According to the conditions, a minimum lump sum investment of Rs 1 lakh is mandatory. Similarly, the minimum annual pension has been fixed at Rs 12 thousand. Any Indian person 30 to 85 years old can invest in this policy.
Investing in Life Insurance Corporation of India (LIC) is considered quite beneficial. If you are planning to invest without risk, then you can invest in this policy. It is an annuity plan and one has to invest in lump sum.
After a lump sum investment, you start getting pension. The special thing is that policyholders can avail pension only immediately after investment. In this policy, certain conditions have been made for investment, only after which pension benefits can be taken.
According to the conditions, a minimum lump sum investment of Rs 1 lakh is mandatory. Similarly, the minimum annual pension has been fixed at Rs 12 thousand. Any Indian person 30 to 85 years old can invest in this policy.
Pension can be received on yearly, half-yearly, quarterly and monthly basis. There are 10 different options for getting pension in this policy. By investing in this policy, you can get a pension of 5 thousand rupees every month.
For this, you will have to pay a lump sum of Rs 916200 and simultaneously select the pension option ‘A’ (Annuity payable for life at a uniform rate) per month.
In this way, you can get 5 thousand rupees monthly pension: –
Age: 58
Sum Assured: 900000
Lump Sum Premium: 916200
Pension:
Annual: 68265
Half Yearly: 33458
Quarterly : 16560
Monthly: 5479
According to the above example, if a person invests in this policy at the age of 58 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 5479 every month. This pension will continue to be received till the death of the policyholder.
Here are all the options: –
Option A: Immediate Annuity for Life provides pension benefits immediately after investment. This benefit is provided till the death of the policyholder. A condition in this option is that death benefits are not given to the policyholder.
Option B: Immediate annuity with guaranteed period of 5 years and age pay. Under this option, the policy holder gets a lifetime pension but the nominee benefits with a guaranteed period of 5 years. Suppose if someone invests in a policy with this option, he will get a lifetime pension but the nominee will get a pension if he dies within five years. The nominee will get pension till the completion of five years of the policy. Similarly, in case of death in ‘C’ option, the nominee will get pension for 10 years (till completion of policy), 15 years in ‘D’ option and 20 years in ‘E’ option. Also Read: LIC New Policy Update: Rs 199 daily investment will become 94 lakh rupees! Know this powerful policy
Option F: Payment of age annuity with return of purchase price. Under this option, the pension will be paid as long as the policyholder is alive. On death, the purchase price will be returned to the nominee.
Option G: Annuity paid throughout the year with simple interest of 3% per annum. This option is exactly like option ‘A’. The only difference is that the pension amount will increase by three percent every year.
Option H: Joint Life Immediate Annuity throughout life with provision to provide 50% annuity to secondary annuity on death of primary annuitant. That is, under this option, the policy holder can add another person to get pension. Under this, the policy holder will get a lifetime pension but on death, the other person (who has been added) will get half the pension.
Option I: Joint Life Immediate Annuity throughout life with the provision of giving 100% annuity if one annuity is over-served. It is just like the option ‘H’ that the only difference in this is that the other person will get the same pension as the policyholder was getting alive.
Option J: Joint Life Immediate Annuity throughout the year with the provision to pay 100% annuity on survival of any one annuity and return purchase price on the death of the last Survivor. It also offers two life coverage. That is, the policy holder can add another person to get pension (in case of death of the policy holder). At the same time, the nominee gets pension after the death of the policy holder and another person.
