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LIC A Right Investment Option for NRIs
Apart from LIC Jeevan Shanti (Single Premium Pension Plan), we also offer our NRI clients to choose a combination of plans instead of standalone insurance product in order to get a regular pension income after retirement which is 100% taxfree. The following is an example of three separate LIC Insurance plans with different investment terms. These LIC plans will generate a stream of regular income for 20 years or one can increase/decrease this period based on his/her needs. These are custom plans which can also be modified to reduce the investment amount/term as per your needs. Investment in this custom LIC pension plan is best suited to NRIs working in the Middle East, Singapore, Malaysia, South Korea, Japan and other countries who plan to come back to India after their retirement.
Please check the below illustration, and then we can discuss the plans which are used to create this stream of regular income.
| Sum Assured: | Rs.46,50,000/- |
| Term: | 20 Years |
| Payment Term: | 20 Years |
| Approx. Monthly Premium: | Rs.19,000/-* |
| Total Approx. Amount Invested in 20 Years: | Rs.42,25,000/- |
| Annual Tax-free Pension for 20 Years: | 6 Lacs Approx. |
| Maturity after Completion of 20 Years of Pension: | Rs.1,20,00,000/- |
*The above figures are approximate and may slightly change depending upon your age.
We used following Endowment plans to create a custom pension plan for you.
Jeevan Umang Plan (Plan No.945): This is one of the LIC's best conventional endowment plans offering non-linked profit and insurance coverage for life i.e. upto 100 years of age. It offers 8% guaranteed annual payments till the death of the insurer or a lump-sum amount to his/her nominee in case of death of the policy holder.
LIC New Endowment Plan (Table No.914): This is a multi-benefit plan of LIC that offers non-linked insurance policy with assured return and bonus. Anyone between 8 to 55 years of age can buy it for a tenure ranging from 12 to 35 years. The policy survivor receives a lump-sum amount of sum assured along with Simple Reversionary Bonus and Final addition bonus.
LIC Jeevan Labh Plan (Plan No.936): This is a limited period premium payment plan of LIC that offers non-linked insurance policy with assured return and bonus. Anyone between 8 to 55 years of age. The plan comes with 3 PPT options - 10/16, 15/21 and 16/25 as PPT/Terms respectively. We used 16/25 term under this custom plan. Jeevan Labh is considered to be a high yield plan.
All the returns are 100% tax free. No income tax to be paid by you either in India or in your country of residence
After the Coronavirus pandemic, people will definitely look for a regular income that is uninterrupted and secured, only LIC is an institution on which you can rely upon. LIC investments are much safer than other instruments e.g. Stocks, FDRs, Mutual Funds, Real Estate etc. etc. We offer customized solutions to cater your needs and future requirements, and could design a plan accordingly. Please call us at +91-9230091000 to help understand your needs and give you a customized solution.
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