LIC Retirement Pension Plans

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
• Claim up to Rs. 1,50,000 deduction under section 80C**
• Choose between annual and monthly premium payment options

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.

Benefits of LIC Pension Plans:

• LIC Pension Plans take care of pension needs.
• They ensure financial security during the golden years of life.
• The policyholder ca enjoy several benefits with the LIC Pension plans like maturity benefit, death benefit, etc.

There are three different pension plans offered by the Life Insurance Corporation of India. They are as follows:

• Pradhan Mantri Vaya Vandana Yojana
• Jeevan Akshay – VI
• LIC’s New Jeevan Nidhi

Pradhan Mantri Vaya Vandana Yojana

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:

• The policyholder can avail pension arrears if he/she survives the 10 year policy term.
• In case the policyholder encounters death in an unfortunate event during the 10 year policy term, purchase price is refunded to the nominee.
• In case the pensioner survives till the policy term’s end, purchase price along with the pension instalment is payable.

LIC's Jeevan Akshay – VI

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

• The annuity payable under this plan is uniform throughout the entire term.
• In case of the annuity’s demise, the purchase price is returned.
• The annuity can be paid at yearly, half-yearly, quarterly and monthly intervals. The insured can choose any of these modes for annuity payment.
• Surrender under this policy is allowed after completion of 1 policy year for the following circumstances:
  • Myocardial infraction
  • Open Chest CABG
  • Cancer of specified severity
  • Kidney failure requiring regular dialysis
  • Open Heart Replacement or Repair of Heart Valves
  • Major Organ / Bone Marrow Transplant
  • Stroke resulting in permanent symptoms
  • Permanent paralysis of limbs
  • Motor Neurone Disease with permanent symptoms
  • Angioplasty
  • Multiple Sclerosis with permanent symptoms
  • Blindness
  • Benign Brain Tumour
  • Deafness
  • End stage lung failure
  • Loss of speech
  • End stage liver failure
  • Major head trauma
  • Loss of limbs
  • Third degree burns
  • Primary (Idiopathic) Pulmonary Hypertension
• This particular policy does not need any paid up value.

LIC’s New Jeevan Nidhi

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

• The life assured can avail basic sum assured along with simple reversionary bonuses and accrued guaranteed additions upon vesting. However, the plan must be in full force to avail these benefits.
• The nominee can avail the death benefit upon the insured person’s demise.
• Guaranteed Additions of Rs.50 per Rs.1,000 can be availed under the policy every year, for the first 5 policy years.

Why you need the LIC Pension Plans?

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.