LIC's unique programme! You would get a pension of Rs. 28,000 per month and save Rs. 72 per day; the full computation may be seen here

 LIC's unique programme! You would get a pension of Rs. 28,000 per month and save Rs. 72 per day; the full computation may be seen here

LIC's unique programme! The benefits of this LIC pension plan are available to even 20-year-olds. A monthly premium of Rs 2,255 is required under the plan.

Pension Plan: After retirement, there are a lot of lifestyle adjustments. There's no stress at work at this time. Now is the perfect moment to lead a better life. However, a shortage of funds might destroy your Golden Age. It becomes crucial to be ready in advance as a result. Pension plans are helpful in this regard. To help elderly persons become self-sufficient, LIC runs a number of programs. Jeevan Nidhi Plan (LIC Jeevan Nidhi Plan) is one of them. This is a conventional pension plan that provides savings in addition to protection.

Concerning the pension plan

A person may participate in this plan if they are between the ages of 20 and 58. The range of maturity is 55 to 65 years old. There is a single and recurring premium payment option accessible in this. For five years of investment, the insurance offers guaranteed addition. Bonuses are awarded starting in the sixth year. This also has the option of Accidental Death and Disability Rider. The amount of the pension is subject to tax. However, sections 80C and 10 of the Income Tax Act further exclude the paid premium and 1/3 of the maturity amount from taxes (10A).

This is the computation.

In quarterly, half-yearly, monthly, and annual forms, investors might pay a premium. The premium amounts are as follows: monthly is Rs 2,255; quarterly is Rs 6,766; half-yearly is Rs 13,393; and annual is Rs 26,503. This means that the policyholder has to set aside around Rs 72 each day in savings. You would get a monthly pension of around Rs. 28,000 once you reach adulthood.