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Here are some important Points you should know about this Scheme
- Under this scheme, there will be an assured return of 8 per cent p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.
- If there is a shortfall between the actual return earned under the scheme and the guaranteed return of 8 per cent then the government will subsidise LIC for it.
- LIC started offering the pension scheme since May 4,2017 and it will remain open for the next one year.
- Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds.
- The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded.
- Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
- On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
- On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary.
- The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependants.
- The scheme is exempted from Service Tax/ GST.
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