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Setting aside funds to cope with life post-employment is necessary. Yes, you will have your pension plans and provident fund, but will that be enough? With the cost of living rising by the day, being financially independent when you need it the most is important. In addition to this, meeting medical expenses during old age or just living your dream requires financial planning. This is exactly what a ULIP helps you do - save today for a better tomorrow! The small amount that you invest regularly in a ULIP plan will accumulate and on retirement, provide that much needed financial assistance.

Why choose Finserv Markets For Retirement Plans

Top-Rated

As per Morning Star, ULIP funds at Finserv Markets enjoy good ratings with approximate returns as high as 25% over a 5-year investment period.

High Asset Under Management

With approximately 2,00,000 crores held in terms of Assets Under Management (AUM), know that your ULIP investments are among the best in the market.

Tax Benefits

Under the Income Tax Act of 1961, ULIPs are tax-free investments. As a customer, you needn't pay any tax during investment, while your money grows, during fund switches or during maturity.

Least Cost Structure

With ULIPs at Finserv Markets, policyholders do not have to pay any charge when allocating funds. Neither are there any return of mortality charges levied.

Flexibility

Policyholders enjoy the flexibility of choosing between 4 investment portfolio ULIP strategies thus helping one plan better for higher returns.

Reasons to invest in Retirement Plans

  • Provident Fund & Pension Plans aren't enough

    Numbers don’t lie. Statistics in India reveal that 90% of retired employees depend on their children for financial assistance as their savings get exhausted rather soon. The remaining 10% get government pensions or aid from former employers, but even this falls short. Considering the increase in medical care and day to day expenses, planning one’s retirement is imperative.

  • Increase in Life Expectancy

    As healthcare facilities continue to improve, the average life expectancy increases. However, this doesn’t eliminate the fact that to avail of such advanced medical facilities, finance is needed. As per the latest data published by the World Health Organization (WHO), the average human life expectancy in India is 68.8 years (2018). Another report states that healthcare costs in India are bound to double in comparison to the rate of inflation across the country. So how does one pay for such facilities and sustain health-related expenses post-employment? A retirement ULIP plan, that’s how.

  • Nuclear Family Set-up

    As more families opt for a nuclear setup, this impacts life post-employment. Essentially, one is on their own and being financially independent is the only way to deal with life after employment. Having a retirement plan in place now will provide the financial assistance you need during retirement. Self-dependence is the way to go! Get a retirement ULIP plan at Finserv Markets, today!

  • Fulfil your Goals

    Are you working day and night to meet the financial requirements of your family? Do you have plans in place to help your child achieve their dreams and goals? For those who have all this in place, great! But the question is, are you sacrificing on your life goals to take care of your child’s aspirations? If you are, it’s time you start thinking about yourself too. Especially when you’ve retired from work. Invest in a ULIP side by side and save up for your future and fulfil your goals.

Pension Plans: An Overview

Pension plans are investment plans, which helps you save for your retirement. These are long term retirement plans that also give you the benefit of an insurance cover. A pension plan helps you receive a steady income after retirement, by accumulating your savings over a period of time till you retire. With the compounding effect, the monthly amount that you invest regularly grows manifold and creates a corpus for your post retirement period. Investing in a good pension scheme helps you plan your retirement better.   

 

Types of pension plans in India

Deferred Annuity

In a deferred annuity plan you pay your premiums over the policy term or for a limited period. As soon as the policy term is over, you start receiving pension for the rest of your life.

Immediate Annuity

In an immediate Annuity plan, you invest a lump sum amount as investment. The pension starts immediately after investments.  In case of your absence, your nominee gets the money on your behalf. You receive tax exemption in this pension plan.

Pension plans with and without life cover

Pension Plans with life cover pays the lump sum assured to your nominee in case of an unfortunate demise during the investment phase. Deferred annuity plans are mostly ‘with cover’ pension plans and immediate annuity plans are ‘without cover’.  When you opt for a without cover pension plan, your nominee will not receive any guaranteed lump sum, But all the premiums accumulated are paid back to the nominee.

