Dear Friend,
You can opt for the ULIP from LIC. It is quiet good. No Hidden Cost. Otherwise, You can choose the SIP option so that your amount will go. On the date of your choice, the entire amount can be converted into a Single Premium pension policy. Now, in the industry LIC is offereing the Highest yield and once the pension started, it is assured throughout your life. After your life, the nominee can get the purchase price for the pension policy.
I am not a marketing person of LIC. Pls contact any of the LIC Branch Officials for further information.