Enjoy 0% GST on your policy premium. Get ₹1 Cr. Life Cover at just ₹22.5/day* + 10%^ Online Discount with IndiaFirst Life ELITE Term Plan (UIN 143N070V01). *^T&C Apply.
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IndiaFirst Life Elite Term Plan
IndiaFirst Life Radiance Smart Invest Plan
IndiaFirst Life Elite Term Plan
IndiaFirst Life Radiance Smart Invest Plan
IndiaFirst Life Radiance Smart Invest Plan
Enjoy 0% GST on your policy premium. Get ₹1 Cr. Life Cover at just ₹22.5/day* + 10%^ Online Discount with IndiaFirst Life ELITE Term Plan (UIN 143N070V01). *^T&C Apply.
Know More
Tired of complicated insurance? We’ve made it effortless - Introducing IndiaFirst Life app-like tool Calculate, plan, and protect—all from your device. Your future is just a tap away.
Install now!
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IndiaFirst Life Guaranteed Protection Plus Plan
Secure your family’s future.
Option to Get Your Money Back (ROP)
Insure your spouse under the same policy.
Flexible Premium Paying Terms
Pay for 5 years get coverage for 99 years.
Planning for retirement is essential to ensure financial security in your golden years. It is ideal to figure out early on in life how much money you will need to have for a comfortable retirement. Even if you start with vague estimates and polish these figures later, it will help you have the foundation you need.
The amount of money you’ll need after retirement depends on your lifestyle, medical needs, and longevity. Here’s a guide to help you estimate your retirement corpus.
Begin by calculating your current monthly expenses. Consider inflation, which can erode purchasing power over time. As a rule of thumb, expect to need around 70-80% of your pre-retirement income.
Your current monthly expenses commonly include housing, food, healthcare, and leisure. You may include any other non-negotiables specific to you. Use an average inflation rate of 6-7% to project future costs.
A pension calculator helps you estimate the corpus required based on your expected monthly expenses, life expectancy, and retirement age.
For example, if your estimated monthly expense after retirement is ₹50,000, and you expect to live 25 years after retiring, you would need a corpus of around ₹1.5 crore, assuming a 6% return on investments.
Investing in a pension plan is crucial for generating a steady income after retirement. Pension plans offer regular payouts and can be tailored to meet your financial needs.
Annuity plans available today are commonly of two types.
Deferred Annuity: Accumulate a corpus during your working years, which is later converted into a pension.
Immediate Annuity: Start receiving payouts immediately after a lump sum investment.
A life insurance policy ensures your family is financially protected if something happens to you. This policy can help you cover the needs of your dependents, if any, in your absence.
Determining how much money you’ll need after retirement involves careful planning. The earlier you start making these calculations, the more time you have to start investing in the right avenues, create savings, shape your lifestyle, and have rather realistic expectations about retirement. Having a pension plan can help you have a source of income in the later years of life when you are not working for a primary income.
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