best retirement scheme

POSTED BY Murali ON January 15, 2013 9:57 am COMMENTS (3)

I am 44 years old.I can invest 1 lakh per year for 7 years.Which is the best retirement scheme to invest.My friend is recommending ICICI Prudential Retirement income solution.please advice.

3 replies on this article “best retirement scheme”

  1. Dear Murali,

    Thank you for considering Retirement Income Solution (RIS). While you are aware of some of the benefits of this plan we wanted to highlight key features of this solution:
    This solution works in 2 phases:
    Phase I: Investment phase
    In this phase your savings are invested in a low risk, debt-oriented traditional product which provides a guaranteed maturity benefit. Given that retirement is a long term non-negotiable goal, we believe that it is wise to invest a proportion of your savings in solutions such as RIS which provide stable returns with a level of guarantee.

    Further, the maturity benefit from this plan is absolutely tax-free.

    RIS gives you life cover during your earning years which is important and provides security to your family in case something happens to you.

    Phase II: Income phase
    In this phase, you can invest the above maturity benefit to receive regular income for you and your spouse. This income is guaranteed for whole of life and will continue till either of you survive.

    Further, you can leave a legacy in the form of a lump sum amount for your children.

    RIS is a comprehensive solution that provides you with guarantee on your savings, life cover during earning years, regular income for whole of life and leaving a legacy for your children.

    Let us know if you want to understand benefits under this plan in detail and want to meet our representative.

    Warm Regards, 
    Life Insurance Help
    ICICI Prudential Life Insurance

  2. You have to devise your own Retirement scheme with a combination of

    1) Debt instruments (PPF preferred if period of wait is > 15 years, else try better rated Corporate Deposits/FDs) and

    2) Equity instruments (MF apt for most people rather than Direct Equity exposure).

    Else the high fees you pay will erode most returns. Also how much do you intend to spend monthly when you are 51? Is this going to be your entire retirement corpus or are you saving for some goal after 7 years? Throw some more light

  3. Dear murali, what are you going to do with this money after 7Y i.e. age 51? May I know? That ICICI plan is one of the worst option for retirement. Please do not invest in this plan.

    thanks

    Ashal

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