Only 29% Indians achieve their retirement corpus goal. Indians have inconsistent savings habits. Barely 51% people save habitually.
Nearly two-thirds (61%) use savings accounts to prepare for retirement, compared to 39% in other countries.
65% of earning Indians do not save adequately for their children's higher education. With rising education costs, people are increasingly getting dependent on LOANS to cover this expense.
RETIREMENT AND SAVINGS PLAN
Most people will spend up to one-third of their life in retirement so it is important to prepare and save money now in order to support oneself during golden years. Experts estimate that you will need at least 70% of your pre-retirement income to maintain the same standard of living once you stop working. Several programs are available to help you meet your financial needs in retirement.
Retirement and savings plan covers :
Protect Your Income in Retirement.
Keep Your Retirement Savings on Track.
Increase in life expectancy.
Improve Your Investment Asset Allocation and Returns.
Manage Your Taxes.
Rest and relaxation.
Benefits of Retirement Plan :
You can save small amounts of money every month without putting too much pressure on your monthly budgets.
There are multiple tax benefits that can be availed during investment period.
If invested in Long term Insurance policies with guaranteed maturity benefits, the returns are tax free.
NEST EGG Life insurance and fixed deposits are the most popular retirement products among the resondents in India.