No matter how much you earn during your working life, spend and create assets you are sill dependent on your family when you are in retired age. Nobody likes to be a burden specially if it happens to be your family that is taking care of you. Getting a big fund on your retirement is good but getting a regular monthly pension all your retired life is even better.
Also read: Why you need pension
LIC of India is called the “Pension Provider of India“. LIC has many plans that help people invest one time, or regularly and make sure that they receive a assured fixed return all their retired life. We are discussing 3 main pension plans from LIC of India.
1. Jeevan Shanti
LIC Jeevan Shanti is a long running and a popular plan from LIC of India
Sample illustration of Jeevan Shanti
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2. Pradhanmantri Vyay Vandana Yojna PMVVY
PMVVY is a plan by the government of India specially designed for the senior citizens of India. The plan can be taken for a maximum period of 10 years and rupees 15 lacs can be invested at maximum. One person can only take one plan, though the policy holder can invest less than 15 lacs also. The rate of interest paid on this plan is 8%. Only people above the age of 60 can take this plan.
3. Jeevan Umang
Jeevan Umang is a life long return and life cover plan. The plan can be taken for a 15 years, 20 years and 25 years term. The pension or the regular income starts immediately after the plan term ends.
Existence certificate is required to be submitted every 5 years to continue pension from LIC of India.
Best pension plan
All three plans discussed above are good and in fact if all things are fine one should get all these three plans. A regular pension is essential in old age. Contact us to plan your pension.