In the times when, deposit rates are on declining trend, Government of India has approved Varishtha Pension Bima Yojana which will provide 8% Guaranteed Return for 10 Years to senior citizens. This plan will be implemented through Life Insurance Corporation (LIC) of India to provide financial security to senior aged 60 and above. The current market rates for senior citizen is around 7.5% for 5-7 Year deposit and banks are expecting rate cut in future, so this scheme will definitely help senior citizens to secure a fixed guaranteed income.
This plan has been launched as Pradhan Mantri Vaya Vandana Yojana (LIC Plan No: 842).
Wrote : 27-01-2017 08:37:40
at the age of 38years how can i plan for pension.
Replied : 27-01-2017 11:26:20
For pension planning, it is advisable to plan for generating a lump-sum amount in the year of expected retirement and for the same, you can divide your investment in to long term SIP, PPF and LIC Jeevan Labh (836) for 21(16) year.