LIC Pension Plans take care of the financial needs and requirements that arise after the retirement of a person. The pension policies offered by Life Insurance Corporation of India are tailored to meet the needs of senior citizens who wish to secure their future so that they do not have to worry about money in the golden years of their lives.
There are three different pension plans offered by the Life Insurance Corporation of India. They are as follows:
The Government of India has come up with the Pradhan Mantri Vaya Vandana Yojana. It is designed for the senior citizens who are above the age of 60 years. This scheme is provided only by the Life Insurance Corporation of India.
Benefits of Pradhan Mantri Vaya Vandana Yojana:
|Plan Name||Pradhan Mantri Vaya Vandana Yojana|
|Minimum entry age||60 years|
|Maximum entry age||No limit|
|Term of the policy||10 years|
|Minimum pension||Rs.1,000 every month|
|Maximum pension||Rs.5,000 every month|
The Jeevan Akshay – VI is an annuity plan that can be bought by paying a lump sum amount. This policy offers annuity payments of a specific amount throughout the entire life of the annuitant. There are several options for mode of payment and type of payment under the LIC Jeevan Akshay – VI.
Benefits under the Jeevan Akshay – VI
|Plan Name||LIC Jeevan Akshay – VI|
|Medical examination||Not required|
|Purchase price||No limit|
|Minimum purchase price for online sale||Rs.1,50,000|
|Minimum purchase price for all other distribution channels||Rs.100,000|
This plan is a conservative and profits pension plan with a blend of saving and protection features. This particular insurance policy offers death coverage during deferment period and also provides for annuity upon survival to the vesting date.
Benefits under the LIC’s New Jeevan Nidhi
|Plan Name||LIC’s New Jeevan Nidhi|
|Guaranteed Additions||Rs.50 per Rs.1,000|
|Minimum Accidental Benefit Sum||Rs.1 lakh|
|Maximum Accidental Benefit Sum||Rs.50 lakh|
LIC or Life Insurance Corporation of India is one of the leading insurance providers across the country. It is a state-owned insurance company and its headquarters are in Mumbai. The estimate asset value of Life Insurance Corporation of India stands at Rs.1,560,482 crore. The insurance solutions offered by LIC come with great customisation and flexibility. They are tailored to meet the needs of the customers. The pension plans offered by the Life Insurance Corporation of India are best suited for the senior citizens of India, who wish to save for their future.