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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 covered? 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 once you invest the money, you get assured lifetime income, 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 people 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. This means it is very simple: Invest money just once: You do not have to deposit money in it every month or every year. Just deposit a lump sum as per your savings once and get pension for life: After this, LIC will keep giving 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 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: Immediate Annuity: If you need money immediately, then 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. Deferred Annuity: If you are working now and want to plan your pension for 5, 10, or 15 years, 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 by waiting, you get a much higher pension amount. How to get a pension of thousands of rupees a month? How much your pension will be depends on a few things: How much money you have invested. How old you are (the older you invest, the higher your pension gets). Whether you have chosen to take the pension immediately or after a few years. For example, if a person invests a large amount (like Rs 50-60 lakh) If a person does this, he can easily get a pension of 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 the 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.