Increasing life expectancy rate, rising health care costs, absence of social security system in India and disintegration of joint family system are some of the key reasons that makes retirement planning very critical.
To help you continue celebrating your life post-retirement to the fullest, SBI Life presents you an array of pension plans which are simple and innovative.
It is a well know fact that our life is unpredictable; hence, we do not know that what would happen tomorrow with us. However, we can’t completely avoid the unwanted events such as disease, accidents, or other nuisances from our life, but we can certainly make our life better through apt financial planning. Here comes the significance of LIC retirement policy, which is crafted to make your future secured in respect to financial aspects. LIC pension plans are of various types including , which may differ in respect to premium, paid-up value, terms & conditions, etc.
Let’s have an overview of one of the best pension schemes in LIC, which is known as “New Jeevan Nidhi”. This policy not only provides good returns and an option to opt for regular pension on maturity, but also covers death claim during the deferment period. If due to some reason, you are unable to pay the policy’s premium for some time, there is no need to worry. You can revive the policy within a time frame of five years, which is extremely convenient. If we talk about surrender of this policy, then you can surrender it after completion of at least 3 years of policy. In addition, it also saves the amount that you usually pay for your taxes; hence it helps you manage your taxes in a much better way. The LIC has unveiled its new component, namely “LIC pension scheme calculator”, which lets the user calculate the policy’s premium as per his or age, sum assured, policy’s duration, etc.
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