LIC Pension Plan: Employees often suffer the stress of their own and their family’s expenses after retirement. If you cannot get a job after the age of 60 years, you get some help through pension.
These are the conditions of investment in the policy: –
Age: minimum 30 years and maximum 85 years
Sum Assured Minimum Sum Assured half million bucks so there is no limit on the maximum
loan: 1 year after the loan facility when the pension begins and
Surrender: Surrender 3 months after the policy when the pension begins can be done
Pension Options: Immediate and Defford
Immediate means that the pension is immediately after taking the policy, while the deferred annuity means payment of pension after some time (5, 10, 15, 20 years) of taking the policy. The maximum age of the policy holder should be 85 years to get instant pension.
If you invest a lump-sum of Rs 2000000 in this policy and choose the intermediate option, then you will get a pension of Rs 10067 every month. Let us understand this with an example of how you can get such a pension: –
Age: 37
Sum Assured: 2000000
Lump sum premium: 2036000
Pension:
Annual: 124600
Half Yearly: 61300
Quarterly: 30275
Monthly: 10067
Suppose if a person of 37 years chooses option ‘A’ i.e. Immediate Annuity for life (pension per month). In addition, he opts for the sum assured option of Rs 2000000. So he will have to pay a lump sum premium of Rs 2036000. After this investment, he will get a pension of Rs 10067 per month. This pension will be received as long as the policy holder survives. At the same time, this pension will stop coming after death.
Source: www.jansatta.com
