Yesterday, I got a service call from Icici Prudential Sales team for a pension plan which going to provide me a pension throughout my life. As I am a existing account holder of ICICI Bank I was keen for knowing the benefits of this plan.
Following are the benefited communicated to me by the sales person. This plan suits best for a middle age person of 35 yrs.
Let us assume if I pay around 1 lack per annum for next 10 years. Then my total corpus will be around 10lacs(principal). Then I have to wait till my retirement age of 65 till my corpus will keep on growing.
After that once I reached age of 65 I will start getting around 5 lack per annum till I live.It means if I survive till age of 95, I will be receiving around 1.5cr which is 15 times which I invested. Also I will be getting a insurance cover of 10 lack from the very first year. That means if I die on 1st year also my family will be getting 10lacs as a claim settlement. And the best part is while investing I am going to save 1 lack rupees as tax exemption u/s 80C and even my returns are tax free u/s 1010D.
I think this plan is awesome and I am looking forward to invest in such plan as earliest as possible.
Thanks.