• LIC Jeevan Shanti Pension Plan Vs Jeevan Akshay Vs Jeevan Nidhi Vs Pradhan Mantri Vaya Vandana Yojana

    Life Insurance
    • 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

    India’s largest life insurer, Life Insurance Corporation of India (LIC) has recently come up with a new pension plan for its customers - Jeevan Shanti. LIC Jeevan Shanti is a single premium plan that comes with a range of benefits. This plan is ideal for people who wish to have a fixed yearly income even after their retirement. In addition to this one, the company also offers three other pensions plans for its customers right now. New Jeevan Nidhi, Jeevan Akshay-VI, and Pradhan Mantri Vaya Vandana Yojana are the other pension plans currently offered. In terms of features and benefits, these plans differ a lot from Jeevan Shanti. Let’s take a look at how these plans compare against each other.

    Comparison of plans

    Here is a quick comparison of the pension plans offered by LIC:

    Features LIC Jeevan Shanti LIC New Jeevan Nidhi LIC Jeevan Akshay-VI Pradhan Mantri Vaya Vandhana Yojana
    Premium type Single premium Single premium or regular premium Single premium Single premium
    Annuity type Immediate or deferred annuity Deferred annuity Immediate annuity Immediate annuity
    Minimum annuity Rs.12,000 per year Varies based on the age at which the pension starts Varies based on the age at which the pension starts Rs.12,000 per year
    Maximum annuity No limit No limit No limit Rs.1.2 lakh per year
    Minimum entry age 30 years 20 years 30 years 60 years
    Maximum entry age
    • 85 years
    • 100 years (Immediate annuity for life with return of purchase price)
    • 60 years for single premium
    • 58 years for regular premium
    • 85 years
    • 100 years (varies based on the type of plan chosen)
    No limit
    Minimum purchase price Rs.1.5 lakh
    • Single premium - Rs.1.5 lakh
    • Regular premium - varies based on the sum assured chosen
    • For all distribution channels except online - Rs.1 lakh
    • Online purchase - Rs.1.5 lakh
    Rs.1.5 lakh (for monthly pension plans)
    Maximum purchase price No limit No limit No limit Rs.15 lakh (for monthly pension plans)
    Deferment period 1 year to 20 years (subject to vesting age)
    • Single premium - 5 years to 35 years
    • Regular premium - 7 years to 35 years
    N/A N/A
    Minimum vesting age 31 years 55 years N/A N/A
    Maximum vesting age 80 years 65 years N/A N/A
    Joint life annuity option Available for immediate family members including spouse, children, parents,  grandparents, and grandchildren Not available Not available Not available
    Loan facility Available after one year Not available Not available Available after the completion of three policy years
    Policy surrender Allowed anytime after completion of three months Allowed as per the following conditions: Single premium:
    • Within three years of purchase - 70% of the premium
    • After three years of purchase - 90% of the premium
    Regular premium:
    • Policies with deferment period less than 10 years can be surrendered after two years of purchase.
    • Policies with deferment period over 10 years can be surrendered after three years.
    Allowed after one year of purchase Allowed only under exceptional circumstances
    Free look period 15 days 15 days 15 days 15 days


    This is a comparison of all the pension plans available in the LIC lineup. If regular income post retirement is your requirement, you may opt for one of the pension plans offered by the company. In addition to these plans, the company also offers a diverse range of plans including term plans, endowment plans, ULIPs, money-back plans, etc. Based on your specific requirement, you may choose a policy that meets your requirements. If you wish to make the most out of life insurance covers, you may choose more than one cover and take care of your needs.

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