LIC Pension Plan: Under the lump sum premium scheme, it is guaranteed that you will have to deposit money only once. In LIC’s Smart Pension Scheme, you can open a single or joint account.
LIC Pension Plan: Life Insurance Corporation of India (LIC) offers schemes for every section of the society. In this episode, LIC has started a pension scheme which provides financial security to the people. This scheme is available for all and guarantees pension for life. Under the lump sum premium scheme, it is guaranteed that you will have to deposit money only once. In LIC’s Smart Pension Scheme, you can open a single or joint account. In a joint account, after the death of a person, the other will continue to get pension for life. This scheme provides regular pension even after retirement. Apart from this, you can also choose the option of immediate pension.
When will you get pension?
Any Indian citizen can take advantage of the pension scheme. Under the Smart Pension Scheme, the policyholder can receive pension amount on monthly, quarterly, half-yearly or yearly basis. Annuity option is also available in the scheme. After the death of the policyholder, the person nominated by him will get the benefit of this scheme. You can take LIC’s Smart Pension Plan online from the insurance company’s website or offline through an agent.
What is the specialty of the pension scheme?
This scheme of LIC has been started to provide regular income to such people who want to remain financially secure after retirement. In LIC Smart Pension Plan, you have to pay premium only once. After that you get pension throughout life at regular intervals. In the scheme, you can choose both single and joint annuity options. You can also choose the option of partial or full withdrawal as per your need.
How much investment is necessary?
The scheme is designed for such people who want lump sum income after their retirement. Under the scheme, you can invest at least one lakh rupees. Husband and wife can take advantage of the scheme by opening a joint account. To get pension, you have to deposit the entire premium in one go. There is no maximum limit for investment under the scheme. How much your pension will be depends on the amount deposited. You can apply for a loan three months after the policy starts. Investment can be made under the scheme at the age of 18 to 100 years.
What will be the minimum pension?
If you also want to get pension every month, then you will get at least Rs 1000, Rs 3000 every three months, if you want pension every six months, then you will get Rs 6000. But if you want annual pension, then you will get a pension of Rs 12000 every year.
