LIC, lIC scheme, lIC Premium scheme, lIC pension, lIC pension scheme

If you are planning to post, then this report is for you. If you have planned to invest but still confused about where to invest and how much? If you are still struggling with this question then it’s time to get relieved of it. You can easily invest in LIC’s investment scheme. Where after investing you can earn huge profits too. LIC has started many investment policies that promise you a guaranteed return.

Pay One Time Installment and earn benefits for a lifetime

Under the LIC Jeevan Akshay Policy, the policyholder gets an opportunity to avail a lifetime pension after paying the installment only once. Yes, if you are planning a safe investment without risk, then you can invest in the above-mentioned policy. Through this policy, you will be able to arrange a pension every month for yourself or either for a family member.

Who all can invest?

This is an annuity plan, so the pension benefits are given by making a lump sum investment in it. Talking about the terms and conditions of this policy, any Indian citizen aged between 30 and 85 years can invest. The minimum annual pension has been fixed at Rs 12 thousand anually, for which a minimum lump sum investment of Rs 1 lakh is required. There is no maximum investment limit.

After 3 months from the date of issue of the policy, loan facility is can also be availed through it. Any two members of a family can take a joint annuity in it. A pension can be received on a yearly, half-yearly, quarterly, and monthly basis. There are 10 different options for procuring pension from this policy.

The 10 Different Ways Of Procuring The Pension

Option A: Immediate Annuity for Life

It provides pension benefits immediately after the investment. The benefits are provided till the death of the policyholder. One of the Terms and conditions in this Option is that the death benefits are not given to the policyholder.

Option B: Immediate annuity with 5 years guaranteed period and lifelong payment.

Under this option, the policyholder gets a lifetime pension but the nominee gets benefits with a guaranteed period of 5 years. Suppose if someone invests in the policy with this option, he will get a lifetime pension but the nominee will also get a pension if he dies within five years. The nominee will get a pension till the completion of five years of the policy.

Similarly, in case of death in the ‘C’ option, the nominee will get a pension for 10 years (till the completion of the policy), 15 years in the ‘D’ option, and 20 years in the ‘E’ option.

Option F: Payment of lifelong 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: Lifelong Annuity paid throughout the year with simple interest of 3% per annum.

This option is much similar to the option ‘A’. The only difference is that the pension amount will increase by three percent every year because of the simple interest.

Option H: Joint Life Immediate Annuity for lifelong and providing a 50% annuity to the secondary annuity upon the death of the primary annuitant.

Under this option, the policyholder can add another person to get a pension. Under this, the policyholder 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 For lifelong and giving 100% annuity if one annuity lives more.

It is similar to option ‘H’, the only difference is that the other person will get the same pension as the policyholder was getting when he/she was alive.
Option J: Joint Life Immediate Annuity for lifelong with the provision to pay 100% annuity on the survival of anyone annuity and return purchase price on the death of the last Survivor.

It also offers two life coverage. That is, the policyholder can add another person to get a pension (in case of death of the policyholder). At the same time, the nominee gets a pension after the death of the policyholder and another person. 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 9,16,200 and simultaneously choose Pension Option A per month.

How to get a Rs6000/month as pension

To understand this let’s take an example if a person aged 68 years invests in this policy and chooses the assured sum of 9 lakhs, then he has to pay a total premium of Rs 9,16,200. After this, a pension of Rs 6859 per month will be received by him/her. Therefore the annual pension will be Rs 86265, half-yearly would be Rs 42008, and on a quarterly basis, the pension would amount to Rs 20745. And this pension will be received till the death of the policyholder.

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