Soon after the investment in this policy, pension starts. If you want to arrange a pension every month for yourself or for a member of your family, then you can invest in this policy.
Investing in Life Insurance Corporation of India (LIC) is considered quite safe and beneficial. If you are also planning to invest your hard and thick income then you can choose LIC’s ‘Jeevan Akshay’ pension policy.
This is an annuity plan and you can get lifetime pension benefits after investing it in a lump sum. Income is received after a fixed time by applying interest on the amount invested in any annuity scheme.
The special thing is that soon after investment in this policy, pension starts getting. If you want to arrange a pension every month for yourself or for a member of your family, then you can invest in this policy.
Certain conditions of investment have been fixed in this policy. Any Indian 30 to 85 years old is eligible to invest in it. The minimum annuity is Rs 12000 per annum for which the policyholder will have to invest Rs 1 lakh. There is no maximum investment limit. Three months after the issuance of the policy, loan facility is also available. This means that policy holders can also take loans.
The investor also gets four different options for how to take pension. Including annual, half-yearly, quarterly and per month. Talking about the terms of this policy, pension is taxed under 80C of income tax. The loan facility is also available through 3 months from the date of issue of the 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 814400 and simultaneously choose the pension option ‘A’ (Annuity payable for life at a uniform rate) per month. Also read: Union Budget mobile application launched, you will get this benefit
Age: 61
Sum Assured: 800000
Lump Sum Premium: 814400
Pension:
Annual: 64440
Half-yearly: 31500
Quarterly: 15580
Monthly: 5157
According to the above example, if a person invests in this policy at the age of 61 and chooses a sum assured of 800000, then he has to pay a total premium of Rs 814400. After this, if the option of pension is selected every month, then he will get a pension of Rs 5157 every month. This pension will continue to be received till the death of the policyholder.
