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News India Live, Digital Desk: When the salary coming every month stops after the job, the biggest worry is that how will the household expenses be managed? To overcome this problem, people invest in different types of schemes. But if you are looking for a scheme where you do not have to worry about depositing money again and again, and by investing money once, your income is assured for life, then a special scheme of Life Insurance Corporation of India (LIC) is just for you.

This scheme is no less than a boon for those who want to create a secure and guaranteed source of income for their retirement. Let us know everything about this scheme in simple language.

What is this scheme and how does it work?

This is a single-premium annuity i.e. pension plan of LIC. What this means is pretty straightforward:

• Invest just once: You do not have to deposit money in it every month or every year. Just deposit the lump sum amount as per your savings once.
• And get pension for life: After this, LIC will continue to give you a fixed amount as pension throughout your life. Once your pension amount is fixed, it is not affected by market fluctuations and you continue to get it for your entire life.

You have 2 great options

The most important thing about this scheme is that it gives you the freedom to choose the pension as per your need:

1. Immediate Annuity: If you need money immediately, you can choose this option. In this, as soon as you deposit the lump sum money, your pension starts from the next month or next quarter. This is best for those who have just retired and want a regular income immediately.
2. Deferred Annuity: If you are working now and want to plan pension for 5, 10, or 15 years later, then this option is for you. In this, you deposit the money today, but your pension starts after a fixed time. Its biggest advantage is that because of waiting, you get a much higher pension amount.

How to get pension worth thousands of rupees per month?

How much your pension will be depends on a few things:

• How much money have you invested?
• How old are you (you get more pension if you invest at an older age).
• You have chosen the option of taking pension immediately or after a few years.

For example, If a person invests a large amount (say Rs 50-60 lakh), he can easily get a pension worth thousands of rupees every month.

What will happen to your spouse after you?

There is also an option of ‘Joint Life’ in this scheme, which is the biggest support for husband and wife. By opting for this, even after the demise of the investor, his/her spouse continues to receive the same pension throughout his/her life. This ensures that your partner remains financially secure even in your absence.

If you also want to secure the future of yourself and your family, then this pension scheme of LIC can be a very reliable and excellent option.