LIC pension plan
People think they will start later without realizing that all delayed investments are direct loss to them and any investment done in life will get them better results if it was done a year earlier. LIC Pension Plan helps you to save in your earning years so that your retired life is peaceful.
Initially though the salary or the income is less but at the same time there are lesser expenses.
At the time of the retirement, income will stop but the expenses would be there. The cost of living would certainly be much higher than today.
And no one would want to be dependent on their children during the golden period of their lives. Financial strength will help you spend quality time with your loved ones and also take care of your daily and special needs. Travel, new hobby, leisure all these can be possible if one plans out the things well in advance.
Which is the best Pension Plan in LIC?
Every now and then we meet people from mid age and old categories and this is one of the most asked questions they have for me.
The answer to the question in not simple. As you need to first understand how much you can save and then the second even more important question would be how much you want as pension in your retired age.
If you are starting your retirement planning early in life you can opt for Jeevan Umang. For people looking for single premium retirement plan Pradhan Mantri Vaya Vandana Yojana (842) and LIC Jeevan Shanti are best pension plans.
Also read: Why you need pension?
Who needs pension plans?
Everyone who is earning ow and want to lead a respectable live after retirement must opt for pension plan. Not many people plan their retirement from work, they want to continue to work ever, a pension plan is your way of not stopping to work but to slow down to take out time for your other dreams / hobbies.
While planning investment we plan for all expenses for our family but often neglect the need of money in our golden days. LIC has a range of pension plans for senior citizens.
Things to keep in mind while deciding the best pension plan for you:
- Plan early. The basic rule of investing is that if you start early you can work towards a very huge fund easily. As soon as you start working you should start planning your pension
- Always opt for the assured return plan. The interest rates are going down every day and are expected to continue this trend. Opt for a plan that guarantees you the return.
- Look out for a secure method with easy partial / full withdrawal feature.
- Assets building and investment are both equally important and have different uses. Plan both.
- Plan for a fund that you’ll get only after certain period. It is a general tendency to spend all that one gets.
- Plan for long term. Investing would get harder in older years.
- LIC pension plan taxability: all pension amount received from pension plans is accounted as income and is taxable under income tax rules.
Pension plan vs fixed deposit
A fixed deposit only guarantees you returns for smaller terms. You cannot take a fixed deposit for 10 years or longer. A pension plan can be taken for a longer duration. LIC of India has plans that can guarantee returns up to 100 years of age. No other investment or insurance plan does this.
Pension plan vs asset building
Assets have a diminishing value and require timely maintenance. There are always risk of theft, zero value, etc. where as pension plans give you a fixed monthly payout that will help you take care of your daily expenses in the retired life.
With LIC Pension Plans you can secure your monthly income even after you retire from your current job or business. Save while you are earning and get a regular assured income when you retire. Also save tax on your earnings. It is like a LIC deposit that takes your money as one time investment and pays you a fixed periodic return for life.
Pension Plans are becoming more and more important these days as the cost of living is increasing day by day and being self reliant in your retired years is very important in today’s modern world.
LIC monthly pension plans help you live a peaceful life and never worry about the security of your deposited money. The best LIC Pension plans in 2019 are listed below.
List of LIC Pension Plans
Call us now at 9891420503 (call & WhatsApp number) to get the details of the LIC Pension Plans and to buy one.
Do get in touch with our insurance advisers to understand the Pension and ensure your golden days are fun to live with regular monthly income even after you retire from your job / business.
InsuringGurgaon.com is a leading LIC of India advisory firm based in Gurgaon. Our team of life insurance experts have an combined experience of over 40 years in life insurance services.