LIC have many retirement plan for your retirement which makes you tension free so you can enjoy your old days.
LIC of India is the oldest and trustworthy insurance company. It has successfully reached the maximum spread of the market in all over India. It provides a variety of plans to meet the needs of the customers. Recently it has offered four retirement plans to safeguard the future of their customers. Let us have a look over the benefit retirement plans offered by LIC:
It is a simple and single premium plan. Here the policyholder chooses that either they pay immediately or deferred annuity. It enables one-time investment and earns income for life. There are further nine different plans in this. These plans can be availed individually or jointly by family members.
If you are planning for your retirement following are the points that you should consider while opting the LIC retirement plans are:
This plan gives you a regular income. The policyholder and his family receive regular income after the policy term. Some plans offer maturity benefits whereas others provide death benefits to the families.
Most of the LIC’s pension plans offer payment for life. These plans provide an immediate annuity which is paid at a uniform rate until the survival of the policyholder.
It does not matter which plan you choose, the money will be deposited in your bank account on the date specified by you so that you start getting your pension without any hassle and that too without the burden of much paperwork.
The payment under LIC retirement plan is guaranteed and predefined unlike ULIPs, where the payouts are uncertain. Further, being a policyholder you will not only receive the amount promised but also can plan your finances beforehand.