Monthly income is guaranteed in this scheme of LIC. After the death of the policyholder, financial assistance is provided to the nominee and family members. Let us know the calculations related to the scheme..
Pension Plan : LIC is running various types of schemes. Monthly income scheme is also included in this list. Through which senior citizens get income after retirement. One such special scheme is “Dhan Sanjay Policy”. In this scheme, income is determined on the policy term, premium paying term, premium amount and sum assured.
Four options are available under the plan. Single premium option is also available. There is no limit on maximum investment in this. Meaning, the more you invest, the higher will be the pension amount.
About the scheme
Premium can be paid on monthly, yearly, half-yearly and quarterly basis. At the same time, income i.e. pension is also available at a fixed interval. In this, along with guaranteed income, terminal benefit is also available. By investing you can enjoy income for a few years. The maximum entry age under Option A and B is 65 years.
The policy term is 10 and 15 years. In both of these, regular premium has to be paid. Premium Payment Term is 5/10/years for 10 years policy term. Whereas for a 15 year policy, the premium payment term is 5/10/15 years. The minimum premium is Rs 30 thousand annually. Whereas the minimum investment amount for single premium is Rs 2 lakh.
Here is the calculation
If a 40 year old person selects Option A and pays a premium of Rs 1 lakh annually. In this the policy term will be 10 years. The premium payment term will also be 10 years. In such a situation, after the maturity age of 65 years, you will get an income of Rs 1 lakh annually for 10 years.
That means you will get a pension of around Rs 8350 every month. Whereas if a person invests a single premium of “Rs 10 lakh” in 40 years under Option C. After maturity, you will get annual income of around Rs 1.82 lakh for 9 years. For additional information you can visit the official website.
