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LIC Pension Plan

LIC Pension Plans are designed to secure the future after retirement. These policies are most suited for senior citizens and those planning a secure future so that they never give up on the best things in life. LIC (Life Corporation of India) is one of the oldest and most trusted insurance providers. The LIC Pension Scheme will help you in the golden years of your life.

LIC pension plans are designed after extensive research and have been able to help millions of senior citizens across the country. LIC Pension schemes are versatile that meet every generation's evolving needs.

Currently, 4 LIC retirement plans offered by the Life Insurance Corporation of India provide a steady flow of income to individuals in their second innings of life post-retirement.

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3 Best LIC Pension Plans

3 Best LIC Pension Plans

Key Features of Life Insurance Corporation

Life Insurance Corporation offers an economical way of securing your family after you. It is important that you choose the right insurer and the right plan that will best suit the potential needs of your family. So, before choosing any life insurance company, you need to check some important factors such as claim settlement ratio, solvency ratio, annual premium, and operating network.

To get more insight into Life Insurance Corporation Company's performance, take a look at the below key features that will help you to analyze the company based on its performance:

  • Solvency Ratio
    The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of LIC company for 2020-21 is 1.66. (As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
  • Claim Support
    The company holds a good and reliable claim-settling process with a CSR of 98.62%. (CSR as per IRDAI report of the year 2020-21). Life Insurance Corporation holds one of the highest claims settlement ratios among all insurance companies.
  • Annual Premium
    As per the IRDAI report 2020-21, Life Insurance Corporation recorded an annual premium of Rs. 3,79,389.60 Crores.
  • PAN India Presence
    Life Insurance Corporation has 2000+ branches across India and additional distribution touch-points through several new tie-ups and partnerships. Apart from its PAN India presence, it has consultants that will guide you through its wide array of products and help you pick what is right for you.
LIC Pension Plan life Insurance Key Features

Benefits of LIC Pension Plan

LIC Pension Plans offer multiple advantages to the insured policyholders. The benefits are versatile right from ensuring a regular income to covering healthcare costs and more. Read below to find out more about the benefits:

  • Secure a regular income with LIC pension plans LIC pension plans ensure that the insured and his/her family receives a regular income once the annuity period starts. Investing in a LIC pension plan makes sure that you can sustain your current standards of living. It is advised to start as early as possible so that one has the edge over time to grow a substantial pension fund.
  • Easy process The ease of investing in a LIC pension plan offered by LIC Online services makes the task a hassle-free and smooth process. LIC online portals make it easier for individuals to get annuity payouts, check their plan status and perform other important functionalities.
  • A good investment for corporate employees LIC pension plans are essential for most people employed in the private sector. Unlike the public sector, there is no pension benefit in the private sector upon retirement. This is where LIC pension plans have the upper hand.
  • Lifetime Payout LIC Pension Plans such as Jeevan Akshay VII offer lifetime annuity options.
  • A Guaranteed Payout structure Payments under LIC Pension Plan are guaranteed. The individual will not only receive the payout promised but also be able to plan their future finances well in advance.

Life Insurance Corporation Pension Plans

There are 4 different LIC Pension Plans available currently to secure future post-retirement. There are different types that you can explore such as immediate or deferred annuity plans, single premium annuity plans, etc.

Pradhan Mantri Vaya Vandana Yojana

Government launched the scheme to secure the future of individuals post-retirement with the current interest rate applicable on PMVVY being 7.40% per annum.

Unique Features

  • 10-year policy term
  • Avail Maturity Benefits
  • Death Benefits available

LIC Jeevan Akshay VII

An immediate Annuity plan where the policyholder has the option to choose the type of annuity from 10 available options on payment of a lump sum amount.

Unique Features

  • Annuity for life available
  • Flexible immediate annuity
  • Avail Incentives

LIC New Jeevan Shanti

A single premium policy with lifetime income benefits wherein the policyholder has the option to choose between Single life and Joint life Deferred annuity.

Unique Features

  • Avail additional incentives
  • Flexible death benefit
  • Immediate Annuity for life

LIC Saral Pension

A Standard Immediate Annuity plan wherein the policyholder gets annuity options from two available options on payment of a lump sum amount.

