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Retirement Planning
Retirement planning
 Retirement planning is the process of determining retirement income goals and the
actions and decisions necessary to achieve those goals.
 Retirement planning includes identifying sources of income, estimating expenses,
implementing a savings program, and managing assets and risk.
 Future cash flows are estimated to determine if the retirement income goal will be
achieved.
 Retirement planning is ideally a life-long process. You can start at any time, but it
works best if you factor it into your financial planning from the beginning.
 That's the best way to ensure a safe, secure—and fun—retirement. The fun part is
why it makes sense to pay attention to the serious and perhaps boring part: planning how
you'll get there.
Main Types of Pension Plan
 There are two main types of pension plans the defined-benefit and the defined-
contribution plans.
 Defined-Benefit Plans
 In a defined-benefit plan, the employer guarantees that the employee receives a
definite amount of benefit upon retirement, regardless of the performance of the
underlying investment pool.
 The employer is liable for a specific flow of pension payments to the retiree, and if
the assets in the pension plan are not sufficient to pay the benefits, the company is
liable for the remainder of the payment.
Defined-Contribution Plans
 In a defined-contribution plan, the employer makes specific plan contributions for the
worker, usually matching to varying degrees the contributions made by the employees.
 The final benefit received by the employee depends on the plan's investment
performance.
 The company’s liability to pay a specific benefit ends when the contributions are
made.
Insurance Regulation and Development
Authority (IRDA)
 The Insurance Regulatory and Development Authority of India (IRDA) is an
autonomous, statutory body tasked with regulating and promoting the insurance and
insurance industries in India.
 It was constituted by the Insurance Regulatory and Development Authority Act,
1999, an Act of Parliament passed by the Government of India.
 The agency's headquarters are in Hyderabad, Telangana, where it moved from
Delhi in 2001.
 IRDA is a 10-member body including the chairman, five full-time and four part-time
members appointed by the government of India
IRDA - FUNCTIONS
Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations.
 Protecting policyholder interests.
 Specifying qualifications, the code of conduct and training for intermediaries and
agents.
 Specifying the code of conduct for surveyors and loss assessors.
 Promoting efficiency in the conduct of insurance businesses.
 Levying fees and other charges.
 Inspecting and investigating insurers, intermediaries and other relevant organisations.
Insurance Regulation and Development
Authority (IRDA)
 Regulating company investment of funds.
 Regulating a margin of solvency.
 Adjudicating disputes between insurers and intermediaries or insurance
intermediaries.
 Supervising the Tariff Advisory Committee.
 Specifying the percentage of premium income to finance schemes for promoting and
regulating professional organisations.
 Specifying the percentage of life- and general-insurance business undertaken in the
rural or social sector.
 Regulating rates, advantages, terms and conditions which may be offered by insurers
not covered by the Tariff Advisory Committee under section 64U of the Insurance Act,
1938 (4 of 1938).

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Retirement planinng.pptx

  • 2. Retirement planning  Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals.  Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.  Future cash flows are estimated to determine if the retirement income goal will be achieved.  Retirement planning is ideally a life-long process. You can start at any time, but it works best if you factor it into your financial planning from the beginning.  That's the best way to ensure a safe, secure—and fun—retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you'll get there.
  • 3. Main Types of Pension Plan  There are two main types of pension plans the defined-benefit and the defined- contribution plans.  Defined-Benefit Plans  In a defined-benefit plan, the employer guarantees that the employee receives a definite amount of benefit upon retirement, regardless of the performance of the underlying investment pool.  The employer is liable for a specific flow of pension payments to the retiree, and if the assets in the pension plan are not sufficient to pay the benefits, the company is liable for the remainder of the payment.
  • 4. Defined-Contribution Plans  In a defined-contribution plan, the employer makes specific plan contributions for the worker, usually matching to varying degrees the contributions made by the employees.  The final benefit received by the employee depends on the plan's investment performance.  The company’s liability to pay a specific benefit ends when the contributions are made.
  • 5. Insurance Regulation and Development Authority (IRDA)  The Insurance Regulatory and Development Authority of India (IRDA) is an autonomous, statutory body tasked with regulating and promoting the insurance and insurance industries in India.  It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India.  The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.  IRDA is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India
  • 6. IRDA - FUNCTIONS Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations.  Protecting policyholder interests.  Specifying qualifications, the code of conduct and training for intermediaries and agents.  Specifying the code of conduct for surveyors and loss assessors.  Promoting efficiency in the conduct of insurance businesses.  Levying fees and other charges.  Inspecting and investigating insurers, intermediaries and other relevant organisations.
  • 7. Insurance Regulation and Development Authority (IRDA)  Regulating company investment of funds.  Regulating a margin of solvency.  Adjudicating disputes between insurers and intermediaries or insurance intermediaries.  Supervising the Tariff Advisory Committee.  Specifying the percentage of premium income to finance schemes for promoting and regulating professional organisations.  Specifying the percentage of life- and general-insurance business undertaken in the rural or social sector.  Regulating rates, advantages, terms and conditions which may be offered by insurers not covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938).