Talking about the terms of this policy, a minimum investment of one lakh rupees can be made and the minimum annual pension is fixed at Rs 12 thousand. Any two members of a family can take a joint annuity.
It is considered safe to invest in Life Insurance Corporation of India (LIC). If you invest in LIC’s ‘Jeevan Akshay’ annuity plan, then you can arrange pension every month. LIC gets pension soon after investment in this policy. If it is an annuity plan, then pension benefits start coming only after a lump sum investment in it.
In fact, there are 10 different options for getting pension. On choosing ‘Annuity payable for life at a uniform rate’ (Pension option ‘A’ per month), pension is arranged every month. After opting for this option, pension starts immediately after investment.
Talking about the terms of this policy, a minimum investment of one lakh rupees can be made and the minimum annual pension is fixed at Rs 12 thousand. Any two members of a family can take a joint annuity. Pension is paid on yearly, half-yearly, quarterly and per month basis. Any Indian citizen eligible for investment in this policy but aged between 30 and 85 years. Tax under 80C of income tax on pension and loan facility is also available through it after 3 months (from the date of issue of policy).
You can get 5 thousand rupees pension every month by investing in this policy: –
Sum Assured: 900000
Lump Sum Premium: 916200
Half Yearly: 31793
According to the above example, if a person chooses the sum assured of 900000 at the age of 55, then he has to pay a total premium of Rs 916200. After this, if the option of pension is selected every month, then he will get a pension of Rs 5209 every month.