Immediate Annuity plan â€“ PENSION starts as early as the next month.
This plan can be brought by paying a lumpsum as Single Premium. â€œPay Once : Enjoy Foreverâ€.
You can choose various options of Pension type and mode of Pension payment from LIC.
Eligibility Conditions & Restrictions
|Minimum age||:||30 years|
|Maximum age||:||(i) 100 years (Only under Option â€œFâ€)|
(ii) 85 years (In all other Options)
|Premium mode||:||Single Premium|
|Annuity Mode||:||Yearly / Half yearly / Quarterly / Monthly|
|Premium||:||Min. Rs. 1,00,000|
Max. No limit
|Surrender||:||Allowed after completion of 1 year, only under option â€œFâ€ on medical grounds|
|Income Tax Benefits||:||Premiums paid is eligible for Tax rebate u/s 80c|
Pension is taxable
|ANNUITY OPTIONS:||:||A) Annuity for life|
B) Annuity guaranteed for 5 years and for life thereafter
C) Annuity guaranteed for 10 years and for life thereafter
D) Annuity guaranteed for 15 years and for life thereafter
E) Annuity guaranteed for 20 years and for life thereafter
F) Annuity for life with return of purchase on death
G) Annuity for life with increasing at a simple rate of 3% p.a
H) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant
I) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant
J) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.