LIC Pension Plans are specialized insurance plans that provide a steady flow of income after your retirement. Every person aims at saving enough and living a financially secured retirement life. Therefore, LIC has launched some annuity plans that offer dual benefits of insurance and investment. Hence, these LIC Retirement plans are most suited for senior citizens and those planning a secure future so that you never give up on the best things in life. So, let’s have a look at the different types of Pension plans in LIC in the below sections.
LIC Pension Scheme
The Pension Plans of LIC are individual plans. These pension plans are most suited for the senior citizens and for the individuals those who are planning for a secure future. LIC Pension Plans gives financial support in your old age. These pension plans or annuity plans gives benefits after your retirement. Similar to the other life insurance plans policyholder needs to pay the premium to the Life Insurance Corporation of India. But the difference is, the insured will receive the benefits after retirement.
A Pension Plans are a series of regular payments from an insurance company to an individual (policyholder or annuitant) in return for a lump sum or installment premiums for a specified number of years. You can save money through Lic annuity plan which helps you financially in old age after your retirement. So, it is useful for every individual to take the Lic pension policy while earning.
LIC Pension plan offers pension to the individual or annuitant after the retirement. In the case of death of the annuitant, the annuity will be payable to the spouse. On the death of both annuitant and his/her spouse or last survivor, the purchase price will be returned to the nominee. These features are available based on the type of plan.
According to the manner in which the purchase price is paid, annuities can be either:
- An immediate annuity
- A deferred annuity
Why should we choose Pension Plans?
A Pension plan is the reverse of a life insurance policy. In life insurance plans the corporation takes on the risk, but with an annuity, the annuitant takes on the risk that they won’t die in a very short period after paying the purchase price. Also, the LIC Pension plans provide payments in installments and not in one lump sum. One can also choose the vesting date under these LIC Annuity plans. Vesting date is the date of which you become eligible to receive the pension, to coincide with the age from which you would supposedly retire. There are different types of annuity available. They are,
- Joint life.
- Last survivor.
- Life annuity with return of purchase price.
- Increasing annuity.
LIC Retirement Plans – www.licindia.in
|List of LIC Pension Plans|
|Jeevan Akshay VI Plan||Immediate annuity plan with 6 pension options|
|LIC’s New Jeevan Nidhi||Deferred annuity plan with bonus|
|LIC Varishtha Pension Bima Yojana||Immediate annuity plan for senior citizens|
LIC Pension Plans/ Annuity plans
Life Insurance Corporation of India offers both immediate and deferred annuity plans to their customers. The Immediate annuities are nothing but the insured will pay a ‘purchase price’ to the insurer in the form of a single premium. In return, the corporation pays you a guaranteed monthly, quarterly or annual income (the annuity) as long as you live. The Jeevan Akshay VI and Varishtha Bima Yojana are the immediate annuity plans. The details of each of these LIC Pension plans is mentioned in detail below. Here, the insured can also check the LIC Pension Plan chart.
LIC Jeevan Akshay VI
Jeevan Akshay VI is the LIC New Pension Plan. The LIC Jeevan Akshay 6 Plan is a non-unit-linked pension plan which offers a lump sum amount at the end of the Policy term. New Jeevan Akshay VI Pension Plan has 6 pension options to choose from, but once chosen, the choice cannot be altered since pension starts immediately without delay. An annuity may be paid monthly, quarterly, half-yearly intervals. For more details about this LIC Pension Scheme, click the below link.
LIC’s New Jeevan Nidhi Plan
LIC New Jeevan Nidhi Plan is one of the best LIC Pension Plans which is a deferred annuity plan with a bonus. The new Jeevan Nidhi Pension plan is a combination of protection and saving features. It is purchased to cover the risk of living too long and hence has multiple pension options to cover that risk. This LIC Pension policy provides death cover during the deferment period, i.e., until attaining the age of 60 or term of the plan and offers annuity on survival to the date of vesting (from the date you get a pension).
LIC Varishtha Pension Bima Yojana
Varishtha Pension Bima Yojana is also one among the best Pension plans in LIC. The corporation in association with Government of India has launched this pension plan LIC with UIN: 512g291v01. Senior citizens of age above 60 years can take this Varishtha Pension Bima Yojana plan. The pension payment under government pension scheme for senior citizen is done through ECS / NEFT only.
LIC Pension Plan Calculator
The LIC Pension Calculator will give customers an approximation of their pension benefits. But the insured should enter some details such as their name, age, planned retirement age, mode of premium payment, premium amount, etc. Not only the insured can benefit with this LIC Pension plan calculator but also the people who want to opt a pension plan can also use this calculator for calculating the pension benefits. Hence, calculate how much money you need to save for retirement using this LIC calculator and buy any one pension policy from LIC.