It is immediate pension plan which can be purchased by paying a lump sum amount. This plan provides pension for 10 Years as per pension mode selected at the time of inception. Policy can be taken by any person above age of 60 years. This Plan is specially launched by Government of India in collaboration with LIC in which assured 7.4% interest will be given.
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Immediate Pension Plan
It is single premium payment plan, offers assured pension for 10 Years @ 7.4% P.A. to satisfy retirement needs, medical expenses. Pension that starts from the age of 60. This plan can be taken by any person above Age 60 Years without any medical check-up.
Best Pension Option to Secure Future
Various pension modes is available to get pension like Yearly, Half Yearly, Quarterly or Monthly to secure future and also ensure enough returns after 10 Years or on death, whichever is earlier.
Plan Conditions -
| Minimum Entry Age - | 60 years completed |
| Maximum Entry Age - | No Limit |
| Policy Term - | 10 Years |
| Pension Option - | 60 years completed |
| Pension Mode - | Pension For 10 Years |
| Minimum Pension - | ₹ 1,000/- per Month ₹ 3,000/- per Quarter ₹ 6,000/- per Half Year ₹ 12,000/- per Year |
| Maximum Pension - | ₹ 9,250/- per Month ₹ 27,750/- per Quarter ₹ 55,550/- per Half Year ₹ 1,11,000/- per Year |
Purchase Price -
| Mode Of Pension | Minimum Purchase Price | Maximum Purchase Price |
|---|---|---|
| Yearly | ₹ 1,56,658/- | ₹ 14,49,086/- |
| Half Yearly | ₹ 1,59,574/- | ₹ 14,76,064/- |
| Quarterly | ₹ 1,61,074/- | ₹ 14,89,933/- |
| Monthly | ₹ 1,62,162/- | ₹ 15,00,000/- |
Pension Rate -
| Pension Mode | Pension Rate |
|---|---|
| Yearly | ₹ 76.60 p.a. |
| Half Yearly | ₹ 75.20 p.a. |
| Quarterly | ₹ 74.50 p.a. |
| Monthly | ₹ 74.00 p.a. |
Benefit -
Pension Payment -
On Survival of the Pensioner during the policy term, Pension in arrears (at the end of each period as per mode chosen by the Pensioner) shall be payable.
Death Benefit -
On death of the Pensioner during the policy term, the Purchase Price shall be refunded to the nominee/legal heirs
Maturity Benefit -
On Survival of the Pensioner to the end of the policy term, Purchase Price and the final pension installment shall be payable.