About 82% of Indians do not have any provision for any type of pension once they retire.
The older generations lived predominantly in joint families and mostly there was no need for any provision of retirement savings or pension plans.
Joint families provided for one another as a whole and their were always multiple earners. This ensured safety and peace for the entire family.
The Nuclear Family & Pension Planning
With advent of nuclear families being prevalent over joint families, money matters, savings and pension planning became very important. Additionally, private sector jobs have taken over and unlike public sector or government jobs, they do not provide any sort of guaranteed pension.
Planning out retirement funds became very important, especially when you want to live a life without reliance and burden on your children.
We understand the burdens and strain of extra savings and planning, and hence we advise and consult of what will work for your specific needs and situation. We can suggest the right policies and investment to be made with LIC in order to achieve your dream retirement life.