LIC’s Pension Plans Secure Your Financial Life After Your Retirement : Every person works to earn his and family’s living and to collect some money so that they can spend their retirement life comfortably. After working to a certain she, a time comes where a person takes retirement from work and settle down in his or her life. To live that life, funds are needed to meet various daily needs. The person has to plan for his future so that his future can be secured financially.
When a person accumulates funds for her/his retirement over a long period of time, this fund is called Pension. It is a fund into which a sum of money is added during an employee’s working years, and from which payments are drawn to support the person’s retirement from work in the form of periodic payments. So, a person needs to have a best pension plan.
For financially securing the retirement phase, one will have to start by looking into the traits of different pension plans available in the market by different schemes. These traits will compliment your needs completely.
On What Factor A Suitable Pension Plan Relies:
1. It should be flexible: The plan should be able to fulfill all your requirements in different times and circumstances.
2. It should be simple: The plan should be easy and interpret, so that every person can understand its basics and the terms & conditions of it.
3. It should be honest: The plan should be a transparent program and full of disguise.
4. It should provide bonuses: The best pension plan should offer maximum profits with bonuses.
Plans Offered By LIC Pension Plan:
LIC Pension Plan can be considered as one of the most suitable plans as it meets all the above mentioned criteria. It offers two pension plans at this point of time:
1. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
2. New Jeevan Nidhi Plan.
Pradhan Mantri Vaya Vandana Yojana (PMVVY):
The plan is designed for senior citizens aged 60 years or above with no age limit to enter in this scheme. On 4 May 2017, the scheme was launched. An individual can apply for it online and offline too. It will give the senior citizens with an assured return of 8% to 8.30% for the next 10 years.
In the scheme, the interest rate is dependent on your choice whether you want to receive your pension on a yearly (8.30%), half-yearly, quarterly or a monthly (8%) basis. The policy can be bought for minimum of Rs 1.5 lakhs which will give a pension amount of Rs 1000/month. The scheme also requires a beneficiary who gets the return in case the pensioner dies before the completion of the policy tenure.
New Jeevan Nidhi Plan: This plan offers two factors to decide the premium – the amount of cover you opt for, and the period of cover you choose. It also comes with additions and bonuses. The plan holder survives through the tenure of plan, he or she gets the assured amount with additions and bonuses. In case of an accidental death or disability of the annuitant, the annuitant receives the assured amount, additions and bonuses subject after the initial five years of contract. The nominee of the death benefit will be 105% minimum of the total premium to be paid.
Advantages Of LIC Pension Plans:
1. The benefit will be higher than the premium you paid.
2. After the plan term, the income is realized.
3. The pension income is deposited directly into your account with no tension of picking up cheques from any offices.
4. The policyholder gets regular income.
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