Unique Features

  • Life Annuity available
  • Avail incentives
  • Flexible annuity payment

LIC Pension Plan Life Products

Pension Plans Companies

Secure your post-retirement plans with the below-mentioned IRDAI approved Pension Plan companies.

How To Buy LIC Pension Plans?

LIC allows you to buy pension plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Steps to buy from

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from LIC

  • Visit the official website of LIC Life Insurance Company.
  • Click on the navigation bar and select the category of insurance plan you want to purchase.
  • Click on the 'Buy Now' button and fill in the required details.
  • Tap on 'Next' and select a plan as per your requirements.
  • Select the cover option you want and make your payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

How to Contact LIC Life Insurance Company?

Life Insurance Corporation Of India Central Office 'Yogakshema' Jeevan Bima Marg, Nariman Point.Mumbai 400021

91 022 6827 6827 (Available from 8:00 am to 8:00 pm IST)

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Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

LIC Pension Plans FAQs

1. Which is the best pension plan in LIC?

LIC offers a number of pension plans such as Life Akshay, Jeevan Shanti, Saral Jeevan and Pradhan Mantri Vaya Vandana Yojana. Each of them offers unique benefits. It is advisable to choose a suitable plan as per your requirements.

2. Should I invest in a LIC Pension Plan?

Yes, there are multiple benefits like regular income, financial security and more to investing in an LIC pension plan, especially for employees working in the private sector as they are not entitled to get pension post retirement like central and state government employees.

3. What is an employee pension plan?

In the case of an employee's pension plan, the pool of money is invested on behalf of the employee, and the earnings generate income to the employees upon retirement.

4. Why should I purchase LIC Pension Plans?

There are multiple benefits of LIC Pension Plans like premiums paid are exempted from tax, the death benefits are also exempted from the tax, rebates are offered in the premium rates if the policyholder is choosing a high sum assured.

5. How are pension plans different from Term Insurance?

Even though the purpose of both term plans and pension plans are the same, that is providing financial security there is a basic element of difference between the two. A pension plan gives financial security to the policyholder after retirement. In case of the sudden demise of the insured, the nominee will be entitled to get benefits. However, term insurance pays only after the policyholder's death.

6. What is an annuity?

An annuity is a regular allowance, income or pension offered by LIC Pension Plans.

7. What are the different options available to pay premiums of LIC Pension Plans?

You can pay premiums monthly, quarterly, half-yearly, or yearly and even as a lump sum. However, most people choose the monthly premium mode as it is relatively easy to keep track of.

8. Should I buy a Pension Plan if I already have a Provident Fund (PF)?

Yes, you should invest in LIC Pension Plan as the provident fund amount that you accumulated will be affected by factors like inflation with passing time. It is not advisable to rely only on provident funds as you grow old since your lifestyle needs change and with growing age individuals are prone to medical ailments which can not be covered by provident funds alone.

9. Can a person has multiple Lic pension plans?

Yes. A person can invest in multiple pension plans with the help of private banks and other commercial pension plan sellers. However, the scenario is different when it comes to the National Pension Scheme or any other pension schemes by the Government of India, a person can invest in more than one.

10. What's the New Pension Scheme (NPS)?

The NPS is a brand new defined Contributory Pension Scheme brought you by the government of India for recruits to the primary government service (except army, navy and Air force) becoming a member of on or after 1.1.2004. Under the brand new Pension plan, each such critical authority employee will open a personal retirement account on becoming a member of the service. Each month, and until the employee retires or leaves government service, 10 percentage of the employee's earnings will be transferred into this account with a matching contribution from the govt. While the person retires, he could be capable of using these financial savings to take care of the needs of his family throughout old age.

11. What if a person wants to surrender my Lic pension plan before maturity?

If you want to surrender the plan before the maturity date, then in such cases the entire surrendered value is added to your annual income and you might have to pay tax for the same as per your income slab. Moreover, you might have to pay back any tax exemptions that you got for the paid premiums of the past.

12. What is the participating and non-participating Lic pension plan?

A participating plan allows the insured to share profits of the insurer in the form of bonuses or dividends. In a non-participating plan, the profits are not shared and no dividends will be paid to the insurer. Both plans offer guaranteed life cover.

13. Can the pensioner draw his/ her pension through a bank branch?

Yes, it is possible. Even the Government employees used to do the same from a treasury or a post office.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.