Retirement plans offered by Life Insurance Corporation (LIC) of India can provide you with a number of benefits and options depending on the plan you choose. To know how much pension you’ll receive, you’ll need to consider the type of LIC plan you want for retirement and the amount of premium you’d pay for it.
For example, if you choose a pension plan such as the Jeevan Akshay VI plan, you’d need to make a single premium payment, and you’ll receive a fixed amount of pension every year for the rest of your life, regardless of how long you live. The amount of pension you’ll receive will depend on the amount of premium you pay and the amount of annuity you choose. If you choose to receive the annuity in four installments (quarterly), the pension amount you’ll get will be higher than if you choose to receive the annuity in 12 installments (monthly).
On the other hand, if you choose a plan such as the Jeevan Shanti plan, you’ll need to make a single premium payment, and you’ll receive a guaranteed income for a defined period. Again, the amount of pension you’ll receive will depend on the amount of premium you pay and the type of annuity you choose.
In addition to the types of plans and premium amounts, another factor that affects how much pension you’ll receive is the LIC annuity rates. Each plan has different annuity rates, and these rates keep changing from time to time, so it’s important to check the latest rates and consider them while calculating how much pension you’ll receive from a particular plan.
To know exactly how much pension you’ll receive from LIC, you should contact a financial advisor who can help you understand the plans available, the premium amounts and the annuity rates.