1. Retirement Planning Through Life Insurance

2. Life insurance is a good financial planning instrument to ensure a comfortable retirement, as it provides various benefits to the insured. There is more than enough information on the advantage of having a life insurance policy, the wisdom of entering a life insurance plan early and the various options a life insurance policy provides.

3. Relevance of Starting Early 'No it isn't, the earlier the better.' Quite simply, the earlier he will enter a life insurance policy the more will be his monetary benefit. Twenty three is a great age to start investing. He has so many years ahead of him and his savings corpus will keep on compounding. In fact, if he keeps his policy for a longer period he will earn more money. Such is the impact of power of compounding. So go ahead, start saving immediately and extract the maximum advantage from your investment.

4. Flexibility of Options Life insurance policies offer a lot of flexibility on how he can pay his premium, how he can change the nature of his policy and the different types of policies he can opt for. This gives him the ability to choose policies to best suit his needs or the needs of his dependent children and spouse. He can also alter his policies based on his changing needs or requirements.

5. Payment Terms Retirement Insurance Company Retirement Insurance Company has different options available to him to make premium payments. He can make payments on a monthly, quarterly, half yearly or yearly basis. He can also make payments online himself or better so setup an automatic debit facility from his bank account. Switches and Redirection If he takes a ULIP life insurance policy he has two options. Firstly, he can switch units within the existing funds and also change the proportion in which the premium is allocated in these funds, known as switching. Secondly, he can re-allocate future premiums in different funds from the ones he has chosen at the commencement of the policy. This offers flexibility to change, based on his needs and wants.

6. Fund Options He will first have to assess his needs and wants and his risk appetite, when buying a life insurance policy. Based on this he has a number of fund options available to invest in. If he wants greater risk and greater returns he will choose to put a higher portion in equity funds. Alternatively, if he wants less risk he will invest a higher portion in debt funds. He also has policies to suit short term or long term needs. Depending on whether he wants to save for his spouse or children he has options to cater to those needs as well.

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