Which is best retirement plan in India?
| Retirement Plans | Tax on Income | Applicable Tax on Investment |
|---|---|---|
| Life Annuity | Taxed | Exempt |
| Life ULIP Plan | Exempted from Tax | Under section 80 up to 1.5 lakhs |
| Defined Contribution Pension Plan | Taxed | Tax-Free |
| National Pension Scheme (NPS) | Yes | Tax deductions under section 80 CCD(1B) upto 50K and section 80 upto 1.5 lakh |
Does LIC employees get pension after retirement?
– Superannuation pension shall be granted to an employee who has retired on his attaining the age specified in rule 14 of the Service Rules or sub-regulation (1) or sub-regulation( 2) of regulation 19 of the Staff Regulations.
How much pension will I get from LIC?
As per the details of this LIC Saral pension plan, modes of annuity available for the annuitant are monthly, quarterly and half-yearly. Hence, minimum monthly annuity available in this plan is ₹1,000, minimum quarterly annuity in this plan is ₹3,000 while minimum half-yearly annuity offered in this plan is ₹6,000.
Does LIC give pension?
LIC Pension plan provides a steady flow of income to the individual in their golden years of retirement. There are four different pension schemes offered by LIC, i.e., LIC Jeevan Shanti, LIC Jeevan Akshay-VII, Pradhan Mantri Vaya Vandana Yojana, and Saral Pension.
How can I get 10000 pension monthly?
If you are planning to invest in a safe place to keep your retirement secure, then you can put money in the Government’s Atal Pension Scheme. In this scheme, both husband and wife can open separate accounts and get a pension of Rs 10,000 every month. The Atal Pension Scheme was launched in 2015.
What is the retirement age of LIC employee?
An employee shall retire at fifty-five years of age provided that the appointing authority may at its discretion extend the service every year upto 60 years of age.
What is LIC monthly income plan?
It is a government’s pension plan devised for citizens above 60 years of age and the insurer can invest upto Rs 15 Lakh. It can be purchased offline as well as online and the insurer can also pay his LIC premium payment online through his account.
What is the salary of LIC chairman?
Rs 35 lakh per annum
The chairman’s salary in LIC is currently Rs 35 lakh per annum.
Are there any pension plans offered by LIC?
LIC offers a range of life insurance plans to customers which take care of their varying insurance needs. Pension plans are also a popular product offered by LIC which helps individuals plan for their retirements. Let’s understand the concept of pension plans and find out about the plans offered by LIC.
How does LIC Jeevan Nidhi pension plan work?
The accumulated amount of LIC Jeevan Nidhi plan is used to generate pension for the policyholder based on his or her survival past the policy term. For the first five years, the policyholder will receive guaranteed additions @ Rs.50/- per thousand Sum Assured for each completed year
How is annuity rate determined in LIC Pension Plan?
For both the option of annuity, the annuity rates are determined at the initiation of the policy and is paid to the annuitant throughout their lifetime. The insurance buyer can purchase this plan wither through an online or offline method. Let’s take a look at some of the salient features of the policy.
Which is the only life insurance company in India?
LIC Pension Plans LIC has been in existence for more than 60 years after having been established in September 1956. The company, which was earlier the only life insurance provider in India, has maintained its status of a market leader. It has the largest market capitalization and enjoys the largest customer base too.