Reliable Retirement Income
The Nivritti Vetan Yojana offers a reliable source of retirement income. Members can eventually establish a fund that will give an ongoing source of income, guaranteeing financial security and consistency in their retirement years. This plan is designed for people who want to plan for the future and have financial security after their productive working years.
Plan Structure & Benefits
With deposits spread across 84 months (7 years), the Lokseva Urban Co-operative Credit Society Limited Plan-10 i.e. Nivritti Vetan Yojana is a systematic retirement savings plan that requires a minimum yearly deposit of Rs. 12,000 and then after in multiples of Rs. 1000.
Nivritti Vetan will start on completion of eight years and continuing for the next 14 years OR lifetime (as per customer’s choice), guaranteeing a consistent income after retirement along with a surrender benefit of Rs. 1,00,000.
Terms & Conditions
Early withdrawals are not allowed, and accounts that are closed early will be refunded with interest on savings accounts applied at the end of the seven-year payment period. Deductions can also be made to returns in certain cases of early account closure. This disciplined savings strategy provides a structured approach for members to plan for a comfortable retirement.
Key Features & Requirements
- Systematic Savings: 7-year deposit period (84 months).
- Guaranteed Income: Pension starts from the 8th year for 14 years or lifetime.
- Minimum Deposit: ₹12,000 yearly (in multiples of ₹1,000).
- Surrender Benefit: Lump sum benefit of ₹1,00,000 (subject to plan terms).
- KYC Mandatory: Members must finish the KYC process, including photo ID, Aadhaar card, proof of age, and other necessary paperwork.