Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana. This Scheme is only available during the window from 15th August, 2014 to 14th August, 2015. Key Features of the VPBY Scheme 1- Available to Indian citizens aged aged 60 … [Read more...] about LIC’s Varishtha Pension Bima Yojana (VPBY) 2014 : Review
pension
Types of Pension Plans in India
How Pension Plan Works? Retirement/Pension plans offered in India by life insurance companies are bundled products, which offer the benefits of both insurance and investment. A typical pension plan has two phases - Accumulation Phase In accumulation phase, you pay premiums … [Read more...] about Types of Pension Plans in India
LIC’s New Jeevan Nidhi Plan : Review
LIC's New Jeevan Nidhi Plan is a conventional with profits pension plan (Deferred Annuity Plan) which also provides death cover during the accumulation phase and offers annuity on survival to the date of vesting. It has two phase - Accumulation Phase and Vesting Phase. In … [Read more...] about LIC’s New Jeevan Nidhi Plan : Review
How to Buy LIC's Jeevan Akshay VI Online?
You can buy LIC's Jeevan Akshay VI policy offline (via LIC agent or from LIC Branch) or online. But we had recommended that to buy it online, to get 1% increase in the basic annuity rate. Why go for Online Buying Option? 1- Incentive for online buyer - 1% increase in the … [Read more...] about How to Buy LIC's Jeevan Akshay VI Online?
LIC's Jeevan Akshay VI : Review
It is an Immediate Annuity plan, which can be purchased by paying a lump sum premium amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Salient Features of Jeevan Akshay VI 1- Immediate Annuity Plan - Annuity starts … [Read more...] about LIC's Jeevan Akshay VI : Review
How to Open Online FundsIndia-NPS Account?
1- Register to FundsIndia with Your Name, Mobile No., email ID 2- Log on to FundsIndia. 3- Select 'NPS' option. Enter all the details (Personal Information, Nomination Details, Scheme Preference etc; simmilar to ICICI Direct-NPS Account) 4- Now download, print and sign the … [Read more...] about How to Open Online FundsIndia-NPS Account?
How to Open New Pension Scheme (NPS) Account Online (ICICI Direct)?
ICICIdirect and FundsIndia, both offer New Pension Scheme (NPS) Account online. But both the options are not completely online, you would need to complete the paperwork (part online and part offline) and send them filled application form by post with supporting documents . So … [Read more...] about How to Open New Pension Scheme (NPS) Account Online (ICICI Direct)?
How to Calculate Return of your Annuity?
If you have bought the annuity with your pension pot of Rs. 10,00,000 and you will be are getting an Annual Annuity Payment of Rs. 2,16,315.40 for next 6 years, then you can calculate rate of return using below formula: AAP = [P x r]/[1-(1+r)^-n] Where - "AAP" is the … [Read more...] about How to Calculate Return of your Annuity?
How to Calculate your Annuity Payout?
You can use the following formula to calculate your Annual Annuity Payment (AAP): AAP = [P x r]/[1-(1+r)^-n] Where - "P" is the Principal Amount, "r" is the Periodic Interest Rate and "n" is the Total number of Payments you receive. For example, if you invest Rs. … [Read more...] about How to Calculate your Annuity Payout?
How to Claim Tax Rebate for your Pension Contribution?
Tax Rebate to your Pension Contribution The taxman will give following tax relief (under Sections 80C, 80CCC and 80CCD) to your pension contribution. The limit for maximum deduction (As per Section 80CCE) available under Sections 80C, 80CCC, and 80CCD (combined together) is Rs. … [Read more...] about How to Claim Tax Rebate for your Pension Contribution?