Table of Contents
Does LIC have monthly income scheme?
This pension scheme was launched by LIC, for senior citizens in the year 2017 and will be available for consumers for purchase for another three years i.e. up to March 2023. In the current year of 2021, the scheme will earn an interest of 7.40\% payable every month which will be fully taxable.
What is the interest rate for LIC pension plan?
7.40\% per annum
As per the policy terms and conditions, the pension rate of the scheme is reviewed and decided by the Ministry of Finance every year. The current interest rate applicable on PMVVY up to August 30th, 2021, is 7.40\% per annum. An individual can purchase this scheme through an online or offline method.
Which is the best monthly income scheme in LIC?
Plans with monthly payment option
- New Endowment Plan: The new endowment plan can be taken for tenures ranging from 12 years to 35 years and comes with no limits on the maximum sum assured.
- New Jeevan Anand:
- Jeevan Rakshak:
- Limited Premium Endowment Plan:
- New Endowment Plus:
- Jeevan Lakshya:
Is PM Vaya Vandana Yojana taxable?
The investment made into Pradhan Mantri Vaya Vandana Yojana is exempt from the income tax as U/S 80CCC of the Income Tax Act, 1961. The pension received on the investment is an annuity, which is taxable in the hands of the annuitant.
Which is the best LIC plan for senior citizens?
1. Pradhan Mantri Vaya Vandana Yojna. Pradhan Mantri Vaya Vandana Yojana is a government’s pension plan for senior citizens which is launched by LIC on 4th May 2017. The plan is exclusively designed for people above 60 years of age with a guaranteed interest of 8\% (8.3\% p.a effectively) for 10 years.
What is the best LIC plan?
New Jeevan Anand Plan is one of the best plan in LIC, which offers an attractive combination of protection and savings. This plan continues to provide coverage till the death of the insured even after the maturity of the plan. This plan is combination of both Endowment Plan and Whole Life Plan.
What are LIC plans?
LIC Term Assurance Plan is a life insurance protection plan , which provides financial protection to the family of the insured at an affordable premium rate. Under this plan, a death benefit is offered to the beneficiary of the policy, in the event of unfortunate death of the insured person during the tenure of the policy.
What are LIC policies?
LIC policy is a legal agreement between a policy holder and the insurance company wherein the insurance company promises to pay nominees of policy holder a fixed amount in case the policy holder dies. The policyholder is required to pay premiums to get this agreement started and be in force.
What is the full form of LIC?
The full form of LIC is- LICI: Life Insurance Corporation of India LIC is an abbreviation of the Life Insurance Corporation of India. It is a public segment insurance and investment group corporation in India that generally deals with life insurance products and investment plans under the government of India.