Best LIC Pension Plans to invest now for your Future
It’s no breaking news now that LIC is the most trusted and oldest life insurer in the insurance sector.
LIC has managed to maintain its goodwill amongst the people over a long period of time. One of the ways in which LIC has managed to maintain its reputations is by the various other methods, and one of them is pension plans. Before straight away going to the best pension plans, let us first get an understanding of pension plans.
Pension Plans are the specialized insurance which provides a constant flow of income in the golden time period post-retirement. Rather than providing the policyholders with a lump sum amount, this plan provides you with a stream of payments post maturity till the policyholder is alive.
Once we’ve addressed the most crucial question of what is a pension plan, let us now dive into the importance of these plans.
These plans are basically to build a secure future post-retirement, and the policyholders are provided with payments in instalments and not in a lump sum. It is made sure that the money received will be used for retirement funds and not the other expenses.
These plans ensure that you don’t feel the absence of income once the income has stopped and thus, makes you financially independent.
Now that we’ve addressed all the important of questions let’s get into the puddle of which policy will be the best for you.
This plan is an immediate annuity plan where the pension is paid immediately after the payment of a single premium. The annuity can be chosen for a single life or a joint life which includes the annuitant himself and his spouse until the last one is alive.
The multiple options of annuity payouts are what attracts the consumers the most, and thus, more choices equal more benefits to the consumers.
This pension plan is more of a traditional annuity plan which provides savings for retirement. This policy promises profit participation through bonuses. The policyholder has a choice between immediate annuity from the company and single premium deferred annuity plan.
The immediate annuity can be bought from the proceeds which are available at Vestings, and the Single Premium Deferred Annuity can be purchased from the company on vesting in the LIC pension plan.
The next question which needs attention is that where to buy these policies to ensure secure future post-retirement. The two ways to apply for a LIC Pension Plan are –
There are forms for specific LIC pension plans which are available on the online platform only.
The pension plans which are unavailable online can be purchased from intermediaries such as agents, brokers, banks, etc. where intermediaries help us with the application process.
There are several advantages of having a LIC Pension Plan such as regular and hassle-free income, a good alternative for people in private jobs, and it is a payment for life.
There are a few points which need to be kept in mind while purchasing a pension plan which must be kept in mind while buying a pension plan.
A few of them are knowing your pension needs, buy one of the best plans early, know the charges, and know the type of pension plans which are available for you.
Avail the opportunities that you have and make the most of it.Best of Luck!