Long-Term Savings: It helps in accumulating a significant sum of money over time, which serves as a financial cushion during retirement when regular income might decrease or stop.
Financial Security: It offers a sense of financial security by providing a reliable income stream after retirement, reducing the reliance on personal savings and as a supplement to government schemes.
Death Benefits: Many retirement insurance plans offer death benefits, ensuring that the policyholder's beneficiaries receive a sum upon the policyholder's demise before or after retirement.
Before opting for a retirement insurance plan, it is important to understand the terms, benefits, fees, potential risks, and payout options. Consulting a financial advisor can help in choosing the most suitable retirement insurance plan aligned with your financial goals and retirement needs.