Which Retirement Plan Options Provide the Best Benefits?

As people face rising inflation, longer life expectancy, and growing lifestyle aspirations, the need for strong financial security for retirement cannot be overlooked. In this blog, we discuss selecting the best retirement plans, as they will help you create a worry-free and self-reliant future. 

While the Indian market provides numerous retirement plans, such as the government-backed National Pension System (NPS), market-linked mutual funds, employer-sponsored schemes like Employee Provident Fund (EPF), etc., non-linked Life Insurance retirement plans and other Shriram Life Insurance’s retirement plans provide greater retirement benefits.

Key Features of an Ideal Retirement Plan

Choosing the best retirement plans isn’t only about returns but ensuring a reliable, adaptable, and sustainable source of income when your salary income stops. If you’re exploring an ideal retirement plan, ensure it has the following key features.

Guaranteed Income

Post-retirement life demands consistent and predictable income. An ideal plan will provide guaranteed income to help retirees manage all post-retirement expenses, such as groceries, healthcare, leisure, emergencies, etc., for a worry-free and comfortable living. 

Flexibility

An ideal retirement plan is always flexible, helping policyholders align the retirement benefits and return with their retirement age, desired lifestyle, and risk tolerance. So, explore options with flexible policy terms, premium payment options, payout frequencies, etc. 

Steady Financial Growth

The best retirement plans don’t just provide guaranteed income but also let your retirement funds grow steadily to tackle inflation. 

If you prioritise predictable returns and financial security for retirement, then you must explore the Shriram Life Assured Income Plan (UIN: 128N053V05) for its regular income option and capital preservation.    

Comparing Popular Retirement Plan Options

Life Insurance retirement plans, National Pension System (NPS), Employee Provident Fund (EPF), and mutual funds are popular retirement plan options in India. You must conduct a thoughtful retirement plan comparison to select plans providing maximum retirement benefits. Here’s a quick brief about each plan.

Employee Provident Fund (EPF)

This employer-sponsored scheme helps salaried individuals accumulate retirement funds and earn interest on them. While secure, the fund may be insufficient to manage post-retirement expenses independently. Hence, invest in Retirement Plans and Investment Plans to complement EPF. 

Mutual Funds

The potential for higher earnings is the biggest appeal of mutual funds. However, they come with market risks and don’t provide a guaranteed income post-retirement.

National Pension System (NPS)

This government-backed option lets individuals build retirement funds through market-linked Savings Plans. While it features good growth potential, the returns are not guaranteed. The Shriram Life Saral Pension Plan (UIN: 128N092V01) is a comparatively better option, providing guaranteed lifetime annuity payment.

Life Insurance Retirement Plans

These are the safest retirement plans because they provide dual benefits of guaranteed income post-retirement and insurance coverage to tackle medical emergencies. If you desire long-term financial stability, you must explore the Shriram Life Immediate Annuity Plus Plan (UIN:128N063V07) and the Shriram Life Pension Plus Plan (UIN: 128L065V03). 

How to Evaluate the Best Retirement Plan?

Always evaluate the available options against the following factors to select the best retirement plans for yourself.

Future Financial Goals

Choose plans that help you achieve your envisioned retirement life with minimal risks. 

Tax Benefits

Explore plans that align with your future financial goals and provide tax benefits of retirement plans for immediate savings. 

Flexibility

Select plans with flexibility regarding premium payments, tenure, payout modes, optional riders, etc., as they will always align with your evolving needs, providing much-needed financial stability. 

Risk Tolerance

Your risk tolerance should be at the centre of all your investment decisions. People with low-risk tolerance should choose safer options, like the Shriram Life Early Cash Plan (UIN: 128N093V03), as it provides a capital guarantee, life cover, stable growth, and flexibility. People with high-risk profiles can explore market-linked plans. 

Advantages of Shriram Life Retirement Plans

Shriram Life Insurance provides numerous Life Insurance retirement plans, each with unique advantages. For instance, the Shriram Life Pension Plus Plan (UIN: 128L065V03) guarantees pensions with customisable options, making it one of the best pension planning options in the Indian market. 

The Shriram Life Immediate Annuity Plus Plan (UIN:128N063V07) provides immediate financial support to retirees right after retirement, supporting their day-to-day lifestyle expenses. Our Shriram Life Assured Income Plan (UIN: 128N053V05) stands out for its guaranteed income post-retirement feature, adding financial stability to retirees’ lives.

We also have numerous Protection Plans and Child Plans that can complement our core retirement plans to enhance your retirement’s financial stability and security.   

Conclusion

Choosing the right retirement plan isn’t an ordinary financial decision but a conscious step towards creating a future driven by comfort, independence, and peace of mind. If you want to build your dream retirement life, consider including Shriram Life’s retirement plans in your portfolio, as they provide guaranteed income post-retirement, flexible policy terms, and facilitate stable fund growth with minimal risk.