Traditional and Unit-Linked Pension Plans

These pension schemes are a type of investment plan. They either invest in government securities, called the traditional pension plans or in a combination of bonds, stocks, and equities etc. called Unit –Linked Pension Plans.

Annuity Certain Plan

In this you get the annuity amount for a specific number of years, which you can choose as per your requirement. In the case of your demise before the expiry of the payments, your nominee will be paid the amount.

Guaranteed period Annuity

As the insured you get the annuity for a certain period like 5, 10, and 15 years, etc.

Life Annuity

In life annuity retirement plan, you receive the pension throughout your life. If you choose ‘with spouse’ option, he/she will get the pension benefit in your absence.

 

How do unit linked pension plans work?

In a ULIP pension plan, the amount that you contribute as premiums is accumulated as investments till your retirement. One third of this corpus is paid back to you while the remaining is invested in an annuity scheme. The returns from this scheme are then paid to you as pension on a monthly/ quarterly /half yearly or annual basis. A unit linked pension plan invests in equity markets and gives high returns. 

Eligibility Criteria  

Anyone can invest in a ULIP retirement plan subject to, meeting the entry age criteria. You should fulfill the minimum and maximum age criteria as mentioned in the policy documents to be eligible to start your retirement investment plan.   

 

Documents required for buying a retirement plan

 You will be asked to submit the following documents: -

  • Income proof which could be salary slips, income tax returns, bank statement etc.
  • Address proof
  • Identification proof like
  • Age proof

For Address, identity and Age proof you can submit your Aadhar card, Driving license, Voter Id card, Passport, PAN Card, etc.

Finserv Markets also offers ULIP Plans for investments and child’s education.
Our child plan can help you prepare for your child’s bright future. Also, our investment plan enables you to get good returns in the long run.

 

Manage all your queries here

  • When is the best time for me to start planning for retirement?

    Starting early is always advisable, but nevertheless, if you haven’t, it’s never too late! As the average life expectancy continues to increase, life post-employment is a crucial period and needs rather serious planning. While there is no regular source of income, expenses continue to exist (if not increase), post retirement. Moreover, gone are those days when one would depend on his/her child/children for financial assistance. Citing these reasons, it is essential that you have a retirement plan in place and build a fund corpus to ensure that you continue to live the way you do now, even after employment.

  • I am considering investing in Bajaj Allianz ULIP retirement plan. When are the benefits and what best time to do this?

    If long-term financial planning and creation of wealth is your goal then ULIP’s are the best investment option for you. In simple words, if you are looking to buy a house or build a corpus to fund your child’s education as well as take care of your life post-retirement, then investing in ULIP plans is the way to go. Coming to the benefits, these plans come with a 5-year lock in period. However, the longer the period of investment, the more you earn. To add to this, ULIP policies are flexible and allow the policy holder to switch funds based on market performance and one’s risk appetite, unlike mutual funds. As for time, the earlier you start, the better it is for you!

  • What are the factors that have an impact on the growth percentage of the funds in an investment plan?

    Funds that are part of a ULIP investment plan are linked to the share market and thus their performance is directly affected by the same. Hence, ULIPs are often referred to as being market-driven.

  • Why do I need to plan my retirement when I’m still young and single?

    Contrary to what you may think, this is the best time for you to start planning for your retirement. When you are single, the responsibilities that you shoulder are lesser as compared to someone who has a family to take care of. Moreover, the earlier you start, the more you save, the better for you during retirement. Being financially stable when there is no regular source of income is imperative and thus early planning is the way to go!

  • I have already invested in a mutual fund. Why would I still need a retirement plan?

    The truth is, everyone needs a retirement plan. A retirement/pension plan is different from a pension plan in terms of the purpose it serves. It prepares and provides you with the financial security you need when there is no regular source of income. In conjunction with Bajaj Allianz, we provide some of the best retirement plans online that will help you save for life post-employment.

  • Please list the benefits involved in retirement planning.

