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Which is best annuity option in LIC?

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Which is best annuity option in LIC?

Sample Rates of Annuity:

Annuity Options Amount of Annuity
Option IV – Lifetime Annuity Guaranteed for 15 years Rs. 65,500
Option V – Lifetime Annuity Guaranteed for 20 years Rs. 65,000
Option VI – Lifetime Annuity Guaranteed with Purchase Price Return Rs. 56,000
Option VII – Increasing Lifetime Annuity Rs. 49,100

What is LIC annuity interest rate?

3\% p.a.
Type of Annuity: Annuity payable for life increasing at a simple rate of 3\% p.a. Annuity for life with a provision of 50\% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

Which is better annuity or pension?

In general, an annuity will give you the most control over your money. If you take a lump-sum pension payment, you have the ability to use the money however you choose.

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Which is the best annuity plan?

Best Annuity Plans 2022-23

Plans Entry Age
Max Life Guaranteed Lifetime Income Plan Min-45/55 (years) Max-80 years
Reliance Nippon Life Immediate Annuity Plan Min- 20 years Max- 80 years
SBI Life Annuity Plus Min- 40 years Max- 80 years
Shriram Life Immediate Annuity Plus Min-0 years Max- 85 years

Which is better Jeevan Shanti or Jeevan Akshay?

1. Jeevan Shanti Vs Jeevan Akshay: As described above, Jeevan Shanti provides both immediate and deferred annuity option, while Jeevan Akshay provides only immediate annuity. So, a person who needs immediate pension may choose any of the two plans. But the annuity rate is slightly higher in Jeevan Akshay.

Is an annuity a pension plan?

An annuity is a financial scheme that will pay a set amount of cash over a defined period of time whereas a pension is a retirement account that will pay cash after retirement from service. The pension amount is received only after retirement whereas to get the annuity amount person needs not wait until retirement.

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Which plan is best for pension?

Best Pension Plans in India 2021

Pension Plans Entry Age Policy Term
LIC New Jeevan Akshay Pension Scheme 30 years – 85 years N/A
Max Life Forever Young Pension Plan 30 years-65 years 10 years-75 years
Max Life Online Savings Plan – 50 years – 75 years N/A
PNB Metlife Monthly Imcome Plan-10 pay 18 years-55 years 10 years

What are the different types of annuity payouts under LIC Pension Plan?

There are multiple options of annuity payouts available under this LIC pension plan which are: Life Annuity paid at a uniform rate; Lifetime Annuity with Return of Purchase Price; Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life; Life Annuity increasing at a simple rate of 3\% p.a.

Which pension plan is best in LIC?

Which pension plan is best in LIC depends on the needs and requirements of the individual. Let’s discuss various LIC pension plans which suit the variant needs of the people. This plan is for senior citizens who is 60 years and above. It is a savings scheme and was launched by the government of India.

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How to buy LIC single life annuity plan?

You need to pay only a single premium to purchase this plan. You can purchase this plan online from the website of LIC. You are eligible to avail of a single life annuity for yourself only or can select a joint-life annuity option that can pay annuities to the spouse as well. The plan offers ten annuity options.

What is commutation of vesting benefit of LIC annuity?

Commutation of vesting benefit also means that withdrawal of 1/3 rd part of the maturity benefit in a lump sum. This type of withdrawal is also called a pension commutation Under Section 10 (10A) of the IT Act, 1961 and is free of tax. Q2: What are the exclusions of LIC Annuity Plans?