Car Insured - Yes, Phone Insured - Yes, What About Your Life ? Save Rs 4000/M & Get Life Cover + Maturity Benefit of Rs. 39 Lac + Tax Benefit.
LIC is one of the oldest life insurance companies in India. The company was founded in 1956 to secure millions of lives through life insurance. The company caters to almost all life insurance needs of customers. It has plans for different stages of life starting from child insurance, savings plans, and LIC pension plans among others. Currently, it has 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, and the Corporate office. The best thing about the company is trust among people and the best claim settlement ratio in the market.
The company offers a good claim ratio of 98.04 percent in the market which is considered as the best one.
2048 + branches at this moment in almost every corner of India to reach people on a wider scale.
The company has Expert Agents who can be contacted 24*7 for any kind of assistance or inquiry.
Fast Facts (2017)
Headquarters | Mumbai |
Business Line | Life Insurance |
Claim Ratio | 98.04% |
Branches | 2048 |
To secure your old age life and to offer stable and enjoyable post-retirement years, LIC has come out with multiple pension plans which will assist you with all your requirements.
This LIC pension plan designed for senior citizens that offer assured a return of 8% per annum payable monthly (equivalent to 8.3% per annum) for 10 years. This plan allows opting monthly/quarterly/ half-yearly or yearly payment of the pension. Recently, the government has increased the limit under Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen.
Key Features of Pradhan Mantri Vaya Vandana Yojana
Eligibility of Pradhan Mantri Vaya Vandana Yojana
Entry Age | 60 years (completed) - No limit |
Policy Term | 10 years |
Minimum Pension | Rs. 1,000/- per month |
Maximum Pension | Rs. 1,20,000/- per year |
LIC's New Jeevan Nidhi Plan is a conventional with-profits pension plan. It is a combination of protection and saving features. This plan offers death cover during the deferment period and annuity on survival to the date of vesting.
Key Features of LIC's New Jeevan Nidhi
Eligibility of LIC's New Jeevan Nidhi
Eligibility | 20 years - 60 years |
Vesting age | 55-65 years |
Minimum Sum Assured | Rs. 1,00,000 |
Maximum Sum assured | No limit |
This LIC pension plan is a single premium pension plan under which the insured has the option to choose an Immediate or Deferred annuity. In this plan, the annuity rates guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable for the lifetime. It can be purchased offline as well as online.
Key Features of LIC Jeevan Shanti
Eligibility of LIC Jeevan Shanti
Minimum Entry Age | 30 years |
Deferred Period | 1 - 20 years |
Vesting Age | 31 - 80 years |
Mode of annuity | yearly, half-yearly, quarterly, and monthly |
The pension plan has become the need of today's world. It gives complete freedom to have a stable and enjoyable retirement. Pension plans are effective for senior citizens to secure their future easily. With an effective pension plan, they do not have to compromise with future needs during post-retirement life. By taking pension plans, you can enjoy your life even after your retirement with your family. By taking the LIC pension plan, the invested amount in the pension will help you in old age while to cater to the changing and evolving needs of its customers. Currently, it has pension plans to offer economic stability during the post-retirement life with various financial benefits.
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1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
(Showing latest 5 reviews only)
October 4, 2021
Aryan Dhaneja
IndoreSeptember 28, 2021
Kushagra Tyagi
Agrabadhiya support mila customer team se! compare kiye kaafi plans and I bought one jo mere liye suitable tha with the help i got
September 28, 2021
Govind Deb
Kanpurit was a pleasure purchasing life insurance from LIC. Very supportive staff and patient. Thanks guys!
September 27, 2021
Saheba Quereshi
Chandigarhthanks LIC for settling my claims so shortly! it was really urgent and I m happy to have placed my trust on the company
September 22, 2021
Kamlesh Kumar
Agrasahi plan mil gyaa...i have to thank LIC jinke plans are budget mein...so i got gud cover at low premiums...
Last updated on September 2021
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fast claim settling...really happy with the help I received. Will be forever grateful to the agent who helped! Thanks