Monthly Pension Fixed @ Minimum Rs. 1000

Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation

4.8^~ Rated
7.7 Crore Registered Consumer
50 Partners Insurance Partners
4.2 Crore Policies Sold

We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best returns & make the most of your golden years

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Monthly Pension Fixed @ Minimum Rs. 1000 Benefiting 27 lakh pensioners, the Finance Ministry has approved the plan of giving Rs 1000 to workers in form of minimum monthly pension. Under the Employees Provident Fund Scheme 1995 (EPS-95) run by EPFO, ministry has raised the basic wage ceiling from Rs 6500 to Rs 15000 per month. This is done under the social security schemes operated by retirement fund body. As per the present scenario, out of 44 lakh pensioners about 27 lakh receive less than Rs 1000 per month as their pension which include 5 lakh widows as well. Pensioners are sure to get benefited from this April as starting 2014-15, an additional subsidy of Rs. 1217 crore will be provided by the government for monthly pension of Rs 1000 per month.

This proposal has been pending as Labour Ministry has yet not received Cabinet’s approval. The earlier proposal of increasing subsidy on EPS-95 and raising the basic wage from 1.16% to 1.79% for ensuring pension was disapproved by Finance Ministry. Subsequently, a request has been launched by Labour Ministry over the provision of Rs 1217 crore. As soon as the Finance Ministry launches its approval, the wage ceiling to Rs 15000 will come into effect.

In 2012-13 government provided Rs 1400 crore for the same and 1.16% of basic wage of worker is provided by the same. The social security schemes run by EPFO do not include people who get basic wages more than Rs. 6500.

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It is important to get a wage ceiling under EPFO’s scheme as in would include 50 lakh more workers and this would subsequently increase the flow of savings, and, the EPFO has Rs 5lakh crore corpus with itself.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.