Planning for retirement is very important. For retirement life, it would be better to make your own arrangements and not rely on anyone.
Almost all of the people who do jobs get the benefit of the EPFO scheme. Their money keeps adding up. But what about those who do not have a job? Or those who do not make any arrangements other than EPF, can they deduct old age only from the amount of PF. Therefore, both these types of people should plan, invest and save separately. If you want to arrange regular monthly pension through a good scheme, then a plan of LIC can be very useful for you. Know the details of this scheme.Also Read: UAE banned IndiGo flights till August 24, issued these rules
This is LIC’s scheme
Here we are going to talk about LIC’s Jeevan Akshay policy. The biggest feature of this policy is that you can get pension every month by paying once. The second important thing is that you will start getting this pension immediately. This scheme of the country’s largest and government insurance company fits for everyone, because the pension will continue for life.
How much to invest
Let us tell you that if you want to get instant pension in LIC’s Jeevan Akshay policy scheme, then you will have to invest Rs 10.18 lakh together. After investing this much, you will start getting a pension of Rs 4946 every month or Rs 61250 annually. If you want, you can take a pension of Rs 14925 on quarterly basis or Rs 30125 on half yearly basis.Also Read: Now WhatsApp is going to be more fun, this special option is coming soon
Know the multiplication of the scheme
If your intention is to invest in this scheme, then first understand the multiplication and maths. Suppose a 40 year old person invests Rs 10.18 lakh in this scheme together, then he will get a sum assured of Rs 10 lakh. He has to choose the pension option every month out of 10 options of the scheme. After this, he will start getting pension in his account immediately.
Know the terms and conditions of the scheme
Any Indian, whose age ranges from 30 to 85 years, can invest in this scheme. If you want, you can take pension on yearly, half yearly, quarterly and monthly basis. Also, after 3 months from the date of the policy, you will also get the facility of loan. The good thing is that two members of a family can also take a joint annuity. The minimum pension is 12 thousand rupees annually. For this, a minimum investment of one lakh rupees will have to be made and that too in one go. Maximum you can invest as much as you want.Also Read: New traffic rules: Now traffic violation notices will be sent to state agencies within 15 days
Till when will get pension money
Under this plan, as long as the policyholder is alive, he continues to get pension. Pension stops on the death of the policyholder. The pension you will get will be taxed under section 80C of Income Tax.