LIC Pension Policy: Life Insurance Corporation of India (LIC) provides pension policy to customers. The name of this policy is ‘Jeevan Shanti’. Customers can get pension every month by paying a lump sum amount through this policy.
Actually, in this policy, customers get two types of options for choosing pension. In which the pension is to be selected through the intermediate and deferred annuity option. Immediate means that the pension is immediately after taking the policy, while the deferred annuity means payment of pension after some time (5, 10, 15, 20 years) of taking the policy. If you invest a lump sum of Rs 2 crore in this policy and choose the intermediate option, then you will get a pension of Rs 12 lakh every year.
Who can invest in this policy: Individuals of minimum 30 years and maximum 85 years are eligible to invest in the policy.
Minimum Sum Assured: Rs 1.5 Lakh
Maximum Sum Assured: No Limit
Loan: 1 year after the
commencement of pension Surrender: 3 months after the commencement of pension
Let’s try to understand with an example how you can get a pension of 12 lakh rupees annually: –
Age: 33
Sum Assured: 20000000
Lump Sum Premium: 20360000
Pension:
Annual: 1232000
Half Yearly: 606000
Quarterly: 300250
Monthly: 99500
Suppose if a person of 33 years chooses option ‘A’ i.e. Immediate Annuity for life (pension per month). In addition, he chooses the sum assured option of Rs 20000000. So he will have to pay a lump sum premium of Rs 20360000. After this investment, he will get a pension of Rs 12,32,000 every year. This pension will be received as long as the policy holder survives. At the same time, this pension will stop coming after death.
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