Pension
Plans are Individual Plans to gaze into your future and foresee
financial stability during your retirement age. These policies are most
suited for senior citizens and those planning a safe and secure future.
The objective of lic's pension plan is to provide financial security to
your family during your
productive span and a happy independent retired lifestyle for yourself and your spouse
when you decide to retire.
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
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It is an Immediate Annuity plan, which can
be purchased by paying a lump sum amount. The plan provides for annuity
payments of a stated amount throughout the life time of the annuitant.
Various options are available for the type and mode of payment of
annuities.
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These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
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LIC's JEEVAN NIDHI is a with profits
Deferred Annuity (Pension) plan. On survival of teh policyholder beyond
term of teh policy teh accumulated amt (i.e. Sum Assured + Guaranteed
Additions + Bonuses) is used to generate a pension (annuity) 4 teh
policyholder. teh plan also provides a risk cover during teh deferment
period. teh USP of teh plan being teh pension can commence at 40 years.
teh premiums paid are exempt under Section 80CCC of Income Tax Act.
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