Introduction
The scheme is an exclusive beneficiary to the senior citizens who are aged 60 years, the Government of India announced the scheme for the benefit of the people who are aged over 60 years and the scheme is available with the duration of 4th May 2017 to 3rd May 2018. In the given duration time the senior citizens have to avail the scheme benefits to get financial security after the retirement stage.
Most of the senior citizens are facing issues like financial support during and after the retirement stage. After the age of 60 years they are completely unable to security financial support from the existing Medium. This is because of various reasons like lack of awareness on future planning, unable to understand the future importance of financial security, etc.
The objective and benefits of the scheme
The scheme is directly beneficial to the people who are comes under senior citizenship and aged above 60 years. Under the scheme, the total assured returns of 8% per annum will be provided into equivalent amount For the 10 years. The pension amount will be payable at the end of each period during the policy term of minimum 10 years. Depending upon the frequency the pensioner request the amount will be credited into the pensioners account directly on monthly, quarterly, half yearly and yearly.
After successful Action of 10 years duration by getting the benefits of the scheme, the pensioner will get the total amount of investment as your final payment table directly to the respective member account directly. In case of death happens to the pensioner the total amount will be given to the beneficiary. There is a ceiling of getting pension to a maximum based on the whole family and independent members.
Details
Under the skin there is an option to premature exit available. Due to any critical situations or circumstances The policyholder can exit by stating the proper reason of his or her or the spouse. In such cases by considering the premature amount will be provided of 98% on the total investment. In case of death happens during the 10 years of period the amount will be given to the beneficiary directly. There is no scope to involve any third party Agencies or medium to proceeding with.
In case of any shortfall of the committed scheme benefits due to any reason will be replaced by the government of India on subsidy based scheme.
Age and eligibility criteria
There is a certain age restrictions and eligibility Determined under the scheme to avail the benefits by the senior citizens. The minimum age to enter into the scheme is 60 years which means a person should complete his 60 years of life at the time of availing the scheme benefits. There is no limitation What age to enter into the scheme after 60 years. The minimum policy duration is 10 years with the scope of exit available based on the circumstances and reasons provided. The minimum pension amount of rupees 1000 will get weather senior citizens, this means on quarterly basis the pension will get 3000, on hourly basis will get 6000 rupees and per annum he will get the total of 12000 rupees. The maximum pension amount per month is rupees 5000/-. Pensioner can get them on various periods like monthly/ quarterly/ half yearly / Yearly. Based on the mode of tension duration selected by the pensioner at the time of availing the scheme benefits the amount will be credited directly into their bank account.
There is no necessity to visit any branch or Bank for the monthly pension amount. There is a ceiling for a family to avail the scheme benefits and monthly pension based on the number of people from my family and other alternative sources of income the maximum amount can avail by a senior citizen, depending upon the earnings of the spouse. By considering all the factors the benefits of the pension scheme will be allocated to a senior citizen.
Properties of the scheme
To avail the scheme the senior citizens can visit the nearby LIC office or else in online they can purchase in the LIC – Life Insurance Corporation of India online portal to buy the scheme : http://www.licindia.in/
The minimum purchase price is rupees 1.44 lacs per year and the maximum of rupees 7.22 lacs. Based on the expected monthly pension senior citizens can get desired I want to purchase the scheme benefits. Based on the selection mode offline or online, senior citizens can buy the scheme also the installment can be payable monthly/ quarterly/ half yearly / Yearly.
In case of any emergency the scheme holder can get loan on the total amount paid. The maximum amount avail as a loan is up to 75% of the total amount invested till the date. The average loan amount will reflect in there monthly pension benefits. The main aim of the scheme is to provide financial security to the senior citizens who lives in India and have no other financial security options.
Conclusion
There are various other benefits are also offering today senior citizens under the scheme to avail. A senior citizen can get a minimum of rupees 1000 as a pension per month and the maximum of rupees 5000 as a pension per month. This is purely depending upon the value purchase buy a senior citizen. There is a facility to avail loan option based on the investment the total of 75%.
Senior citizens can exit from the scheme at any point of time by stating a proper reason. The total 98% of the amount can get as a refund at the time of premature exit from the scheme. If the pensioner wish to rejoin there is no additional magnet things to check with. By following a simple process can get the benefits how the scheme in letter on stages also.
Availing the benefits from a family is restricted the maximum based on the family status and the financial protection. In case of any death or Accident happened Based on the cause the amount will be given to the nominee. For any extend if the senior citizen fish to increase the scheme benefit to avail can proceed without having delay by means there is no additional factors to consider for getting the additional benefits.
