Think of a time 15 years, 20 years, 25 years, or 30 years from now when you will retire and stop earning an active income but still on the 1st of every month a guaranteed sum of money gets deposited to your bank account that is completely tax-free and would continue up to 99 years of your life. How relaxing does this situation feel?
And, that is not all, at the same when you are earning a guaranteed, tax-free amount you are also creating an estate for your family that keeps growing year after year which is handed over to your family after you.
Unlike any other pension, this is tax-free and most importantly you can choose the amount of guaranteed pension you need every year and create it accordingly.
Think of it as a fixed deposit that you have created and from which you are earning a guaranteed, tax-free income of your choice every period and at the same time the deposit is growing every year till your age of 99 years. Amazing, right?
And additionally, we have the freedom to create the deposit through monthly, quarterly, half-yearly, or yearly contributions for a period of time, and the pension is fixed accordingly. You have to choose the duration of contributions keeping in mind your pension needs both in terms of amount and time to retire as well as your capacity to contribute at present.
We take an example of a yearly contribution of 10 lakhs made by a person of 30 years of age for different contribution periods.
* Expected as per present calculations of bonuses.
NRIs are also allowed to contribute and reap the benefit of this plan and they can invest through the regulation called “Mail Order Business” from their current residential country along with the completion of certain formalities.
This plan is a reality and is offered by Life Insurance Corporation of India and comes with a sovereign guarantee. No plan is comparable to this one, which gives guaranteed, lifetime, tax-free payouts along with the creation of a growing family fund.
For further details and customized calculations of contributions and payouts, Contact.