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Nowadays the demand for investments with safe and stable returns is increasing rapidly in the market. Meanwhile, a claim is spreading like wildfire on social media and among investors that by investing just ₹ 1,00,000 in a special savings scheme of Life Insurance Corporation of India (LIC), one can get a guaranteed income of ₹ 6,500 every month. On the other hand, discussions are also in full swing about a huge increase in the minimum pension received under the Employees’ Provident Fund Organization (EPFO). Both these news are very important for salaried employees, retired people and middle class families. Let us investigate these viral claims in this special report of Amar Ujala and know what is the real mathematics of these government schemes.
What is the truth of the claim of getting ₹ 6500 every month from LIC?
LIC is the most trusted insurance company in the country, where both people’s money and future are completely safe. But when it comes to earning ₹6,500 every month by depositing just ₹1 lakh, you need to be a little careful. As per financial experts and LIC rules, this claim completely depends on your investment tenure, type of policy chosen and fixed returns. In reality, it is not practically possible to get such a huge fixed monthly income on such a small investment in any traditional plan of LIC. Our advice to investors is that instead of blindly trusting such tempting claims going viral on the internet, visit the LIC branch directly or meet your agent to get correct information about the actual benefits of the policy.
EPFO employees are in trouble! Minimum pension can be ₹7500
Along with the discussions of LIC, a big update is also coming out these days on the Pension Scheme (EPS) of EPFO. According to media reports, the demand to increase the minimum pension under EPS-95 has been pending with the government for a long time. At present, private sector employees get a minimum monthly pension of ₹ 1,000 after retirement, which is being directly discussed to be increased to ₹ 7,500. If the government gives green signal to this proposal, it will provide a big financial boost to lakhs of elderly and retired employees who are completely dependent on this pension for their daily needs.
If the rule of 36 months of pension is changed, then huge amount of money will come into the account.
Employee Pension Scheme (EPS) is the biggest and strongest old age support for those working in the private sector. During employment, a fixed share from you and the company goes into this fund. According to the current rules, your pension is calculated on the basis of the average salary of the 36 months immediately preceding retirement. But now there is news that the government is considering making a major change in this rule. If this amendment is implemented, then employees whose salary was very high before retirement may see a huge jump in their monthly pension. Even this small change in the rule can increase the entire scope of your monthly income.
Who will get the most benefit from this and how to check your status?
The increase in minimum pension and change in calculation rules will directly benefit crores of private sector employees, existing pensioners and future retirees coming under the purview of EPS-95. If you also want to check the current status or deposited amount of your pension, then this work takes minutes. You just have to go to the official website of EPFO and open ‘Pensioner Portal’. Enter your 12 digit UAN or PPO number there and get all the latest information related to your pension on your screen for free.
Disclaimer: This news has been prepared on the basis of existing reports available on the internet and media. For final confirmation of investment in any scheme or change in pension rules, always consider the official website and announcements of the concerned department as the basis only.