5 Things to Consider while Buying a Retirement Plan

Five Key Factors to Consider Before Buying a Retirement Plan

Know 5 key to consider when buying a retirement plan, focusing on income, risk tolerance, inflation, tax benefits and long-term financial security.

Written by : Knowledge Centre Team

2025-06-27

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7 minutes read

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You must be aware of your financial goals before buying a savings plan to invest your money for securing your life goals such as retirement. A single savings plan does not suit everyone as one might be looking to invest for retirement benefits or maybe for child's education. You can evaluate the plan based on the common set of parameters to buy the best savings plan. The best retirement and pension plan will help you in achieving the milestones easily without much trouble. Also, some of the guaranteed savings plan ensures that you get guaranteed income to meet your post-retirement expenses.

What should you Consider while Buying the Best Retirement Plan?

Given is a list of things that can help you choose the perfect plan for your financial goal.

  • Risk Appetite- Before investing in any plan, objectively analyze your risk appetite. If you are in the middle of your career and are already endowed with some financial obligations, we advise you not to take excessive risk with your investments. You may choose traditional endowment plans that have money-back guarantee clauses. People who are starting their career and are in their 20s and 30s may try to take higher risk. Younger people can opt for ULIP (unit-linked investment plans) that give market-linked returns but carry substantially higher risk.
  • Investment Tenure - Investment tenure is an important aspect to consider before investing. If you save for your retirement, ULIPs, which multiply your savings in the long-term, is a perfect product. While one should consider the investment tenure, the flexibility to change the investment duration should also be considered. Most savings plans provide an option to change the premiums and the investment amount according to the policyholder's convenience.
  • Investment Goal: As mentioned earlier, you should not forget the primary reason for the investment. If you aim to save for your retirement then find a savings scheme specifically designed to accumulate a retirement corpus, of your choice.
  • Features- Insurance companies offer a host of additional features, so read the policy document thoroughly and make an informed decision after considering all the features. In most investment plans in India, you are allowed partial withdrawals from savings plans to meet emergency liquidity needs. You can also apply for loans and life insurance with some savings plans. Guaranteed Saving Plan by Canara HSBC Life Insurance provides life cover for the entire term. At the same time, you have to pay the premiums for a limited period.
  • Charges- When you buy a savings plan, various charges are held over the premium amount. Low charges automatically add up to your investment, so the best savings plans have minimal administrative charges. With the ULIP plan, you can get back the mortality charges on the plan's maturity. The policy also offers loyalty additions and wealth boosters, which indirectly lower the savings plan's final cost.

Canara HSBC Life Insurance offers a wide range of retirement plans that can help you achieve your financial goals along with assisting you in creating wealth over a period. Pension 4Life Plan is a non-participating general annuity product. The policyholder gets the desired level of annuity instalments in exchange for the purchase price of the policy. It is designed for an individual and is non –linked that offers the following benefits:

  1. Immediate/ deferred annuity options
  2. Incentives for higher sum assured
  3. Maturity benefits don't apply to this plan
  4. Loan facility can be availed on the policy
  5. There is a loyalty booster option for existing company's customers. The annuity rate gets increased under this.
  6. The annuity rate is increased by 2% if the policy has been bought online.
  7. If the policyholder is diagnosed with any critical illness, s/he is provided with immediate life annuity with return of purchase price.
  8. In case of accidental total or permanent disability, the insured gets immediate life annuity with return of purchase price.

The plan provides life protection and acts as an investment. The plan can also help you meet your short and long-term goals. Buy the best retirement plan to stay aligned with your retirement goals and have a carefree retirement period without any worries.

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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Retirement - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus
  • 4 Plan options
  • Life cover + Guaranteed benefits
  • Accidental death benefit
  • Premium protection cover

Retire Grand with Flexi Benefits

Smart Guaranteed Pension
  • Guaranteed Lifelong Income
  • Limited premium payment term
  • Multiple annuity options
  • Option to defer the annuity payments

Save, Dream, Plan. Live Peacefully

iSelect Guaranteed Future
  • 4 Plan options
  • Option to choose premium payment term
  • Get Tax benefits
  • Premium protection cover