Even a 20 year old person can avail the benefit of this pension plan of LIC. Under the plan, a monthly premium of Rs 2,255 has to be paid.
Pension Plan: There are many changes in lifestyle after retirement. There is no job tension during this period. This is the time to live a better life. But lack of money can ruin your Golden Age. Therefore, it becomes important to prepare yourself beforehand. Pension plans help in this. LIC is running many schemes to make senior citizens self-reliant. One of which is Jeevan Nidhi Plan ( LIC Jeevan Nidhi Plan ). This is a traditional pension plan, which offers both protection and savings.
About pension plan
A person between the age of 20 years to 58 years can invest in this scheme. The age of maturity ranges from 55 years to 65 years. In this, the option of single and regular premium payment is available. Guaranteed addition is available on the policy for 5 years of investment. Bonus is applicable from 6th year onwards. The facility of Accidental Death and Disability Rider is also available in this. Tax is levied on the pension amount. But the premium paid and 1/3 maturity amount is also tax exempt under Income Tax Act sections 80C and 10 (10A).
Here is the calculation
Investors can pay premium in annual, monthly, half-yearly and quarterly modes. Annual premium is Rs 26,503, half-yearly premium is Rs 13,393, quarterly premium is Rs 6,766 and monthly premium is Rs 2,255. According to this, the policyholder will have to save around Rs 72 every day. After maturity, you will get a monthly pension of about Rs 28 thousand.
