How to prepare a pension fund for old age pension plan? The old age pension plan is most important because it (old age) is a vulnerable stage of life. At this time, a person can remain strong due to financial strength.
On the contrary, if a person becomes financially weak in old age, his condition becomes pathetic. So pathetic that, in colloquial language, even the enemy should not be in such a condition.
In youth itself, a person can easily face a financial crisis. He has the power to work and can change his condition through hard work. But this cannot happen in old age.
People associated with private jobs and businesses must also be aware in time. We should rely on something other than time; it is so uncertain. There are ups and downs in business and private jobs. We cannot ignore this.
You will find many plans in the market that promise to provide old-age pension plans. You have to understand your need rather than follow a plan.
Choose a plan that meets your needs while balancing the present and future.
By the way, the Government of India has made the National Pension Scheme for pension, which we know as NPS. But there is a risk in money in this because this money is invested in the stock market.
Apart from this, you must complete 60 years of age to take benefit of a pension.
old age pension plan
Whatever pension we get comes from a pension fund. So we need a good pension fund so that we can get good pension.
LIC has two plans for direct pension; one is Jeevan Akshay, and the other is Jeevan Shanti. You must pay a lump sum (single premium) to take both plans.
Here you get two ways. Firstly, you should have enough money with you so that you can get a good pension. Another way is to create a fund of your own how you have to build a big fund through your savings. Its information is given further.
To get a handsome pension, you should have 50 lahks to 1 crore rupees, which you can use as a fund. How much money do you have? But I know that if you were born after 1970, you could still build a decent fund.
How to prepare a pension fund?
A pension fund is a money you will buy from Jeevan Shanti or Jeevan Akshay. But from where will you get that much money so that you can buy a good pension plan? I’ll tell you how!
I assume that you have financial constraints and responsibilities. With this, you can save only 5 thousand rupees a month.
You should not keep these five thousand rupees at home; deposit them in the post office. You have to open an RD in the post office, which should be for one year, and be able to deposit 5 thousand rupees monthly.
Doing this will create a small pension fund of about Rs.65 every year. Your money will be safe on depositing in the post office, and you will also get a little interest.
Now you can take insurance of LIC from this pension fund. Due to this, your small fund will grow up to 50 to 70 times.
Further information about the old age pension plan will be provided to you in the next post, which you will find in Personal Finance section.