Good returns are available in this plan of LIC. Investors can choose the policy term as per their retirement age. Once the policy matures, you can choose to receive the fund value in monthly installments.
Pension Plan : Life Insurance Corporation of India is running many schemes to provide financial security to senior citizens after retirement. One of these is LIC SIIP Plan . This is a unit linked insurance plan, which is linked to the equity market. Investors can choose the policy term as per their retirement age. Once the policy matures, you can choose to receive the fund value in monthly installments. This provides regular income even in old age.
Know about the plan
Under this plan, if the policyholder dies before maturity, the nominee or his family gets the benefit. There are 4 fund options available in this. Regional age ranges from 90 days to 65 years. Maturity age ranges from 10 years to 85 years. Whereas the policy term ranges from 10 years to 35 years.
At the age of less than 55 years, a sum assured of 1 times the annual premium is received. At the age of 55 years or more, 7 times sum assured is available. The minimum amount of investment is Rs 40,000 annually, Rs 4000 monthly, Rs 22,000 half yearly and Rs 12,000 half yearly. If the portfolio does not perform well, investors can switch it to another one at no cost.
Calculation
Under SIIP plan, investors also get the benefit of insurance cover. If a person deposits Rs 4000 every month for 21 years, the total investment amount will be around Rs 10,08,000. On paying annual premium, this amount will be Rs 8,40,000. During maturity, investors get around Rs 35 lakh. The benefits of the plan can be availed both online and offline.
