benefits which let you plan for a healthy retirement for you and your spouse, even in your absence.
Pension plans from life insurers could be another lucrative option, which not only lets you plan for retirement in a structured systematic and disciplined manner. These can be purchased on a lump-sum payment or payment of regular annual premiums over a period of time. The benefit of income after retirement can be realised immediately upon retirement or deferred wholly or in part; the monthly annuity would be calculated accordingly. Annuity payments could be (chosen) for a lifetime or for a guaranteed period of time and can be extended to cover the life of a nominee.
Today, Dr Nandy would have had the choice of augmenting his government pension with a private pension plan with greater benefit-choices. And, if he could have projected inflation and calculated his dependentís needs more accurately, he and Mrs Nandy would be going to the Ramkrishna Mission more often.
By V. Viswanand, Director and Head - Products and Persistency Management, Max Life Insurance
NOTE: The views expressed are those of the author.