LIC International is launching a new annuity plan called ‘Immediate Future Secure Pension Plan’ that is one of its kind in Bahrain.
It is a non-linked, single premium, immediate annuity pension plan where guaranteed pension starts immediately.
One-time payment is to be made only at the inception date. Enjoy a second guaranteed income that will provide for your future.
You may also opt for an option to provide pension for your spouse too at an early entry age of 40 up to the entry age of 75 years.
The annuitant has the following annuity options to choose from at the inception of the contract:
* Pay once and get guaranteed regular income for life or opt for an option to get guaranteed regular income for five, 10, 15 or 20 years.
* Enjoy a lifelong monthly income starting from an early entry age of 40 years.
* Option to receive annuity as long as you and your partner are alive.
* Option of Return of Purchase Price on death is also available.
* Benefit of higher annuity rates for large Purchase Price.
“The provision for future and old age might seem difficult for some, but if the right decisions are taken beforehand there is no need to worry because you’re securing yourself with enough guaranteed income that will come in handy,” said LIC International managing director and chief executive Sunil Kumar Thakur.
“This plan in not only limited to individuals looking to secure their old age, this plan can also be purchased by business owners to secure guaranteed monthly income that can be used to cover their employees’ salaries,” he added.
“When someone thinks pension they immediately imagine old age, but the specialty of this plan is that an individual at an early age of 40 years also can choose this plan and receive a guaranteed second income.”