As a prudent planner, you should plan your retirement years well in advance. This provides you with a sense of security and financial independence during the non-working phase of your life. Moreover, since your regular income stream would have dried up during retirement, it is important to opt for retirement investment plans that offer a continuous monthly earning. A retirement plan is the best option for such investments for the future.Here are some benefits that
would justify why you should invest in a retirement plan:You are guaranteed a specific amount of income on a regular basis even after you retire from work.Regular earnings will help you pay for living expenses and medical costs during retirementMost pension plans offer a life cover, which helps to protect you and your family in unforeseen situations and financial burdens.Investing in retirement pension plans in India provide you with dual tax benefits. The premiums paid for the pension plans are exempt under Section 80CCC and 10(10A) of the Income Tax Act, 1961.Pension plans are a no-risk investment option with stable future earningsYou can increase your pension scheme coverage by including riders such as accidental death benefit, permanent disability, critical illness, and other riders.