LIC (Life Insurance Corporation) of India offers various pension plans that provide guaranteed pension for a lifetime. One such plan is LIC’s Jeevan shanti and jeevan Akshay, which is an immediate annuity plan and differment option plan. Here’s how it works:
- One-time Investment: You make a lump sum payment (one-time investment) to LIC.
- Immediate Annuity: In return, LIC provides you with a guaranteed pension for life or for a chosen period, depending on the option you select you can choose deferment option means you can get pension after some year after with better rate of interest
- Guaranteed Payouts: The pension payouts are fixed and guaranteed, providing you with a regular income stream post-retirement.
- No Market Risks: Since it’s an annuity plan, there’s no market risk involved. You receive a fixed pension irrespective of market fluctuations.thanks g.D.Pandey (from A to Z Insurance)