Emerging retirement plan trends in India - By: John Steffen

The definition of a Retirement plan means a financial assurance that an individual will continue to earn a reasonable income every month even after he/she retires from work thus leading a comfortable life. The Indian Government sector employees always had the security of pension plans after retiring from service but now there is an increasing trend even amongst government employees to opt for private Retirement plans offered by various financial institutes to make their life more comfortable and secure after retirement. According to India business news India retirement plans are increasingly becoming a viable option for both government and private sector employees and even people in business and small-scale industry owners.

There are many reasons why private Retirement plans in India are gaining popularity but the main reason is the cultural and social paradigm shift in the family system. India is known for its joint-family system but now it is rapidly crumbling especially in urban India. Youngsters leave home early either for work or after marriage they opt for nuclear families so the parents are left to fend for themselves after retirement so most older and young parents go for the Retirement plans so they can lead the good life even after retirement. The attitude of parents is also shifting because they do not want to depend on their kids for financial support. Another reason of course is the rise in cost of living especially the medical expenses even when though medical insurance is available most companies do not support out-patient care so most retirees look for creating sufficient post-retirement income to take care of the increase in expenses.

The life span of an average person in India has also increased considerably because of the improved health care facilities available and medical advancements so naturally the length of post-retirement life has gone up as well. This has in turn increased the trend amongst more people to opt for a consistent income even after retirement so they can be supported through out their retired life. There are different types of Retirement plans that a person can choose from like Life Annuity plan, the Guaranteed Period Annuity, the Annuity Certain and Deferred Annuity plans.

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