Secure Your Retirement with Assured Income Plans

Retirement can transform what should be a peaceful, stress-free period into one of excessive worry and stress if you don’t create adequate regular income streams to support your post-retirement lifestyle. Having arrangements for guaranteed income during retirement can help you comfortably enjoy your golden years instead of worrying about outliving your savings. While there are numerous financial instruments to generate retirement income, Assured Income Plans emerge as the best option because of their flexibility, low-risk profile, and guaranteed income security. 

If you want to achieve long-term stability and effortlessly handle all financial obligations during pre- and post-retirement stages, you must consider including guaranteed Retirement Income Plans in your portfolio. This blog covers more about these plans so you can make informed investment decisions. 

The Importance of Regular Income in Retirement

Why Regular Income Matters

Retirement ends the steady source of income that helps individuals plan their monthly expenses and other financial commitments. Retirees with irregular retirement incomes or no secondary income sources often struggle with economic uncertainty, affecting their ability to run their households effectively. It even makes some retirees dependent on others for financial support. Having a regular and guaranteed income source during retirement can eliminate all these challenges by restoring your financial stability. 

Common Financial Concerns in Retirement

One of the biggest retirement worries is running out of money. The rising living costs, economic uncertainties, medical emergencies, etc., can slowly destroy your retirement savings. People reliant on pension funds as their only retirement income stream may also have financial concerns, such as struggling to maintain the desired lifestyle. Having Savings Plans like an Assured Income Plan can help you live comfortably through guaranteed, periodic payouts. You can also invest in appropriate Investment Plans to ease your financial responsibilities. 

Introduction to Assured Income Plans

What is an Assured Income Plan?

An Assured Income Plan is a financial product that combines the best features of savings, child, and retirement plans. Its most notable feature is the regular income option, which helps replace consistent salaried income with retirement income provided by insurance companies. This plan creates a secure financial cushion, helping people manage their expenses efficiently post-retirement. The Shriram Life Assured Income Plan (UIN: 128N053V05) is one such product that provides a regular income option to support monthly expenses. 

How Assured Income Plans Work?

The plan mechanics are straightforward for most assured income plans. It requires policyholders to pay premiums for a predetermined period. After the premium-paying term is over, policyholders start receiving regular payouts throughout the pre-agreed duration. Since the plans provide guaranteed income, it’s ideal for anyone with a low-risk tolerance. 

Key Features of Assured Income Plans

Guaranteed Income Stream

One of the biggest benefits of investing in Assured Income Plans is their financial assurance. Unlike market-linked investments that fluctuate, the returns/payouts from these plans remain fixed. The predictability of this guaranteed income enables retirees to plan their expenses efficiently without worrying about running out of money. You may explore the Shriram Life Sunishchit Laabh (UIN no - 128N126V01) plan as it provides guaranteed returns in the form of income and various other benefits. 

Tax Benefits and Advantages

Investing in Assured Income plans can become one of your best retirement income strategies as they provide guaranteed income and tax benefits. You can claim all premium payments as deductions u/s 80C, up to INR 1,50,000. Maturity proceeds can also be tax-free, subject to specific rules and the prevailing tax laws during maturity.

How Assured Income Plans Provide Stability

Ensuring Financial Stability

Many Assured Income Plans provide regular income support for an extended period, so you don’t experience financial worry at any point during your post-retirement. The predictable and consistent payouts help you achieve long-term stability, improving your overall life quality.

Peace of Mind in Retirement

Every retiree craves retirement comfort and peace of mind. Fortunately, you can experience both through thoughtful financial planning. Following the best retirement income strategies, like investing in Assured Income Plans, can help you build a stable and predictable income source for retirement. This income will cover all living expenses, promoting peace of mind.

Selecting the Ideal Assured Income Plan for Your Needs

Assessing Your Financial Goals

The only way to enjoy optimal benefits from these plans is by picking the right plan that aligns with your financial goals. Start by determining the amount you’ll need for a comfortable post-retirement living and adjust it with the average inflation rate. You can also consider your financial obligations and retirement objectives, such as funding a child’s marriage, higher education, building a house, etc., to decide the non-negotiables when exploring a policy’s coverage and offers. 

Use all the gathered insights to invest in a plan that aligns with your goals. Before proceeding with this step, you can explore the best retirement planning tips shared online or by trusted financial experts. 

Evaluating Risk Tolerance

Risk tolerance should be central to all your investment decisions. If you want fixed-income security during retirement, always choose plans with the least or zero financial risk, such as assured income plans. However, if you can handle moderate to high risk and want to accumulate wealth for retirement, then explore options like the Shriram Life Golden Jubilee Plan (UIN 128L095V01).

Real-Life Success Stories with Assured Income Plans

Atul, a 30-year-old businessman, invested in Assured Income Plans to secure his financial future. He chose the 15-year premium payment term and paid INR 50,000/annual premium plus taxes. After the end of 15 years, Ram became eligible to receive INR 1,13,500/annum  for the next 15 years. This additional income helped him fulfil his financial obligations as a father and husband while enabling him to strengthen his retirement fund. 

Meera, a 45-year-old schoolteacher, wanted to enjoy a comfortable retirement life, so she invested in an Assured Income Plan with a 10-year premium payment term. She paid INR 75,000/annually plus taxes. Meera started receiving INR 1,80,000/annum from the 11th year onwards. She will receive it for the next 20 years, ending all her financial worries. 

Common Questions About Assured Income Plans 

One of the most common questions people have about Assured Income Plans is whether they will generate enough retirement income for a comfortable living. Some even question the ‘fixed’ nature of regular income paid by insurers and the liquidity aspect. Consult any professional financial advisor if you want answers considering your financial goals and preferences. Alternatively, you can follow the expert tips to make an informed decision. 

Expert Advice and Tips

Financial experts always encourage individuals to compare multiple Assured Income Plans to find the option that provides maximum value and aligns with their financial goals. Factoring risk tolerance is also encouraged to prevent financial losses. Lastly, consult an experienced financial professional, like a CA or certified retirement planner, to make wise investment choices. 

Conclusion

Planning a financially secure retirement is a non-negotiable for any person who wants to comfortably enjoy their golden years. Assured Income Plans have emerged as peoples’ most preferred option to create a retirement income source because of their inherent low-risk nature and financial certainty. If you’re ready to secure your retirement, start exploring the best Guaranteed Income Plans at Shriram Life Insurance. We provide various Insurance Plans, such as Child, Savings, Protection, Investment, Retirement Plans, etc., that can help you build a financially secure future for yourself and your family.