Scripbox launches wealth management plans for defence personnel

Digital wealth manager, Scripbox, on Thursday launched Jai Hind, curated wealth management services exclusively tailored to the needs and aspirations of India’s defence personnel. The plans will cut across all ranks and may appeal to officers and PBOR (personnel below officer rank) alike.

There are three customized plans under curated wealth management services called Beyond Pension, Retire Better and Retirement Shield.

Beyond Pension plan aims to supplement pension after retirement. “It aims to generate an amount equivalent to the estimated pension by making the personnel invest small during service. Since officers and PBOR get a pension, this works well across,” said Atul Shinghal, founder and chief executive officer of Scripbox.

Retire Better aims to help defence personnel accumulate ₹50 lakh or ₹1 crore before retirement, while Retirement Shield will help a retired or retiring personnel manage his/her retirement fund better by suggesting the best investment products.

“Traditionally, defence personnel have been more inclined to invest in financial products that may not be the most beneficial for incremental growth. Senior Citizens Savings Scheme for example, has been a popular choice for retiring Defence personnel, but this comes with conditions attached and offers average returns,” said Shinghal.

As per the company, in Beyond Pension and Retire Better, the underlying investment products will be mutual funds, and in Retirement Shield, Scripbox’s team will give 1:1 support to the customer and recommend investment products basis life needs without any charge.

In Beyond Pension and Retire Better, the company won’t be charging the defence personnel anything. As per Shinghal, they will get a small commission from mutual fund companies since the underlying financial product for these plans are mutual funds.

“Defence personnel who may be retiring at different ages given their service tenures, would value tremendously by creating a financial plan to help meet goals at different life stages, such as children’s education, buying a home, holidays, building an emergency corpus and retiring confident,” said Shinghal.