. Pension plans from Bajaj Allianz give protection for up to 100 years of age so that your parents never have to worry about their financial well-being. It works as a great pension plan as well. Available on Finserv MARKETS, Bajaj Allianz Long Life Goal plan ensures that you get maximized returns on your investment while being protected and insured from day one — a perfect component of a pension plan. It is a smart investment that offers Loyalty Additions payable from the sixth year and Fund Booster payable at maturity.
The plan also comes with option to get attractive cash bonuses or policy bonuses that increase the value of the policy for added financial benefits.
With a steady pension plan, your parents can look forward to being more independent in the times to come. With high rebates on the sum assured, your parents can finally look forward to getting more value out of their money.
The pension plan for senior citizens, like the Bajaj Allianz Long Life Goal plan on Finserv MARKETS opens a new doorway to the way pension is looked at, as it lets you reap several benefits out of the product.
Documents required for a pension plan
On Finserv MARKETS, opting for ULIP plans like Bajaj Allianz Long Life Goal pension plan is hassle-free. All you have to do is submit the following documents:
- Income proof which could be salary slips, income tax returns, bank statement etc.
- Address proof
- Identification proof like
- Age proof
Thereafter, the finserv team will take care of the approval, and if you have any problems then you can get in touch with them and they will help you resolve all your queries.
In a ULIP pension plan like this, your premiums are accumulated as investments until your retirement. One third of this sum gets paid back to you while they are invested in an annuity scheme, following which the returns are paid to you as pension on a monthly, quarterly, half yearly, or annual basis. A unit linked pension plan invests in strong equity to ensure you high returns — a perfect investment scheme.
Also read in detail about the ULIP tax benefits you can avail with a Bajaj Allianz ULIP plan available on Finserv MARKETS.
To know more on ULIP investments in depth, you can check out these blogs:
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