LIC Pension Plans

PolicyandFunds.com provides best customer services to choose perfect Annuity Plan in India. Annuity Investment Policies for Senior Citizens above 60 years, Youngsters, NRI, Employee group scheme, those who wants to plan a Secure Future, LIC gives highest return in the Life Insurance Industry. Two Annuity Plans are available1. Immediate Pension Plan in India for Seniors Citizens single premium or who age is above 30 wants annuity next month onward it is non-linked, and non-participating with the share market. In Annuity Plan the investor to pay one time premium of investment to have the immediate annuity for single life. Once the product is purchased the annuity Interest rate benefits will be paid for yearly, half yearly, quarterly or monthly respectively and every 3 years once LIC pension plan life certificate form to be produced by purchaser, and know the Loan and Surrender Value. 2. The Individual plan its for youngsters for their retirement savings in Life Insurance Pension Plans, under the pension plans to the policy holder get financial security to the family members and nominee, complete protection to the life insurance policy holder for a specific period of time, with the Maturity Benefits. Tax Benefits under Section 80(C) and Section 10 (D), peoples are wanted to know the LIC pension amount taxable or not, its as per the income tax guide line. Generally LIC Policies are inbuilt with bit of extra premium, Accidental Death and Disability Benefit Rider. As a one of the best LIC Agent in Chennai, India. Find the address we help to check the: Eligibility, Sum Assured, Policy Benefits, Reviews, & Annuity/Pension Plan Premium Calculator, and to find the best Pension Plans in India 2018.

Various Pension Plans are available in LIC for different age groups like, New Jeevan Nidhi Policy – Life Pension with Corpus, Jeevan Akshay-VI – Imediate Pension Plan, Pradhan Mantri Vaya Vandana Yojana, and we are the authorized and best LIC Agent in Chennai, LIC policy holder who is customer or clients with LIC India may contact us for any LIC India Chennai Branch related quires and claim related assistance.

LIC Pension / Annuity Plans in India

Annuity designs otherwise called retirement designs are speculation designs that gives you a chance to dispense a piece of your funds to gather over some stretch of time and give you relentless salary after retirement. Regardless of the possibility that a man has a decent measure of reserve funds, a retirement design is by the by critical. Investment funds get depleted quickly and are once in a while utilized as a part of crises, so choosing the best benefits conspire causes you secure your income for meeting fundamental every day needs post retirement. When you constantly put resources into retirement designs, the sum develops complex because of the aggravating impact which has a great deal of effect to your last reserve funds corpus. A correct benefits plot gives you a chance to get ready for retirement in a staged way. So it is fitting to pick a best retirement arrange for that can go about as a friend in need in your brilliant years.

Life Insurance Corporation of India (LIC)

Different types of LIC Pension Plans in India

An effective retirement arranging is inconceivable without a decent annuity plot from a rumored protection supplier. Most disaster protection suppliers in India offer retirement designs nowadays. Yet, before putting resources into a benefits plot, you should know about the distinctive sorts of annuity designs that are accessible in the market.

1. Deferred Annuity

A conceded annuity is a kind of benefits plot that enables you to manufacture a sizable retirement corpus for your brilliant years. This is a sort of venture arrange for where you appreciate outright tax reductions. In a conceded annuity plan, you pay your premiums for a constrained period or all through the whole approach term. Toward the finish of the gathering stage, you begin accepting consistent annuities for whatever is left of your life.

2. Immediate Annuity (Quick Annuity)

Quick Annuity designs are best for the individuals who began their retirement arranging rather late. In an Immediate Annuity design, you pay a singular amount sum and your annuities begin instantly. In the event of your disastrous destruction, the candidate picked by you will get the cash for your benefit.

3. Annuity designs with and without life cover (Pension plans with and without life cover)

Annuity Plans with life cover are those that pays the singular amount guaranteed to the candidate of the policyholder in the event of his or her troublesome passing amid the amassing stage. Conceded annuity designs are for the most part with cover benefits designs. Without cover benefits designs, then again, don’t offer any ensured singular amount on the demise of the policyholder. Be that as it may, all the premiums amassed are paid back to the candidate.

4. Traditional or Conventional and Unit-Linked Pension Plans

A Pension plot is a kind of speculation design. Where will you contribute your well deserved cash depends totally on your hazard craving. There are two sorts of annuity designs customary and unit-connected. A customary benefits design puts the reserve generally in Government securities. A Unit-Linked annuity design, then again, puts the store in blends of bonds, stocks, and values and so on.

There are couple of different classes of retirement designs likewise accessible in the market, however the four specified above are the most prominent ones. While making arrangements for retirement, it is important to remember every one of these classes. It will enable you to pick the correct annuity conspire in view of your prerequisites and monetary objectives.

Retirement arranging is the most essential piece of our money related arranging. Retirement is inescapable as your expert life will reach an end one day. Along these lines, a precise retirement arranging is the thing that everybody should begin as right on time as conceivable keeping in mind the end goal to make your brilliant years more delightful.

