If you want to arrange pension for yourself or any member of your family then you can invest in this policy.
Life Insurance Corporation of India (LIC) is considered to be the most trusted insurance company in the country. This is because it is run by the government. If you are planning for safe investment then you can choose LIC ‘Jeevan Akshay’ annuity plan.
This policy will start giving you benefits immediately after investment. Actually, one of the biggest features of this policy is that the money starts coming soon after investing in it. It is a pension plan and the premium is to be paid in lump sum. If you want to arrange pension for yourself or any member of your family then you can invest in this policy.
Here are the terms of the policy:-
– Pension on yearly, half yearly, quarterly and monthly basis
– Loan facility after 3 months from the date of issue of the policy
– Any Indian person in the age group of 30 to 85 years can invest.
– Minimum annual pension is fixed at Rs 12 thousand and no maximum limit
– Minimum lumpsum investment of Rs 1 lakh is mandatory and no limit on maximum investment
– Any two members of a family can take joint annuity in it.
By investing in this policy, you can get a pension of 5 thousand rupees every month. For this, you have to deposit Rs 9,00,000 in lump sum and also choose the pension option ‘A’ (Annuity payable for life at a uniform rate) per month.
You can get 5 thousand rupees monthly pension like this:-
Age: 58
Sum Assured: 8,84,086
Lumpsum Premium: 90,00,00
Pension:
Yearly: 67051
Half Yearly: 32863
Quarterly: 16266
Monthly: 5381
As per the above example if a person invests in this policy at the age of 58 years and opts for Sum Assured of 8,84,086 then he will have to pay a total premium of Rs 9,00,000. After this, you will get a lifetime pension of Rs 5381 per month.
