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RETIREMENT PLANS BUYING GUIDE
:1800-266-9777
Buy 1 Crore Retirement Plan in India: Secure Your Future Today
Table of Contents
In this policy, the investment risk in the investment portfolio is borne by the policyholder.
Every robust financial plan includes a retirement strategy. A retirement plan is paramount for individuals hoping to enjoy financial independence in their golden years. You can choose to purchase a 1-crore retirement plan based on your goals. The policy helps you accumulate a corpus of Rs. 1 crore to meet your needs. Additionally, the plan offers life insurance coverage, providing financial safety for your loved ones in the present. Let’s better understand these policies and how they work.
What is a 1-Crore Retirement Plan?
A 1 crore retirement plan is a financial tool that enables you to accumulate a corpus of Rs 1 crore over the policy term. The amount provides financial safety and stability during your golden years. Additionally, retirement plans have a life insurance component. The policies allow you to safeguard your family’s financial present while building a corpus for your future.
How Does a 1 Crore Retirement Plan Work?
A 1-crore retirement plan works on systematic savings and strategic investments. Let’s understand this with an example. Sushma is a 30-year-old banker. Although her husband earns well, Sushma wants to build a corpus to safeguard their retired life. They hope to travel and pursue various hobbies once they both turn 60. She purchases the HDFC Life Click 2 Retire plan for thirty years. Every year, she pays a premium that provides life insurance coverage and exponential growth. She selected a mix of debt and equity funds to invest the premium.
Based on the returns, she is able to build a corpus that amounts to Rs. 1 crore in 30 years. Once she retires, Sushma receives a portion of the accumulated corpus. She uses the balance to purchase an annuity that provides life-long income. Sushma can use the income payouts to maintain her standard of living and rely on the rest of the corpus to fulfil her retirement goals.
A Rs. 1 crore retirement plan assists individuals to save and invest according to the target retirement corpus of Rs. 1 crore. Let's look into how such a retirement plan operates:
Setting a Goal
Every individual sets individual goals for their retirement. Following the Rs. 1 crore retirement plan, individuals aim to accumulate a substantial corpus by the time they reach retirement to support their lifestyle and financial needs.
Contributions
Investors must contribute a set amount to their retirement plans on a regular basis by making lump sum payments, monthly contributions, or both. These contributions accumulate over time and are the main deciding factor for a retirement corpus.
Investment
The contributed amount is invested in a diversified portfolio of assets that may include bonds, stocks, mutual funds, and other investment categories. The main focus is to yield returns on the amount invested over time, thereby helping the retirement corpus to grow to the desired amount.
Compounding
With greater returns from the amount invested for achieving the retirement goals, those returns are again invested into the portfolio, thereby compounding the corpus growth over time. With compounding, investors can experience growth opportunities, especially over a long period.
Monitoring and Adjustments
Over time, an individual investor monitors the target retirement corpus and makes necessary adjustments as needed. This includes rebalancing portfolios, changing allocations of investment, or making necessary adjustments in contributions to stay on track with the Rs. 1 crore goal.
Retirement Withdrawals
Once you reach the desired age of retirement, the accumulated retirement amount thereby assists in providing a stable and steady source of income during retirement. This can be in the form of annuities, periodic payments, or lump sum withdrawals, which depend wholly on the retirement plans opted for along with the individual's preferences.
What Are the Benefits of a 1-Crore Retirement Plan?
When you select a plan, you enjoy:
Financial Stability
A 1-crore plan provides a significant corpus to rely on during your golden years. It enables you to meet your daily expenses, financial obligations and healthcare expenses. Additionally, it allows you to pursue various goals.Builds Financial Discipline
A 1-crore retirement plan works on consistent savings. It encourages you to live on a budget and put money away for later. This disciplined approach to savings and investment can help build a secure financial future.Tax Benefits
Retirement plans also offer tax benefits on contributions and withdrawals. You are eligible to claim deductions against Section 80C of the Income Tax Act1. Ensure you consult a tax advisor to understand your liabilities.Legacy Planning
A well-structured retirement plan like HDFC Life Click 2 Retire provides security for future generations. While building a corpus, you enjoy the added benefit of life insurance coverage. Should anything happen to you, your beneficiary or heir receive a payout based on your plan terms and conditions? The amount could help them with their current financial liabilities and future goals.
