Retirement can signify a lot of things to a lot of people; holidaying with your beloved in dream destinations; never having to worry about waking up early to catch the morning train; pursuing a hobby or singing poems with your grand kids.

But to realise these dreams, you'll need to create a nest egg that will make your retirement years as comfortable, if not more, as when you were working.

Today, thanks to a healthier life style and advances in medicine, the average Indian lives longer. A person who is 60 plus today, can hope to live at least till the age of 75. A person who is 40 plus today can hope to live at least till the age of 80. That means that we need to plan for at least 20 to 30 years of retired life.

It's never too early to think about saving for your golden years. Consider the following illustration.
If you save Rs.2500 a month, what will be your savings will be worth at age 55, assuming a hypothetical interest rate of 6 %p.a


X- Axis represents the Age when you start saving. Y-Axis represents the amount you will have when you reach age 65

Presenting Magic Plan Retire & Enjoy – a comprehensive retirement solution that is developed keeping in mind your various needs, with respect to a enjoyable retired. So, whether you are at 30 or 60 this Magic Plan is just the right for you.



Survival Benefits:
Annual Tax Free annuity payments every year from selected age
Flexibility to choose the number of years for which Annuity is needed (maximum up to age 75)
Option of increasing annuity amount every year to take care of inflation in cost of living
Option of big lump sum amount at age 80
No premiums (from own funds) when the annuity starts
Premiums available for Sec.80 CCE tax benefits
High risk cover during the deferment period and also during the annuity receiving period
Loan availability
Partial surrendering possible
High bonus and final bonus earning plans
Death Benefits

Full Sum assured along with bonuses (and final bonuses if accrued) will be paid to the nominee of the insured during the deferment period
During the annuity receiving period, sum assured along with bonuses of in force policies

Terms and Eligibility
Age at entry : 18 to 60 years (nearer birthday)
Minimum Deferment Period : 7 years
Maximum Annuity receiving age : 75 years
Annuity Mode available : Yearly
Premium Modes allowed : Yearly, Half Yearly, Quarterly, Monthly and Salary Saving Scheme (SSS)
Illustration for Retirement and Enjoy I

Inputs

Present Age : 35
Retirement Age : 55
Annuity ends at age : 75
Annuity Amount Desired : Rs.200000 p.a.
Annuity to be increased @ 5 % every year to take care of inflation
Annual Premium : Rs.89506/- for 20 years
Benefits

Risk cover – Rs.2551010/- to Rs.5156975/- during deferment period
Tax Free Annuity starts at age 55 (year 2028)
Annuity starting at Rs.290725 in the 1st annuity year and increasing every year by approximately 5 % to reach Rs.533025/- in the last annuity year (age 75)
Average risk cover of Rs.3386191 /- during the annuity period

Illustration for Retire and Enjoy II


Inputs

Present Age : 35
Retirement Age : 55
Annuity ends at age : 75
Annuity Amount Desired : Rs.200000 p.a.
Annuity to be increased @ 5 % every year to take care of inflation
Annual Premium : Rs.96467 /- for 20 years
Benefits

Risk cover – Rs.2617125 /- to Rs.5160825 /- during deferment period
Tax Free Annuity starts at age 55 (year 2028)
Annuity starting at Rs.297750 in the 1st annuity year and increasing every year by approximately 5 % to reach Rs.541800/- in the last annuity year (age 75)
Average risk cover of Rs.4777635 /- during the annuity period
Loan available after payment of premiums for at least 3 years

Illustration for Retire and Enjoy III

Inputs

Present Age : 35
Retirement Age : 55
Annuity ends at age : 75
Annuity Amount Desired : Rs.200000 p.a.
Annuity to be increased @ 5 % every year to take care of inflation
Annual Premium : Rs.88912/- for 20 years
Benefits

Risk cover – Rs.2551010 /- to Rs.5156975 /- during deferment period
Tax Free Annuity starts at age 55 (year 2028)
Annuity starting at Rs.290725 in the 1st annuity year and increasing every year by approximately 5 % to reach Rs.533025/- in the last annuity year (age 75)
Average risk cover of Rs.3386191 /- during the annuity period
Loan available after payment of premiums for at least 3 years

Illustration based on current bonus rates declared by L.I.C.



For more details and customized proposal of Magic Plan Retire & Enjoy, please contact:


VASANTHA HOSABETTU
SHRADDHA CONSULTANCY
Insurance(Life & Non-life)-Media Assistance
#122, II Blk, Janapriya Nivas, Chikbanavar, Bangalore: 560090
Mobile No: 9886823242,Tel: 080-23700008,
E-Mail: hosabettu@gmail.com