If you want to arrange pension for yourself or your family member every month, you can invest in this policy.
It is considered safe to invest in Life Insurance Corporation of India (LIC). If you are planning to invest without risk, then you can invest in LIC’s ‘Jeevan Akshay’ annuity plan. After making a lump sum investment in this policy, you can get a pension every month.
It is one of the best selling policy of LIC. If you want to arrange pension for yourself or your family member every month, you can invest in this policy. These are the policy conditions: –
1. Any Indian person 30 to 85 years old is eligible to invest in it.
2. The minimum annuity is Rs. 12000 per annum.
3. The policy holder can make a minimum investment of Rs. 1 lakh.
4. There is no maximum investment limit.
5. Loan facility after 3 months from the date of issue of policy.
6. How to get pension Four options are available (annual, half-yearly, quarterly and per month)
7. Tax under 80C of income tax on pension.
By investing in this policy, you can get a pension of 9 thousand rupees every month. For this, you have to pay a lump sum of Rs 814400 and in addition, you have to choose the pension option ‘A’ (Annuity payable for life at a uniform rate) per month.
In this way, you can get 9 thousand rupees monthly pension: –
Sum Assured: 900000
Lump Sum Premium: 916200
Half Yearly: 55553
According to the above example, if a person invests in this policy at the age of 75 years and chooses the sum assured of 900000, 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 9011 every month. This pension will continue to be received till the death of the policyholder.