Pension Plan: Everyone wants a better and comfortable lifestyle in retirement. Old age is a period when a person no longer has a job and salary, but has needs and desires. To fulfill this, pension is required for not extending one's hand in front of others. There are various types of plans available in the market, which guarantee regular income. One of such special plans is ICICI Prudential's Guranteed Income For Tomorrow Plan.
about the plan
Guaranteed Income for Tomorrow is a long term plan, in which investment has to be made for 7, 10 or 12 years. After maturity, not only regular income starts. In fact, you also get a huge amount. Investors can receive pension as long as they want. The benefits of life cover, dual tax benefits and protection riders are also available under the plan. Income can be received for 15, 20, 25 or 30 years after maturity. Income is tax free under Section 10 (10D) of the Income Tax Act. Whereas, annual tax saving of Rs 46,800 on premium can be done under section 80C. Under the policy, investors can take a loan up to 80% of the surrender value. In this, 110% return of the premium paid during maturity is given. The maximum age to invest in the policy is 60 years.
Here is the calculation
The amount of income depends on the premium paying turn and investment. If a person invests an amount of Rs 5,000 every month for 12 years and wants to receive pension for 30 years. So with a live cover of Rs 6 lakh, he will get a return of Rs 7,92,00 on maturity and an annual income of Rs 72,236. On payment of monthly premium of Rs 7,500, one gets annual income of Rs 1.08 lakh and return of Rs 11,88,000. Along with this there is a life cover of Rs 9 lakh. If a person invests Rs 10,000 every month for 12 years, he will get Rs 1.56 lakh annual pension for 30 years and Rs 15.84 lakh on maturity.
(Disclaimer: The purpose of this article is to share general information only. Newztezz.online does not recommend investing in any plan/scheme/share market.)
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