Is LIC Jeevan Akshay a good policy?

Is LIC Jeevan Akshay VI Plan a good policy? Well, the LIC Jeevan Akshay VI Plan is surely a good policy for it comes from one of the most reputed insurance companies of India, LIC. Apart from its credibility, it offers several benefits such as uniform pension plans, lump sum payments, tax deductions, etc.

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Likewise, how can I get 50000 pension per month?

First take the case of immediate annuity: For a pension of Rs 50,000/month (or Rs 6 lakh/annum), you will have to invest around Rs 70 lakh at the age of 60 in the LIC plan. At the age of 50, you will need to invest at least Rs 80 lakh for Rs 50,000/month pension.

Also to know is, what is LIC pension plan? This LIC pension plan is a single premium pension plan under which the insured has the option to choose an Immediate or Deferred annuity. In this plan, the annuity rates guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable for the lifetime.

People also ask, which LIC scheme is best?

Top 6 LIC Plans In India 2020

LIC Plans Type of Plan Policy Term (in years)
LIC Tech Term Plan Pure Term Insurance plan 10 – 40
LIC New Children’s money-back Plan Traditional money-back Child Plan 25 years – Age at Entry
LIC New Jeevan Anand Endowment Plan 15 – 35
LIC Jeevan Umang Whole Life + Endowment Plan 100 – Age at Entr

Which pension policy of LIC is best?

Pension Plans

Sr. No. Product Name Plan No.
1 “Pradhan Mantri Vaya Vandana Yojana “ 856
2 LIC’s Jeevan Akshay – VII 857
3 LIC’s New Jeevan Shanti 858

Which LIC plan is best for pension?

LIC Jeevan Nidhi Plan
  • LIC Jeevan Akshay VI plan.
  • LIC Jeevan Nidhi Plan.
  • HDFC Life Click2Retire Plan.
  • Reliance Smart Pension Plan.

How is monthly pension calculated?

Effective from September 1, 2014, the contribution will be made as follows: 8.33% of Rs 15,000 = Rs 1250. Kasturirangan says, “The formula to calculate the EPS pension is as follows: Monthly pension amount= (Pensionable salary X pensionable service) /70.”

How can I get 10000 Pension monthly?

The PMVYY pension scheme was recently modified by the finance ministry. The pension scheme was then extended till 31 March, 2023 with an assured interest rate of 7.40 per cent per annum for FY 2020-21. The pension scheme offers a guaranteed monthly income of up to Rs 10,000 for 10 years, according to LIC.

How can I get 20000 Pension monthly?

According to the HDFC pension calculator, for the pension of Rs 20,000 per month, you need to invest Rs 2424 per month. According to the HDFC pension calculator, for the pension of Rs 30,000 per month, you need to invest Rs 3637 per month.

How much pension will I get from LIC Jeevan Nidhi?

Key Features of LIC’s New Jeevan Nidhi Plan

Plan type Pension plan
Sum Assured Minimum: Rs.1 lakh (regular premium) Maximum: No limit
Grace Period 30 days (Yearly, Half-yearly and Quarterly modes) 15 days (Monthly mode)
Service Tax 3.09%
Freelook Period 15 days. A policy cannot be cancelled after 15 days till for three years

Are pension plans worth it?

Benefits of long-term investing – since these schemes invest for the long-term, your investments can reap the benefits of long-term investing. Pension plans ensure that a good corpus is accumulated by the time you retire and create an annuity which can provide a steady flow of cash post your retirement.

Is LIC pension taxable?

In addition to salary received in present employment, pension received from the ex-employer also becomes taxable under the head Salaries. … For the reasons explained above the annuity received by your from LIC becomes taxable under the head “Salaries” and therefore entitles you for standard deduction.

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.

Is LIC better than PPF?


Points LIC PPF
Risk Safe Safest
Target audience Caters to those who have dependents Caters to everyone
Tenure Flexible 15 years

Is there any LIC policy for 5 years?

LIC offers a number of attractive plans for a designated term of 5 years. Under its 5 years plans, the public life insurance company offers the following plans – Group Insurance, Micro Insurance and Retirement Plans. Life Insurance Corporation or LIC offers a host of insurance plans to customers.

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