Who doesn't wants to rest easy in their sunset years when we might have already struggled in some way or the other all through the early years. And if not in other ways, prudent planning can lead you to be sound financially by then. However, to achieve such a action plan, other than the proper investment avenues you need to engage in a disciplined investment approach as well as start early in your investment journey.
Here is suggested the financial plan if you do not wish to compromise on your living standard later in your life while meeting other daily expenses.
First of all begin early as and when you start earning and you need to invest in the safe government backed safe investment avenue wherein you can park your earned amount on a monthly basis say Rs. 5000 per month to reap benefits of maturity amount and interest later in life.
And if we consider the interest rate @ 8% that is provided for the current quarter and given the current landscape of rising interest rates, then in the tenure of 15 years at the current rate of interest, we will be able to secure a handsome sum of close to Rs. 20 lakh.
And if then we invest the corpus in a single premium LICs Jeevan Shaanti plan we can be ascertained of securing Rs. 35,000 per month either on a deferred or as on immediate basis. The annuity amount of Rs. 35,000 is guaranteed once you retire or attain 60 years of age. Under this plan, investment of Rs. 10000 on a per month basis for 15 continuous years make you eligible for monthly pension amount.