What to Consider When Choosing a 1-Crore Retirement Plan?
Before selecting a 1-crore retirement plan, ensure you evaluate the following:
Financial Goals and Timelines
Carefully consider your retirement goals. When do you want to retire, and how much time do you have to build the required corpus? The answers to these questions enable you to identify plans that align with your goals.Available Plans and Benefits
Thoroughly research the various retirement plans offered by insurance companies. Compare their historical performance, fees, and flexibility. Ensure you consider the customer reviews and claim settlement ratio. Select a credible company to safeguard your investment and grow your wealth.Life Coverage
Consider the amount of coverage required. Evaluate your Human Life Value (HLV) and select a plan that fulfils your needs. Remember, the payout should safeguard your family’s finances.Historical Performance
Examine the track record and historical returns of various retirement plans. Although past performance cannot guarantee future returns, it offers insights into potential returns. Look for policies that provide consistency and stability.
A 1-crore retirement plan helps secure your financial future. Setting clear goals, adopting a disciplined approach, and choosing the right avenue allows you to embark on a journey towards financial independence. Remember, it is never too early to start planning for retirement. Start today, and turn your dreams into reality as you build a substantial corpus to support the retirement you envision.
Conclusion
By now, you must have a clear understanding of a Rs. 1 crore retirement plan. With this plan, you can secure your and your family’s financial future. Alongside this, by setting clear goals and adopting a well-disciplined approach, you can pick the best plan to start a journey towards financial stability.
Keep in mind that starting to plan for retirement is never too late. Thus, start saving for your retirement years now to lead a stress-free life post-retirement and do everything you have always wanted.
FAQs on 1 Crore Retirement Plan
1. Is 1 crore good for retirement?
Whether Rs. 1 crore is good for retirement depends. You might feel at present that Rs. 1 crore is sufficient for living up to 10 years post-retirement. However, you should also consider the impact of inflation to analyse your purchasing power of money.
2. Are there any retirement plans that can help you retire with 1 crore in India?
Rs. 1 crore Pension Plan can assist you in retiring with a corpus of Rs. 1 crore in India, safeguarding your life post-retirement and living independently. These plans are usually made to meet the needs of senior citizens who are looking to lead a stress-free life after retirement.
3. How much should I invest monthly to reach a 1 crore rupee?
To reach the Rs. 1 crore target, you should invest about Rs. 49,700 each month for 10 years, assuming that you will receive a 10% return from investment. However, the invested amount will vary if there are changes in return from investment.
4. Can I retire at 40 with 1 crore in India?
Whether you will be able to retire at 40 years with Rs. 1 crore in India depends entirely on your monthly expenditure along with other considerable factors. If you spend approximately Rs. 25,000 each month, then Rs. 1 crore earnings will be enough. However, if your expenditure is more, you may also need to save more to accumulate Rs. 1 crore.
5. What tax benefits are available with 1 crore retirement plans?
With Rs. 1 crore retirement plans, investors can avail tax benefits such as deductions on the contributed amount, made available under the Income Tax Act, 19611.
Related Article
- Retirement planning in your 50s
- How to get monthly pension of Rs. 1, 00,000?
- How to get a 50,000 pension per month?
- How to get a 30,000 pension per month?
- Secure Your Golden Years with a 5-Year Retirement Plan
- Plan for Your Golden Years with a 10-Year Retirement Plan
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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.
Written By:
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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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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@. Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.
@@. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
1. Subject to conditions specified u/s 80C of the Income tax Act, 1961.
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.
HDFC Life Click 2 Retire (UIN No: 101L108V04) is a Unit Linked Pension Product. Life insurance coverage is available in this product.
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.
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