Retirement Plan

#1
Hi Gurus,

Please suggest me , My age is around 30 yrs and working as a computer engineer.

I have some cash around 25 lacs and I want to plan this money for my retirement. So I did need to worry in my older age in this fast generation.Let's say I want to take this money after 45 -50 years. I did some reading about few stuff like Mutual Funds, Annuities, Stocks etc. Please suggest me the best.

Actually I am doing some kind of reverse engineering for my life,So I don't need worry.

- First plan older age
- Children higher education
- Housing
 

amsin21

Well-Known Member
#2
Hi Gurus,

Please suggest me
Bro,

I started my retirement plan with LIC on 05/2008 (38 years) . The plan details are as follows :

Plan : 149 (Jeevan Anand)
Policy Term : 62
Premium Paying Term : 7 years @ 69000/- Quarterly

My requirement was premium pay term should be less and minimum pension 10000/- starting my 50th year. By the grace of GOD, now only one more premium to pay.

I advise you to divide and keep the amount to be paid as premium in term deposits as I did. Define the maturity date of TD in relation with premium pay date.

eg:

1st 69000/- as 1st TD with maturity on 15 Jan 2015,
2nd 69000/- as 2nd TD with maturity on 15 April 2015....

By doing so, the benefit is you need to break only the required TD while others continue to earn interest.

All the best. :hap2:
 
#3
Thanks for the info.. I will do some research.

Finally , what is TD ??
Please explain the 2 related concepts again,
 
Last edited:

amsin21

Well-Known Member
#4
Thanks for the info.. I will do some research.

Finally , what is TD ??
Please explain the 2 related concepts again,
TD = Term Deposit

2 related concepts again??? >>> Bro, I didn't get you.
 
#5
Thanks for the info.. I will do some research.

Finally , what is TD ??
Please explain the 2 related concepts again,


Bro I didn't understand why you are linking both together.
Please explain this concept again.

eg:

1st 69000/- as 1st TD with maturity on 15 Jan 2015,
2nd 69000/- as 2nd TD with maturity on 15 April 2015....

By doing so, the benefit is you need to break only the required TD while others continue to earn interest.
 

amsin21

Well-Known Member
#6
Bro I didn't understand why you are linking both together.
Please explain this concept again.
Dear Sandeep,

There is no 2 concepts. In a simple way:

You are opting for pension policy and need to pay premium, right. It can be one time pay or EMI. I have opted EMI for 7 years premium payable quarterly which comes approximately 20 lakhs which I was having in my hand at the time of taking the policy. So instead of keeping all the money under one fixed deposit, I divided in to 28 term deposits with maturity dates in par with the premium pay date. Suppose the premium pay dates and TD maturity dates are as follows :

Premium pay dates :

1st : 20 Jan 2015
2nd : 20 April 2015...

TD maturity dates :

1st 69000/- as 1st TD with maturity on 15 Jan 2015,
2nd 69000/- as 2nd TD with maturity on 15 April 2015....

For paying premium on 20 Jan 2015, I will withdraw the 1st TD which will get matured on 15 Jan 2015.

For paying premium on 20 April 2015, I will withdraw the 2nd TD which will get matured on 15 April 2015 and so on....

This approach takes away the need of breaking the TD if it is deposited as single and redepositing the balance in new TD after the premium pay.
 

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