    Though there are plenty of benefits, let us deal with the following four to understand the need and importance of investing in a pension plan/retirement plan. 1. Compounding Effect: Like we have mentioned time and again, the earlier you start, the more you save and the better the effect of compounding on your investments. We would encourage you to opt for the pension plans offered by our partner Bajaj Allianz the moment you start earning. This helps as you can set aside a certain amount and regularly invest over a long period of time. You can then imagine the gains you’d receive on retirement. 2. Managing unforeseen expenses: The best way to dealing with unexpected and unforeseen expenses that may crop up during your retired life. This could be medical bills, costs related to treatment/hospitalization, or any other financial expense. When you opt for a retirement plan, you build a corpus of funds that will help take care of such expenses, especially during retirement. Should you need to relocate post-employment, a pension plan is sure to be of great help. 3. Protecting your property and assets: Imagine not having sufficient funds to deal with a serious medical ailment during your retirement. What would you do? If you have property, you’d probably liquidate the same to meet your expenses. When you have a retirement plan in place, you will have the financial capability of dealing with such situations leaving your property and assets to be enjoyed by your children/family.

  • What does Retired Life Income (RLI) mean in a Bajaj Allianz Long Life Goal ULIP and how can it be exercised?

    A Retired Life Income is a regular income-like pay out, that you get through systematic partial withdrawal. You can decide when you want to receive this RLI at any policy anniversary, when you turn 55 years or after the 10th policy year, whichever is later. This retirement income constitutes of a percentage of your fund value (ranging from 0 to 12% per annum), as chosen by you, and is paid yearly, half-yearly, quarterly or monthly. The instalment is paid by redeeming units from the funds in the same proportion as the fund value in each fund and will be redeemed at the unit price applicable on the date of each RLI instalment. RLI payment is through Systematic Partial Withdrawal and the percentage can be changed anytime during the policy term or even after starting RLI. However, the fund value after payment of the instalment of RLI should not drop below 105% of total premiums paid till date, otherwise your Bajaj Allianz ULIP return gets deeply impacted.

  • What does switching mean and how does it work?

    Bajaj Allianz ULIPs available on Finserv Markets, offer the dynamic option of switching only under the investor selectable portfolio strategy, which adds the much-needed flexibility to ULIP plans. As an investor it helps you to optimize asset allocation by allocating funds between equity and debt funds to best leverage the market scenario. Switches under this whole life insurance plan allow you to move your investments from one fund to another, within one plan, without any additional charge. You can transfer units fully or partially between fund options - equity, debt or a combination of both. If you opt for Investor Selectable Portfolio Strategy, you also have the flexibility of switching units between the investment funds as per your choice. However, this option is not available in other portfolio strategies. The minimum switching amount is Rs 5,000 or the value of units in the fund to be switched from, whichever is lower. You can make unlimited free switches during the policy term by giving a written notice to Bajaj Allianz Life. You will need to mention the exact amount to be switched and the name of the existing and the new fund. You can also avail this option through our customer portal, where you can manage this whole life insurance plan. In addition to market fluctuations, the decision to switch funds should also be based upon your risk appetite and life goals.

  • How does the switching between the portfolios work in Bajaj Allianz Life Long Life Goal?

    As a Bajaj Allianz ULIP policyholder you have the option of switching between any of the following portfolio strategies - Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy II, Auto Transfer Portfolio Strategy, except for Trigger Based Portfolio Strategy. You can opt for Trigger Based Portfolio Strategy only at the time of the start of the ULIP plan. You will need to give 30-days written notice before the policy anniversary to exercise the switching option.

  • What is meant by Periodical Return of Life Cover Charge (PROMC) under this whole life insurance plan?

    The PROMC enhances your ULIP returns by periodically adding back the mortality charges to the fund value. The first addition is when you, as a policyholder attain 60 years of age or at the end of the 15th policy year, whichever is later. The next additions are at the end of each subsequent 10th year, and the last addition is on the date of maturity. However, PROMC is not applicable in case of a surrendered, discontinued or paid-up policy and will be payable provided all due premiums under your ULIP plan have been paid up to date.

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