LIC Pension Plans
LIC Pension Plans are designed to secure your future after retirement. These policies are ideal for senior citizens and those planning a secure future, ensuring they can continue to enjoy the best things in life. LIC (Life Insurance Corporation of India) is one of the oldest and most trusted insurance providers. LIC pension plans are developed after extensive research and have helped millions of senior citizens across the country. LIC Pension schemes are versatile, meeting the evolving needs of every generation. Currently, the Life Insurance Corporation of India offers 4 LIC retirement plans that provide a steady flow of income to individuals in their second innings of life post-retirement.
LIC Pension Plans ensure your insurance needs are met by offering:
- A regular income
- An easy process
- A good investment for corporate employees
- Lifetime payout
Features of LIC Pension Plans
LIC Pension Plans offer several key features:
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Solvency Ratio: The solvency ratio indicates a company's ability to meet its long-term financial obligations. LIC's Solvency Ratio for 2020-21 was 1.66. (As per IRDAI, every life insurer must maintain a solvency ratio of 1.5).
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Claim Support: LIC has a reliable claim settlement process with a Claim Settlement Ratio (CSR) of 98.62% (as per the IRDAI report for 2020-21). LIC holds one of the highest claim settlement ratios among all insurance companies.
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Annual Premium: As per the IRDAI report 2020-21, Life Insurance Corporation recorded an annual premium of Rs. 3,79,389.60 Crores.
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PAN India Presence: Life Insurance Corporation has over 2000 branches across India and additional distribution touch-points through various new tie-ups and partnerships. Beyond its PAN India presence, LIC also provides consultants to guide you through its wide array of products and help you choose the right one for you.
Exclusions of LIC Pension Plans
- Death due to pandemics such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any type of adventure sports.
- Death due to the consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease not mentioned at the start of the policy.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive only the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of LIC Pension Plans
LIC offers a plethora of advantages:
A Wide Array of Products
The company offers a rich product mix, including protection plans to strengthen the family's financial foundation, savings and investment plans to meet various life goals, and retirement plans to secure your golden years.
Wide Premium Collection Network
LIC makes premium payment easier with multiple options like online payment, auto-debit from a bank account, cheque, cash, and various cash-only centers.
Taxation Benefits
With LIC, policyholders can avail of tax deductions as allowed under the Income Tax Act 1961.
Extensive Customer Service
Customer satisfaction is LIC's prime endeavor. It offers easy procedures for renewing insurance policies and provides one of the most customer-friendly claim processes, giving policyholders peace of mind that their family's future is in safe hands.
Riders You Can Avail With LIC Retirement Plans
You can avail of additional riders with your LIC Retirement Plans:
| Name of the Rider |
Benefits Offered |
| LIC Accidental Death and Disability Benefits Rider |
Additional benefits are offered if the policyholder is diagnosed with any of the critical illnesses mentioned or suffers disability due to an accident. |
| LIC Accidental Death Benefits Rider |
A lump sum amount is offered in case of the policyholder’s demise due to an accident if this rider has been opted for. |
| LIC Critical Illness Rider |
A lump sum amount is offered if the policyholder is diagnosed with any of the critical illnesses mentioned. |
| LIC Premium Waiver Benefit Rider |
Future premiums are waived off in case of the policyholder’s demise due to an accident or any of the critical illnesses mentioned, if this rider has been opted for. |
Documents Required to Purchase LIC Pension Plans
Here is the list of documents required to buy LIC Retirement Plans:
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Photo ID Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
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Age Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
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Address Proof: Any one of the following: Utility bill, passport, voter ID, ration card.
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Medical Records: Medical records of the policyholder, if requested.
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Income Proof: Any one of the following: Bank statement, last three months' salary slips (if salaried).
How to Calculate Premiums on the LIC Website
- Step 1: Visit the Life Insurance Corporation of India official website and scroll down to the end of the page.
- Step 2: Click on the "Buy Online" tab under Popular Links.
- Step 3: Click on the 'Know More' tab under types of plan.
- Step 4: Click on the 'Calculate' tab at the top right corner of the page.
- Step 5: Fill in the required details and click on the 'Calculate' tab.
Once the payment is made, you will receive a payment confirmation at your registered email address.
How to Purchase a Policy Through PolicyX.com
- Step 1: Fill out the form at the top of this page with the necessary details.
- Step 2: Select your income and city, then click on 'Proceed'.
- Step 3: Update your education and occupation details.
- Step 4: Choose your preferred plan and click on 'Buy this plan'.
- Step 5: Select the policy term, premium period, and riders (if required), then proceed to make the payment.
Once the payment is made, you will receive a payment confirmation at your registered email address.
Conclusion
LIC Pension Plans are a reliable option for individuals seeking long-term financial security during retirement. With their combination of life insurance and annuity features, these plans offer both risk coverage and a steady income stream after retirement. You can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at [email protected].
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