It keeps offering different products from time to time that meet the evolving needs of people. Which is the best pension plan in LIC? Mode of pension payment : The ways of pension payments are yearly, half-yearly, quarterly or monthly. Hassle-free income : No matter what plan you choose, the money will be deposited in your bank account on the date specified by you. There is no higher limit on the sum assured.
Types of Senior Citizens Plans and Criteria
The government has planned to announce a new pension plan under the budget for senior citizens. To get minimum benefit under this plan you have to invest one time premium amount as stated. To get maximum benefit under the plan you have to invest as below:. You can apply online for this scheme by going to the official LIC website. To know more about the rules to fir, you can follow the steps mentioned. Since this is an online procedure, licc offline method of application is available. Senior citizens savings scheme by Post Office — Under this scheme the government shall provide with 8.
Top pension plans offered by LIC
Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Senior citizens dread idea of bank mergers. Cabinet nod to amendments to senior citizens law. Can a senior citizen invest in PPF?
The PMVVY has a term of ten years and provides a return in the range of 8 to 8.3 percent depending on the mode of pension that one chooses.
The government has planned to announce a new pension plan under the budget for senior citizens. To get minimum nivestment under this plan you have to invest one time premium amount as stated.
To get maximum benefit under the plan you have to invest as below:. You can apply online for this scheme by going to the official LIC website.
To know more about the rules to apply, you can follow the steps mentioned. Since this is an online procedure, no offline method of application is available. Senior citizens savings scheme by Post Office — Under this scheme the government shall provide with 8. You can also withdraw the money before maturity. Government issued Bonds — Government bonds offer with 8 percent interest two times in a year invedtment a period of 6 years. Tax benefits are not provided in Bonds. Tax free Bonds — You can invest in other bonds available to get 6 to 7 percent interest rate.
These bonds can be purchased from stock market. Mutual Finds — These are sources of regular income and offer with 7 to 9 percent rate of interest for senior citizens. These are not guaranteed and are subjected to buyers rick. In general, lic one time investment plan for senior citizens people avoid taking risk. With all other scheme lic one time investment plan for senior citizens is certain that interest rates may vary over a period of time.
Apart from this, you always have alternative sources to invest in to get returns. It is certain that you can always invest some amount in PMVVY and some amount in other investment plans as. The senior citizens can now be independent and avail the benefit of the cor scheme which will Provide some relief to senior citizens, earlier the limit to investment was 7 lakh invsstment annum now which the government has doubled the investment limit to Rs 15 lakh per annumunder the Pradhan Mantri Vaya Vandan Yojana PMVVY pension scheme.
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LIC Jeevan Shanti plan for NRIs, Professionals and Senior citizens
The PMVVY has a term of ten years and provides a return in the range of 8 to 8.3 percent depending on the mode of pension that one chooses.
Most of the plans come with minimum paperwork so that at the end you start getting your pension without any hassle. How to apply for LIC pension ohe For the policy term of 10 years, senior citizens can get a minimum pension of Rs 1, per month and a maximum pension of Rs 10, per month depending on the amount invested. Invest only a portion of your funds which you feel can be parked for a longer tenure. Can I open another account in my wife’s name and invest Rs 1.
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