LIC Pension Plans

LIC Pension Plans

Insurance plans that provide income after retirement are called as pension plans. Life Insurance Corporation of India is one of the trusted life insurers in the sector of insurance. This company has more than 250 million people who are using the policies of the LIC.

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Advantages Of LIC Pension Plans:

The following are the advantages that are associated with the LIC pension plan as

  • A regular income plan will be issued to the insured family after the LIC pension plan term
  • The money will be deposited in your account as there is so need to hurry.
  • The pensions of LIC plans offer payments for a lifetime.
  • Most of the LIC pension plans are the payments for life as these plans provide annuity that can be paid at different uniform rates until the survival of the policyholder.
  • All the policyholder and his family receive income after the completion of the policy term. The LIC pension plans offer death benefits to the policyholder family.
  • The amount will be deposit into your account on the date that you specified there is no hassle about the income
  • All the payouts under LIC are guaranteed

Types Of LIC Plans:

The following are the different types of LIC plans that are offered by Life Insurance Corporation

  1. LIC Jeevan Akshay VI
  2. Jeevan shanty
  3. New Jeevan Nidhi
  4. Pradhan mantra Vaya Vandana Yojana

The following table defines the LIC pension plans

Plan name Entry age Sum assured
LIC Jeevan Akshay VI The minimum entry age is 30 years and the maximum entry age is 85 years The minimum sum that can be assured is 1 lakh and there is no limit over the maximum amount
Jeevan shanty The minimum entry age is 30 years and the maximum entry age is 75 to 100 years The minimum sum that can be assured is 1.5 lakhs and there is no limit over the maximum amount
New Jeevan Nidhi The minimum entry age is 20 years and the maximum entry age is 60 years The minimum sum that can be assured is 1 lakh and there is no limit over the maximum amount
Pradhan mantra Vaya Vandana The minimum entry age is 60 years The minimum pension that can be issued is 1 lakh and a maximum amount that can be insured is 1.2 lakhs per month
  1. LIC Jeevan Akshay VI:

This is a policy that annuity payment can be done by payment of a lump sum amount throughout the lifetime of the policyholder. Different types of annuity under LIC Jeevan Akshay VI Plan is as given below

  • The pension can be paid at a uniform rate for the life
  • The annuity is payable for 5,10,15,20 years
  • The annuity that is paid for a lifetime is increased by 3%
  • In case of death of policyholder with a provision of 50% is paid to the spouse in their lifetime
  • In case of death of policyholder with a provision of 100% is paid to the spouse in their lifetime

Eligibility Criteria Of LIC Jeevan Akshay plan:

The following is the eligibility criteria for the Jeevan Akshay plan

  • The minimum entry age for the LIC Jeevan Akshay plan is 30 years and the maximum entry age for the plan is 85 years
  • The minimum amount that should be insured is 1 lakh and there is no limit over the maximum amount insured
  • There are different modes of payments as monthly, quarterly, half-yearly, yearly

Advantages Of LIC Jeevan Akshay Plan

  • A maturity benefit will be issued under this plan
  • Death benefits will also be available under the schemes that you choose
  • Under 80CCC of the income tax act, the premium paid is exempted
  • Pension plans will perform a medical test if you want to choose annuity payout as per the frequency after making the payments
  1. Jeevan Shanti:

In this premium plan, there is an option for the policyholder to choose the intermediate or deferred annuity. This plan enables the policyholder to make a single payment and earn income for a lifetime. This loan can be taken after completion of one year of the policy, the policy will be returned within 15 days if the policyholder is not satisfied with the terms and conditions of the plan

Eligibility Criteria For LIC Jeevan Shanti Plan:

The eligibility criteria of the Jeevan shanty plan is as given below

  • The minimum entry age for the LIC Jeevan Shanti plan is 30 years and the maximum entry age for the plan is 79, 100 years
  • The minimum amount that should be insured is 1.5 lakhs and there is no limit over the maximum amount insured
  • There are different modes of payments that can be an immediate annuity or deferred payment
  1. LIC New Jeevan Nidhi:

LIC New Jeevan Nidhi provides a death benefit and also annuity on the survival till the death of the policyholder

Eligibility Criteria For LIC New Jeevan Nidhi Plan:

  • The minimum entry age for the LIC Jeevan Akshay plan is 20 years and the maximum entry age for the plan is 60 years
  • The minimum amount that should be insured is 1 lakh and there is no limit over the maximum amount insured
  • The maturity period of the scheme is 5 years and the maximum tenure period is 35 years
  • There are different modes of payments as monthly, quarterly, half-yearly, yearly
  1. Pradhana Mantri Vaya Vandana yojana

This premium plan is applicable for the senior citizens who are above 60 years. All the senior citizens are guaranteed with 8% returns after ten years

Eligibility Criteria For Pradhana Mantri Vaya Vandana Yojana:

  • The minimum entry age for the Pradhana Mantri Vaya Vandana Yojana plan is 60 years and there is no limit over the maximum entry
  • The minimum amount that should be insured is 15 lakh and there is no limit over the maximum amount insured
  • There are different modes of payments as monthly, quarterly, half-yearly, yearly

Benefits Of Pradhan Mantri Vaya Vandana Yojana:

The following are the benefits that are associated with the pradhan Mantri Vaya Vandana yojana

  • A death benefit will be insured to the policyholder in case of death of the policyholder within 10 years tenure of the policy
  • The maturity benefit is also available with the final pension installment that needs to be returned by the policyholder on their survival
  • The surrender value will be paid under the conditions of medical treatment of the policyholder or spouse the amount that needs to be paid will be 98% of the purchase price
  • After the completion of the policy term for 3 years, there is a facility to take a loan. The loan that is issued is 75% of the policy price
  • Under section 80C of the income tax act, 1961 the deposit made under this scheme can be exhausted

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