Written by : Knowledge Center Team
2025-12-15
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7 minutes read
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You don’t just work for your present, you work to build a better future for your children, and then one day watch them stand on their feet and tell you to relax. This is what the working class calls retirement. It is a period when you don’t want to worry about the rising kitchen expenses, your phone bills, and hopefully about the size of the birthday gift for your grandchildren.
If this is what your dream retirement looks like, why not enjoy it from the comfort of a vacation home? But the question is Buying a retirement plan will be enough to support your goals?
What are the Financial Goals at Retirement?
Working with a retirement goal in mind is an excellent way to invest during working life. One important thing is that you must have a definite goal for your retirement. You may want to go on a world tour, or you may want to buy your dream vacation house by the time you retire - be clear of what you want.
Having such goals gives you purpose in life and the energy to work hard every day. To achieve your retirement goal, be clear with below:
- The age at which you want to retire: You may not like to work till 60 years, or you may like to continue work till the age of 65. The first step is to decide your retirement age - when would you like to retire.
- Decide your retirement goal: You have to be very specific in defining your retirement goal. If you want to buy your dream vacation home, decide what kind of house you would like to have.
- Calculate the money you will need: You have to decide how much you would need to build your vacation home. Once you have the amount in your mind, it becomes easy for you to create your financial plan.
You may want to buy a vacation house in the outskirts of the cities where you can spend some quality and peaceful time with your family. To have it, you will probably work for 30 years or more.
Is there something that can make the journey easy? Working to earn money is the wheel of one side of your car in your financial journey. The wheel of the other side is your investment decision – the kind of investments you make.
For this goal, you certainly need to focus on investments as chances of securing and using a home loan to buy a new property would be out of the question. You need to understand that after retirement buying a property has to be completely based on your savings. Thus, you need to do the following:
- Identify the kind of property you’d like to buy and what it costs now
- Estimate the future cost of this property close to your retirement
- Find an investment plan and how much you need to invest every year to achieve the goal within the time you have
If you make good investment decisions, reaching your goals will not be a struggle but a happy and memorable journey. Since the journey will be pleasurable, the destination (your vacation house) will be blissful.
How to Save for your Dream House?
You have a clear understanding of your goal, and you decide to start saving for it. When you begin to save, the biggest challenge is to decide which financial instrument to invest in.
How Does ULIP Plan Work Towards Your Dream House at Retirement?
A ULIP offers features that will help you grow your money faster with maximum tax efficiency. Here’s how the plan will help you achieve your dream vacation home:
- Invest in a Mix of Assets: The plan allows you to allocate your investment to equity and debt funds in a ratio you are comfortable with. Remember equity means high-risk but also means high-growth, whereas debt is low-risk and more steady growth.
However, equity needs time and a systematic approach to investing. Thus, you should ensure a higher allocation to equity at the beginning of your investment period. - Automate Portfolio Management: Unless investing is your profession or you are quite passionate about financial markets, you should seek to automate your investment management.
- Systematic Transfer Option-Invest into an equity fund every month, regardless of your investment frequency
- Return Protector Option- Protect your returns from equity funds by transferring them to debt as they cross a defined threshold
- Auto Fund Rebalancing- Maintains the allocation ratio of different funds as selected by you. Equity growth will lead to the funds flowing from equity to debt and vice versa when debt performs better than equity. This strategy is best for taking advantage of the market volatility
- Safety Switch Option-Systematically moves your entire equity portfolio to debt in the final four years of your investment period. Thus, saving the funds from volatility without missing the chance of growth.
With these strategies, you can be sure to participate in the market even when you are too busy with your work and family.
Wealth Boosters & Bonuses
The Promise4Growth Plus plan rewards long-term investors with bonus unit allocations. If you are a regular investor and have been paying all your premiums on time, you become eligible for a Loyalty Addition bonus. This bonus adds a few extra units to your portfolio without an additional cost.
Learn how to adjust your investment portfolio post-COVID.
If you stay invested for more than 10 years, you also become eligible for Wealth Booster bonus additions.
Tax-Free Partial Withdrawals
Partial withdrawals from the ULIP plan are completely exempt from tax after the lock-in period. The Lock-in period in ULIP is five years long starting the commencement of the policy. Within this period, it is mandatory to invest in the policy unless you wish to surrender the plan or there is a pending death claim on it.
Tax-free maturity proceeds make it easier to use this plan for any large financial goal. So, if you are planning to retirement happily or early, you need to make a mix of investments. Experts always say not to out all the eggs in one basket. Hence, choose your investment portfolio carefully and diversify it with a mix of assets for gaining returns. Canara HSBC Life Insurance has a wide variety of saving plans that you can consider for your investments.
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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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