LIC policy holders here is good news: important decision from company

Life Insurance policy: The country’s leading insurance company Life Insurance Corporation of India (LIC) has recently given sweet news. An important decision has been taken. LIC policy holders here is good news: important decision from company. Offered to provide compensation to policy holders.

Life Insurance Corporation of India (LIC) has recently increased the annuity rates. But this only applies to one policy. LIC has recently decided to increase the annuity rates for the new Jeevan Shanti Yojana. LIC said the decision will be effective from January 5, 2023. According to LIC, the increased annuity rates for the revised policy will be applicable for Life Insurance policy purchased from January 5 onwards.

Also, LIC said that the incentive has also been increased in relation to the higher purchase price. It has increased from Rs 3 to Rs 9.75. Rs 1000 applicable to the purchase. These rates vary based on the purchase price and deferral period, it said. Policyholders can opt for single life or joint life deferred annuity plans.

 You can choose the option you like. This scheme is suitable for self-employed who are not employees. You can get future regular income. Those who want to invest can also avail this scheme. If young workers want to plan their retirement early, they can opt for deferred annuity plans.

There are two options single life deferred annuity plan and joint life deferred annuity. One of these can be selected. Once you choose one, you cannot change it. Minimum annuity available from Rs.1000 per month. Rs 12 thousand per year, six months Rs. 6000, three months Rs. 3000 can be obtained.

Annuity payments can be received monthly, quarterly, six months and annually. Annuity rates are guaranteed. It is stated that the rate of annuity will be the same at the inception of the policy. Payment will be made on that basis.

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For example, if you buy a policy for Rs.10 lakh, you will get Rs. 11,190 monthly pension is available. This applies to those who have opted for deferred annuity for single life option. The same deferred annuity plan with joint life option is Rs. 10,570 pensionable. The policy should be purchased for a minimum of Rs.1.5 lakh.