Advantages of Pension(Annuity) Plans in India

There’s an expansive piece of our populace which is quick moving toward retirement, making them perfect contender for benefits designs. There is no lack of safety net providers offering benefits/annuity designs in India, making it simple for one to browse a flock of alternatives. Be that as it may, before you pick a specific arrangement, it is critical that you see precisely what that arrangement brings to the table, its preferences, weaknesses and every single related detail. There are a lot of annuity designs accessible in the market, each with its own arrangement of advantages and favorable circumstances. A portion of the advantages basic to all annuity designs are recorded beneath.

Arrangement of Regular Income Post Retirement:  One of the greatest advantages of an annuity design is that it gives wages after retirement. Annuity plans accessible in India enable you to cover your everyday costs post retirement by giving an ensured salary. With the assortment of benefits designs accessible out there, you can browse one which suits your requirements best. While a few designs furnish you with deep rooted pay, there are others which offer better returns.

Supports at Times of Need:  Some benefits designs give single amount installments which can enable you to meet real costs through life. Prior to your retirement, you may have a few noteworthy costs to deal with life buying a house, financing your kid’s training, and so on. Before you pick an approach, ensure you go over the points of interest of the arrangement so you know precisely what you will be getting from it.

Tax saving benefits: Investing in a protection strategy accompanies an arrangement of tax reductions which you can benefit. The same applies to retirement protection designs. Check every one of the arrangements which you may have short-recorded for the tax breaks they offer. Putting resources into a benefits design from an early age can enable you to spare significantly on impose installments. Check your approach subtle elements to discover and comprehend the courses in which you may profit by the accessible arrangements of expense exception under Section 80C of the Income Tax Act.

Life Insurance Protection: Not with standing giving salary post retirement, annuity designs additionally give protection cover. This is particularly valuable to give insurance in the appalling case of a demise following which the family’s salary will be secured. Protection cover shapes a piece of most retirement designs which are offered by life coverage suppliers. this is useful with the goal that the surviving life partner does not need to experience the budgetary weight following a deplorable occasion.

Options to choose under Pension (Annuity) Plan:

There are many sections however the scope of alternatives shifts from individual to individual which the following:

Annuity (pension) payable for Life

Settled annuity is paid at customary interim’s all through the guaranteed’s life. The benefits is halted on the annuitant’s passing. In the event that you don’t have any commitments post your demise, at that point settle on this choice. Most elevated measure of annuity is payable to an individual contrasted with alternate alternatives.

A Guaranteed Period Annuity Payable For Life

The annuity is paid for a specific period and from that point till the annuitant is alive. On the off chance that the certification period is shorter, you will get higher benefits. The annuity stops on the demise of the annuitant. On the off chance that you have kids who can deal with you following a couple of years, take this alternative for a shorter period.

Life Annuity with Return on Purchase Price

On the off chance that you need to leave any sum for your wards, at that point choose this choice. The annuitant will get benefits till he bites the dust, after his demise, the price tag will be given to the candidate.

Increasing Annuity at a settled rate

The annuity paid expands every year with this choice.

Joint life and last survivor annuity

Annuitant will get benefits till he kicks the bucket, if his life partner survives then she is additionally qualified for the annuity. The impressive measure of benefits to be paid to the life partner can be chosen.

How to Choose the perfect Pension Plan?

With the assortment of benefits designs accessible in the market, it could be a test to pick the one which suits your necessity best. Be that as it may, before you put resources into an annuity design, there are some essential parameters you should assess.

  • Returns: The most imperative piece of any speculation is the arrival it gives. Picked an annuity simply after you have a reasonable thought regarding the profits it would give. Continuously remember that if returns are ensured, the rate of profits will be low. Pick an alternative which gives exceptional yields.
  • Liquidity: While most benefits designs will have a secure period, amid which you can’t pull back the contributed reserves, there might be a few designs accessible which offer a specific level of adaptability regarding withdrawal.
  • Tax Benefits: Insurance installments can enable you to save money on impose installments to a specific degree. The same goes for annuity designs. Before you put resources into one, guarantee that you discover the duty suggestion that the arrangement will accompany.
  • Tax Exemption of Dividend (Interest): Another factor to consider when looking or annuity designs is the duty exception of the intrigue or profit which you will get. Most benefits common store profits are not absolved from charge.
  • Minimum and Maximum Amount to Investment: Different benefits designs convey diverse breaking points as far as the base and most extreme speculation which can be made towards the arrangement. Check this before you contribute so you can design your financial plan in like manner.
  • Mix of Investment: This consider comes play just with respect to benefits designs which are offered as a major aspect of a common reserve. Discover the speculation blend offered by the annuity design. While, as a rule the plans are adjusted, they may change after some time.
  • Additional Benefits: Retirement designs offer are frequently joined by a string of extra advantages like life cover, impose advantage, and so on. Discover the extra advantages which distinctive plans offer, before you make your choice.
Eligibility (Qualification) Criteria for Pension Plans

To be Eligible for a benefits under pension plan, people must fall inside a particular age gathering, for the most part between 35-75 years. This age section (min-max age) may vary with life insurance companies.

Annuity Plan Riders

Most annuity designs accompany add-on riders which can be taken to upgrade the advantages gave by the arrangement. a portion of the usually accessible riders include:

  • Accidental death (passing) and dissection rider
  • Term rider
  • Critical illness (disease) rider
  • Waiver of premium rider

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