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15-Year Retirement Pension Plan

A good retirement plan helps you plan for your future while safeguarding your family’s finances in the present. Evaluate your retirement goals and timeline to identify the ideal retirement plan for your needs. Let’s see how you can use a 15-year retirement plan to your advantage.

1 Crore Retirement PlanRetirement planning in 50sGet 30K monthly pensions10 Year Retirement Plan

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15-Year Retirement Plan

Enjoy Financial Independence with a 15-Year Retirement Plan

Fifteen Year retirement Plan
August 24, 2023

Table of Contents

 

In this policy, the investment risks in the investment portfolio is borne by the policyholder

Right from the time we start working, we worry about saving enough for retirement. A retirement plan provides avenues to build a corpus to enjoy financial independence in your golden years. Most retirement plans also have a life insurance component, enabling you to safeguard your family’s financial future. Let’s see how you can use a 15-year retirement plan to your advantage.

What is a 15-Year Retirement Plan?

A 15-year retirement plan helps you accumulate a retirement corpus over 15 years. You can opt for a Unit-Linked Insurance Plan (ULIP) like HDFC Life Click 2 Retire to grow your money over a long period. These retirement plans let you choose avenues to invest your money while providing insurance coverage. You can adjust your investment over time to move to safer financial instruments as you near retirement.

How Does a 15-Year Retirement Plan Work?

Let’s use an example to see how you can use HDFC Life Click 2 Retire* as part of your 15-year retirement plan. Mahesh is a 30-year-old engineer who wants to plan for retirement. He hopes to retire at 60 and travel the world with his wife, who has quit her job to look after their newborn daughter. Mahesh opts for the HDFC Life Click 2 Retire plan*. As the sole breadwinner for the family, he requires a policy that will protect his family’s financial future. The policy provides life insurance coverage, ensuing Mahesh’s family will remain financially secure if something happens to him. Mahesh pays a premium of INR 2 lakhs per year for the next 15 years. He selects a mix of debt and equity funds to invest the amount. After the premium-paying term, the corpus continues to earn interest that gets reinvested, allowing for exponential growth. On maturity, 30 years after the initial investment, the plan reaches maturity. Mahesh can withdraw a part of the amount to meet his financial needs. He must use the rest to purchase an annuity plan for life-long income.

Why Choose a 15-Year Retirement Plan?

Let’s better understand why you should opt for a 15-year plan. 

  • Efficient Planning
    A 15-year retirement plan lets you invest and grow a significant corpus for retirement.
  • Guaranteed# Returns
    Many 15-year plans offer guaranteed vesting benefits, enabling you to rest assured of financial security in your golden years.
  • Investment Flexibility
    The HDFC Life Click 2 Retire* plan offers the flexibility to select how your money gets invested and grows. 
  • Life Insurance Coverage
    The HDFC Life Click 2 Retire plan provides insurance coverage, safeguarding your family’s financial future during a difficult time.
  • Tax Benefits
    The HDFC Life Click 2 Retire* plan provides tax benefits## based on prevailing laws.

Things to Consider Before Selecting a 15-Year Retirement Plan

When you’re ready to select a 15-year retirement plan, evaluate the following crucial factors:

  • Your Retirement Timeline
    When you start planning, clearly outline your timeline. By when would you like to retire and start fulfilling your goals? Consider how much time you have to grow your corpus and then identify the ideal financial tool to help you.
  • Your Future Goals
    What would you like to achieve once you hang up your work boots? List potential goals and evaluate how much you need to fulfil them. Consider the inflation rate while calculating how much you need once you retire. Look for 15-year plans that align with your goals.
  • Your Current Assets
    Once you know how much you need, evaluate what you already have. Assess your assets, current income, liabilities and existing investments. Identify 15-year plans to help you bridge the gap between what you have and your needs.
  • Your Risk Appetite
    Are you open to taking risks? Do you have the time to correct course and secure your finances before you retire? The answers to these questions will help you identify the ideal retirement plan for your dreams. Risk-averse individuals should opt for guaranteed options to secure their retirement corpus.
  • Insurance Coverage
    Retirement plans also provide insurance coverage. Evaluate your Human Life Value (HLV) to understand your required coverage. Select a policy that offers a significant payout to your loved ones. Remember, you want to secure their financial future as well.

A good retirement plan helps you plan for your future while safeguarding your family’s finances in the present. Evaluate your retirement goals and timeline to identify the ideal retirement plan for your needs. Revisit your plan every year to ensure it’s progressing as intended. Many necessary adjustments to ensure you have sufficient funds to meet your retirement needs.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Disclaimer

* HDFC Life Click 2 Retire (UIN No: 101L108V04, Form No: P501) is a Unit Linked Pension Product.

##Tax, if any, will be deducted at the applicable rate from the payments made under the policy, as per the provisions of the Income Tax Act, 1961 as amended from time to time.

# Guaranteed Benefit is paid on survival during policy term provided all due premiums are paid during the premium payment term.

The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year.

Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, The name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

ARN - ED/06/23/2562

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