Did you say retirement is all about surviving on a meager pension? Banish the thought. With the market flush with different types of schemes, you need not walk into the twilight zone with empty pockets. In fact, retirement solutions are suddenly in demand with people becoming more aware of the need to save for the sunset years. Particularly in a country like India where, according to a survey by the Invest India Economic Foundation, less than a sixth of those about to retire in the next 10 years are covered by some form of pension, and only 2% of those not working in government (where pensions are generous) being able to fund their retired lives even if they cut expenses by half, the need for retirement plans is inevitable.
Surprisingly, in sharp contrast to times when only traditional pension plans were available in the market, the entry of private insurance players has changed the scenario, as also the profile of the products. Pension plans today are more oriented towards the model of ULIPs (unit-linked insurance products) because of their ability to provide better returns on the back of robust
stock
market
performances,
as
is
the
norm
abroad.