SBI vs LIC Annuity Plan: Every wise particular person begins planning for retirement as quickly as he begins his job. Due to this, they don’t have the stress of cash later as a result of after retirement the common earnings supply ends. In such a scenario, by investing in annuity scheme, you are able to do monetary planning for previous age. If you additionally wish to spend money on annuity scheme, then two large establishments can spend money on Life Insurance Corporation of India and State Bank of India.

What is annuity scheme?

Annuity scheme is a scheme wherein you will get a hard and fast quantity each month by investing a lump sum. It is value noting that the annuity scheme of each LIC and State Bank is being provided by authorities establishments. If you wish to spend money on both of the 2 schemes, however are confused about it, then we’re telling you the place to take a position is extra helpful for you.

Know about SBI Annuity Scheme-

You can make investments lump sum cash in State Bank’s annuity scheme. By investing on this scheme, you’ll get a hard and fast quantity each month. You can make investments cash on this scheme from 3 years to 10 years. In this, you’ll be able to make investments as a lot quantity as you need from the minimal quantity of Rs.25,000. You get a mortgage of as much as 75% on the quantity invested on this scheme. You can switch this scheme from one department to a different department.

Know about LIC Annuity Scheme-

LIC additionally provides annuity scheme. It is obtainable beneath completely different plans. Let us learn about these completely different schemes-

1. LIC’s Jeevan Shanti Plan (LIC Jeevan Shanti Plan) is an annuity scheme that you’ll begin getting the advantage of annuity instantly after buying it. In this scheme, you’ll get a complete of 10 choices out of which you’ll select anyone. At the identical time, within the scheme, you can even select the payout plan in response to your want.

2. LIC New Jeevan Nidhi Plan (LIC New Jeevan Nidhi Plan) wherein you’ll have to pay premium on month-to-month or yearly foundation. After this, after the mounted interval, you’ll get the advantage of annuity each month.

3. LIC Jeevan Akshay VII can be an annuity scheme. In this scheme, senior residents get a complete of 10 choices. The particular factor is that by investing on this, you will get the advantage of pension until demise. Depending on the selection, you’ll be able to make investments for annuity instantly by buying the plan.

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