Everyone wants to save money. But what if you could also get a fixed income every month while saving? Yes, this time, the Life Insurance Corporation of India (LIC) has brought great news for the senior citizens of the country. LIC has recently launched a fixed deposit scheme that offers a fixed monthly income to senior citizens.

Key Benefits for Senior Citizens

This new LIC scheme is only for senior citizens aged 60 years or above. Like a bank fixed deposit, this scheme not only helps in saving money but also offers a guaranteed monthly income. It helps senior citizens manage their monthly expenses and ensures financial stability after retirement. It offers better interest rates than many regular bank FDS.

Who Can Apply?

To apply for this LIC scheme, the following eligibility criteria must be met:

The applicant must be an Indian citizen.

The applicant should be 60 years of age or older.

The applicant should be in good health.

Valid KYC documents such as Aadhaar card, PAN card, and address proof are required.

Special Features of the LIC Senior Citizen FD Scheme

Fixed Monthly Income: The scheme gives a fixed monthly income that is not affected by market changes.

Higher Interest Rates: It offers better interest rates than regular bank FDS.

Loan Facility: Investors can take a loan against the deposit after a certain period.

Premature Withdrawal: Money can be withdrawn early under specific conditions, but some charges may apply.

Example: How Much You Can Earn Monthly

The monthly income depends on how much you invest and for how long. The scheme allows investments from 5 to 10 years at an interest rate of around 7.5%.

Here’s a rough idea:

  • ₹1 lakh investment = ₹625/month
  • ₹2 lakh investment = ₹1,250/month
  • ₹3 lakh investment = ₹1,875/month
  • ₹5 lakh investment = ₹3,125/month
  • ₹7.5 lakh investment = ₹4,687/month
  • ₹10 lakh investment = ₹6,250/month
  • ₹15 lakh investment = ₹9,375/month

How to Apply for the LIC Senior Citizen FD Scheme

Applying is simple. Follow these steps:

  • Visit the nearest LIC branch or go to the official LIC website.
  • Fill out the application form for the Senior Citizen FD Scheme.
  • Attach required documents like Aadhaar card, PAN card, and age proof.
  • Deposit the investment amount (via cheque, demand draft, or online).
  • Once approved, you’ll receive your policy document and begin receiving monthly income.

Final Words

In short, LIC’s new fixed deposit scheme is a great option for senior citizens looking for a safe and steady monthly income. If you are 60 years or older, this could be the perfect retirement investment for you.