LIC offers monthly income scheme: opportunity to earn 7000 rupees per month even for 10th-grade graduates

Planning for regular income after retirement requires proactive measures that should be taken while still working. In this context, the National Pension System (NPS) can provide support by allowing the formation of a substantial pension fund through regular small investments.

If an individual contributes 5000 rupees monthly, they can receive a significant sum in the long term. For those preparing to invest in this scheme, a calculation is provided showing what capital can accumulate over 20 years.

NPS is a market-linked investment instrument, and its profitability is calculated based on it. Since investments may depend on market conditions, the calculations assume an annual return of 10 percent.

Assuming that 5000 rupees are saved monthly for two decades, the total contribution amount will reach a certain figure, and the projected fund will amount to 31,62,03,98 rupees. Of this amount, a lump-sum withdrawal of 2,92,20,398 rupees is assumed, and 1,26,48,159 rupees will be needed to purchase an annuity.

If an annuity worth 1.26 crore rupees is purchased with an annual return of 6 percent, the annual income will be 7,58,889.54 rupees, which is equivalent to approximately 63,241 rupees per month.

For those who wish to secure a stable future income while avoiding stock market fluctuations, SBI Life offers the Smart Platina Plus plan. This product is a non-market-linked savings plan that provides guaranteed income along with insurance coverage according to the policy terms.

The minimum annual premium for this plan is 50,000 rupees, with a minimum sum assured set at 5.50 lakh rupees. The article examines various income options, premium payment periods, and benefits upon policy completion.

SBI Life's Smart Platina Plus is a savings insurance plan that is independent of the market and does not involve participation in the insurer's profits through bonuses. Guaranteed benefits are determined according to the policy conditions. Nevertheless, before making a choice, it is important to understand that the amounts of guaranteed income, maturity payouts, and death benefits may depend on the selected options and the general policy terms.

The policy offers clients two choices based on their needs. The first is the guaranteed income option, which provides regular and fixed income as per the policy terms. The second option is the life income option, allowing for regular guaranteed income during a specified payout period. Payments can be made annually, semi-annually, quarterly, or monthly; available payment frequencies and associated conditions must be confirmed before purchasing the policy.

There are four options for paying the premium in Smart Platina Plus: the client can choose a premium payment period of 6, 7, 8, or 10 years. The minimum annual premium for this plan is 50,000 rupees, and the minimum Sum Assured is set at 550,000 rupees. It is important to distinguish between the sum assured and the premium: the sum assured determines the size of the policy benefits, while the premium is the amount the client transfers to the insurance company.

A key feature of this plan is the possibility of returning 110% of the total paid premium upon reaching the maturity date. However, the exact terms and method of receiving this benefit must be clarified depending on the chosen options and official documents. For example, if the total qualifying premium is 5 lakh rupees, 110% will be 5.50 lakh rupees; this is a calculation only to illustrate the percentage, not a guarantee of the actual amount in a real policy.

In the event of the insured person's death during the policy term, the designated beneficiary will receive a death benefit amount according to the policy rules. Under the guaranteed income option, there are provisions that may allow payments to continue even after income commencement under certain circumstances; the conditions and right to receive such payments should be checked in the relevant option documents.

This scheme also provides the option to take a loan against the policy. According to available information, after paying the full premium for at least two years and establishing a residual policy value, the insured can obtain a loan of up to 50% of this value. The lending terms, interest rate, and other details must be confirmed directly with the insurance company.

In addition to the main policy, additional rider options are available. These include the SBI Life Accidental Benefit Rider, which may provide a benefit in case of death or partial disability due to an accident, provided the stipulated conditions are met. A Waiver of Premium Rider is also available. Using riders may incur additional premiums and separate rules.

Smart Platina Plus may be a suitable choice for individuals who prefer guaranteed benefits and insurance coverage over market-linked returns. However, when choosing, one should not focus solely on the maturity amount. One should also study when the income will start, how long it will last, what the total premium outlay will be, and what potential losses might occur upon early termination of the policy.

Disclaimer: The information provided is for informational purposes only and does not constitute individual investment or insurance advice. Before purchasing the policy, be sure to review the official brochures, benefit details, rules, and terms from SBI Life. Consult a certified financial expert if necessary.

The Life Insurance Corporation of India (LIC) has unveiled three new insurance products designed to meet diverse client needs, such as ensuring regular income after retirement or providing financial protection for families against the costs of serious illnesses.

These new plans will be available for purchase starting October 19, 2026. They include a plan guaranteeing post-retirement income, a medical insurance plan that pays a fixed sum upon hospitalization, and coverage offering financial assistance upon cancer detection.

If a client's goal is to organize a steady income stream after ceasing employment, the LIC's New Jeevan Dhara-II plan may be a suitable option. This is an individual deferred annuity accumulation plan that provides a lifelong annuity payment after the selected period expires.

Key benefits of this plan include a guaranteed annuity rate set at the policy inception. Clients can choose between regular contributions or a lump-sum payment according to their needs. There is also an option to select an annuity for one person or joint holders, as well as an option to increase the annuity by making additional contributions during the specified term.

Additional bonuses may be provided for larger contributions or purchase amounts. Bonuses are also available for active and deceased policyholders, as well as for nominees or beneficiaries.

The minimum age to enroll in this plan is 18 years, and the maximum age is 65/70 years (as of the last birthday), minus the deferral period depending on the chosen annuity option. The minimum vesting age for all annuity options is 30 years, and the maximum is 65/70 years (last birthday), which depends on the chosen annuity option.

In case of hospitalization, expenses beyond treatment, such as room charges, tests, and other services, may arise. In such situations, LIC offers the Health Shield plan, a personal medical insurance program that provides fixed payouts for specific health risks.

This plan includes daily hospital benefits according to the policy rules, as well as a lump-sum payment for major surgery. Furthermore, a lump-sum payment is provided for severe illnesses. During the policy term, contribution stability is maintained, and the absence of claims may lead to increased medical coverage according to prevailing rules.

A premium waiver option is also available for other insured members in the event of the primary insured's death, subject to policy conditions. The possibility of increasing coverage through additional contributions via an optional rider is also provided.

The primary insured can enter this plan between the ages of 18 and 65. Other family members, including children aged 90 days up to 20 years, can also be covered if certain conditions are met. Both the policy term and the premium payment term are 15 years.

Cancer treatment can require long-term expenses, and the illness can negatively impact earnings. To manage these risks, LIC introduced New Cancer Cover. This is a personal medical insurance plan that provides financial aid upon the detection of cancer in its initial or critical stage under the policy. Payments are based on a fixed amount stipulated in the policy, not actual treatment costs.

For this plan, the minimum entry age is 18 years, and the maximum is 65 years. The payout amount depends on the cancer stage: 25% of the stipulated sum is paid upon detection of Stage I cancer, and 100% of this sum is paid upon detection of critical-stage cancer.

Additionally, for severe forms of cancer, a monthly payment of 1% of the stipulated sum is provided for 10 years. In the event of the insured's death, this payment can be received by the nominee according to the terms. The client has the option to choose either a level or an increasing sum assured over time. A premium waiver may also be granted upon detection of the relevant cancer, subject to policy terms.

All three LIC plans are available for purchase starting October 19, 2026. Clients can acquire them in two ways: offline through licensed LIC agents, corporate agents, insurance brokers, and marketing firms, or online via the official LIC website ([www.licindia.in](https://www.licindia.in/)).

Before purchasing a policy, it is crucial to carefully review the benefit conditions, exclusions, waiting periods (if applicable), the claims process, and the policy document itself. Decisions must be made based on personal needs and solvency, not solely on one benefit.