Annuity Options for Maturing LIC Jeevan Nidhi
Dear Sir/ Madam,
I have a Jeevan Nidhi Plan maturing later this year which was bought in early 2000s. LIC has asked me to choose an annuity plan. Given that it was bought to save tax at that point of time and the likely maturity amount of approx. Rs. 3 Lakhs, which looked significant that time but is insignificant now, is there an option to take out all the money, without buying annuity? Especially as the annuity rates are low, the pension isn't going to be very material amount.
But if it is compulsory to buy annuity, what are the best annuity plans available at the moment assuming I can opt from any insurer?