How Can Edelweiss Life Insurance Help You with Retirement Planning

Your retirement years should be stress-free and fulfilling! And you can only achieve this by properly planning for your retirement. The biggest financial hurdle that comes with retirement is the lack of regular income. When you stop working, you no longer have access to your monthly salary. This means that you will need to dip into your precious savings just to pay for maintaining your lifestyle. However, a lack of regular income truly becomes problematic during an unexpected financial emergency.

If you’re planning for a stable retirement, you need to look for a source of regular income that will sustain you during your golden years. This is where Edelweiss Life Insurance’s wide selection of income and annuity plans come into play! Our regular income plans can ensure your financial security, allowing you to live your retirement years with complete peace of mind.

Types of Retirement Plans Offered by Edelweiss Life Insurance

Edelweiss Life Insurance retirement plans can come in one of two forms, savings insurance plans that provide life cover plus income, or annuity plans that purely offer pension. Don’t know the difference between the two? Then here’s a quick description for each to help you decide what’s better for you!

Savings Insurance Plans- When you think of life insurance, you think of a safety net that will protect your family’s finances in case of your absence. However, there are multiple types of life insurance plans available in India. Some insurance plans not only provide life cover but also offer a savings element to grow your wealth. These savings insurance plans provide returns based on the value of your investment (the premiums you pay).

Your income payouts will generally start after you finish paying off your premiums. But some plans, like Edelweiss Life- Legacy Plus, offer income during the early years of your policy itself! Savings plans can be guaranteed (you know the exact rate of returns) or non-guaranteed (the rate of returns varies over time). A savings plan is great for those who want to safeguard their loved ones while also generating a stream of passive income for future financial goals (like retirement).

Annuity Plans- An annuity plan provides steady income, either for a set period or for the rest of your life. With regular annuity payments, you will be able to maintain your stand of living even after retirement. The value of your annuity payments will depend on the amount of money/premiums you have invested into the plan.

Annuity plans generally fall into two categories, immediate annuity, or deferred annuity. With an immediate annuity plan, you will start receiving payments as soon as you buy the policy or after you finish your premium payments. On the other hand, deferred annuity plans have a set waiting period during which your savings accrue even more value, but you receive no payments during that term. Annuity plans are perfect for those looking for steady and reliable retirement income.

However, annuity plans generally do not offer any life cover element. Though some plans may have a return of premium benefit that is paid out to your family/nominees upon your death. This benefit merely pays back the premium amount for your plan and is not truly equivalent to life cover you get from a life insurance plan.

Popular Retirement Plans Offered by Edelweiss Life Insurance

Edelweiss Life Insurance offers multiple income and annuity plans that can be used as the backbone of your retirement plan. Some of our most popular offerings include:

Edelweiss Life- Guaranteed Income STAR: This is a guaranteed income plan where you know the exact amount of income you are going to get over the course of your policy term. With Guaranteed Income STAR, you can start receiving your income from the 2nd policy year itself! Moreover, you have the choice to finish your premium payments in just five years, allowing you to enjoy a stress-free retirement without having to worry about constant deductions.

Edelweiss Life- Flexi Savings Plan: This is a participating plan that offers both guaranteed and non-guaranteed payments. The guaranteed rate will the disclosed to you at the inception of your policy, while the non-guaranteed rate will depend on Edelweiss Life Insurance’s yearly bonus declarations. Flexi Savings Plan also has three plan options that let you customize your income based on your needs. Plus, you can choose a policy term that lasts until you’re 100 years old!

Edelweiss Life- Active Pension Plus: Active Pension Plus is a deferred annuity plan that provides completely guaranteed income for the rest of your life. You can easily customize your premium paying term, deferment period, and the frequency of your annuity payouts (monthly, quarterly, half-yearly, or annually).

Edelweiss Life- Wealth Secure+: Wealth Secure+ is a Unit-Linked Insurance Plan, meaning that your plan not only provides life cover but also offers market-linked returns. Your premiums can be invested into equity or debt funds based on your risk appetite. Market-linked funds have the potential to provide high returns, but at the same time, they are also risker due to the volatility of the market.

Edelweiss Life- Wealth Secure+ offers life cover up to age 100 alongside the option to make partial systematic withdrawals from your funds. This means that you can use this market-linked plan to get income payouts during your golden years.

Find Your Perfect Retirement Plan Through Edelweiss Life Insurance

Our diverse selection of financial products gives you the flexibility to find an income plan that best suit your needs. If you are risk averse or just want regular income that you can rely on, choose one of our annuity products or a guaranteed income plan. On the other hand, if you are willing to take on some risk in exchange for potentially greater returns, you should choose one of our ULIPs or participating products.

Still not sure about what you want? No problem! You can give us a missed call at 022 6611 6040 for any product related queries. Or you can just share your details on our website to get a call from one of our representatives. Take your time and find a plan that can ensure a secure future for you and your family. Start planning for your retirement today!

 

Aastha Mestry - Portfolio Manager 

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.