Saturday, July 24, 2021

LIC Pension Scheme: you can get pension with better returns.

 

LIC Pension Scheme: In this scheme of LIC, you can get a pension with investment even at the age of 80, you get better returns.


LIC Jeevan Shanti yojana: 

If you are a job, small business, farmer, or unorganized sector worker, but plan to live life better after the age of retirement, then for such people in LIC A better plan is LIC Jeevan Shanti Plan. This plan gives better returns as well as income tax exemption. Come, know what is the benefit of this plan and how it can be achieved.
What is the plan?


LIC Jeevan Shanti Yojana

 Is a single premium plan with a dual option of return. Both these options can be immediate or future pension. This is a kind of pension scheme, from which many types of benefits can be availed. It is a completely non-linked and non-participating plan. With the help of this scheme, people can get benefits in many ways.

What are the two scheme options?


In this scheme, investors are given two options to get a pension or benefits. It has immediate and deferred plans. There are many options to choose from in both these schemes. Out of the nine immediate annual options, there are two plans in which there is also the option of life insurance. There are two options for purchasing a future pension plan. Both cover life risks. Return can be availed immediately in the immediate annuity plan, while in the deferred annuity plan, the time can be selected when you want to get the return.

These are the options of the Tatkal Pension Scheme


Option A: This is an immediate pension plan. In this, the policyholder gets immediate returns and can get lifetime returns. In this, returns can be found monthly, quarterly, yearly, or two years. The pension stops after the death of the policyholder.

Option B: According to this option of the plan, there is a guaranteed payment for a term of five years. Since it is an instant pension scheme, the payment starts immediately. If the policyholder dies during the prescribed five years, his family members get the guaranteed amount.

Option C: In this option of the plan the policyholder gets a guaranteed return for a period of 10 years. If there is an accident with the policyholder during this period, then their families get the pension amount.

Option D: This option is an immediate pension option with a guaranteed term of 15 years. Even after this period, if the policyholder remains alive, he still remains entitled to a pension throughout his life.


Option E: In this option, the policyholder gets a pension for a period of 20 years. During this time, if the policyholder dies, his nominee will continue to receive the pension amount for a fixed period.

Option F: This option is one of the immediate pension schemes and in this, the policyholder can get the benefit of his family after death. In such a situation, the nominee will also get the applicable return along with the sum assured.

Option G: In this option of the scheme, pension increases by 3% every year.

Option H: This is a joint pension scheme and at the time of the death of the policyholder, the other person gets 50 percent of the pension amount till he survives.

Option I: This is also a joint pension scheme. Under this option, if something happens to one policyholder, then the other person gets 100 percent benefit from this scheme.

Option J: This option is also a joint pension scheme and in the event of something happening to one policyholder, the other can get 100 percent benefit of the scheme on an annual basis. The policyholder gets cover even at the time of his death. The amount that he is entitled to receive is given as a return along with the sum assured.

Deferred pension options


There are two options of the deferred pension scheme, in which benefits can be obtained after a certain period. Its first option involves the life of only one person. In this, the beneficiary gets a death benefit at the time of death of the policyholder before the stipulated period. In the other option, pension is calculated on the basis of annual return. In case of death of the policyholder, the beneficiary gets death benefit, but the pension is stopped immediately.

Who can buy the plan


Under this scheme, any citizen of India can buy the plan of LIC Jeevan Shanti Yojana. Under this scheme, a man of 30 years to 79 years can also buy a plan. However, for option F of this plan, a 100-year-old man can also buy its plan.

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What is the investment amount?


The minimum amount of investment under LIC Jeevan Shanti Yojana has been fixed at Rs 1.5 lakh and there is no upper limit for this. Premium amount can also be deposited in this lump sum.

These are the options of the Tatkal Pension Scheme Option A: This is an immediate pension plan. Option B: According to this option of the plan, there is a guaranteed payment for a term of five years. Option C: In this option of the plan the policyholder gets a guaranteed return for a period of 10 years. Option E: In this option, the policyholder gets a pension for a period of 20 years. Option F: This option is one of the immediate pension schemes and in this, the policyholder can get the benefit of his family after death. Option H: This is a joint pension scheme and at the time of the death of the policyholder, the other person gets 50 percent of the pension amount till he survives. Option J: This option is also a joint pension scheme and in the event of something happening to one policyholder, the other can get 100 percent benefit of the scheme on an annual basis. Deferred pension options There are two options of the deferred pension scheme, in which benefits can be obtained after a certain period. In this, the beneficiary gets a death benefit at the time of death of the policyholder before the stipulated period. In the other option, pension is calculated on the basis of annual return.
Option F: This option is one of the immediate pension schemes and in this, the policyholder can get the benefit of his family after death. Option J: This option is also a joint pension scheme and in the event of something happening to one policyholder, the other can get 100 percent benefit of the scheme on an annual basis. Deferred pension options There are two options of the deferred pension scheme, in which benefits can be obtained after a certain period.
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FAQ--

What is LIC Annual Pension Plan?

An annuity plan, as the name suggests, provides you with a regular income throughout your life after making a lump sum investment. What happens with an annuity plan is that your life insurance company invests your money and returns what it pays when you retire.

How can I get 50000 pension per month?

So, to get Rs 50,000 per month or around Rs 6 lakh annually, you need to invest around Rs 80 lakh. Senior Citizen Savings Scheme (SCSS) is a safer option with an annual interest rate of 7.4 per cent, but you can invest only up to Rs 15 lakh in each scheme.

LIC Pension Tax Free?

Any amount received through conversion of pension between Jeevan Suraksha and Jeevan Nidhi annuity plans is tax free.
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