By investing in this policy, you can get a pension of 6 thousand rupees every month. For this, you have to pay a lump sum of Rs 916200.
It is considered wise to invest hard-earned money in a safe place. Often people invest their savings in a place where there is a higher risk of sinking money for better returns. In such a situation, people do not get anything in return for investment, but savings also disappear.
If you want to arrange a pension for yourself or your family every month and are planning to invest, then you can invest in the ‘Jeevan Akshay’ policy of Life Insurance Corporation of India (LIC). Through this annuity policy, pension can be arranged every month by making a lump sum investment for yourself or a family member.
These are the policy conditions: –
– Any Indian person 30 to 85 years old can invest.
– Minimum annual pension has been fixed at Rs.12 thousand
– Minimum lump sum investment of one lakh rupees compulsory
– No maximum investment limit
– Pension on annual, half-yearly, quarterly and monthly basis
– Loan facility after 3 months from the date of issue of policy
– Any two members of a family can take joint annuity in it.
By investing in this policy, you can get a pension of 6 thousand rupees every month. For this, you have to pay a lump sum of Rs 916200 and simultaneously choose the pension option ‘A’ (Annuity payable for life at a uniform rate) per month.
In this way, you can get 6 thousand rupees monthly pension: –
Age: 68
Sum Assured: 900000
Lump Sum Premium: 916200
Pension:
Annual: 86265
Half-yearly: 42008
Quarterly: 20745
Monthly: 6859
According to the above example, if a person invests in this policy at the age of 68 and chooses the sum assured of Rs 90,00,00, then he has to pay a total premium of Rs 9,16,200. After this, a pension of Rs 6,859 per month will be received. This pension will be received till the death of the policyholder.
There are different options for getting pension in this policy: –
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 5 years guaranteed period and age pay. Under this option, the policyholder 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 the completion of the policy), 15 years in ‘D’ option and 20 years in ‘E’ option.
Option F: Payment of age annuity with return of purchase price. Under this option, 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 per cent every year.
Option H: Joint Life Immediate Annuity throughout the age with a provision to give a 50% annuity to the secondary annuity upon the death of the 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 of the pension.
Option I: Joint Life Immediate Annuity throughout the life with the provision to give 100% annuity if one annuity is over-served. Just like the option ‘H’, the only difference in this is that the other person will get the same pension as the policyholder was getting while he was alive.
Option J: A lifetime joint life annuity annuity with a provision to pay 100% annuity if one annuity is over-serviced and return purchase price on the last Survivor’s death. 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). On the other hand, the nominee gets a pension after the death of the policy holder and another person.
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