LIC Pension Plans: Retirement Schemes & Benefits | PolicyX
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LIC Pension Plans

LIC Pension Plans are designed to secure your future after retirement. These policies are ideal for senior citizens and ...Read More

Minimum Age- 30 year
Claim settlement ratio
Rs 1 lakh to No limit
Annual Premium
85 years
Solvency ratio
🛡️ IRDAI Approved
⭐ 4.6/5 · 918 reviews
✅ Minimum Age- 30 year claim settlement ratio
📊 85 years solvency ratio
🌐 Annual, half-yearly, pan-India

What you get with LIC Pension Plans

The headline features and policy mechanics, at a glance.

Annual Premium Rs 1 lakh to No limit

Affordable premium options starting from entry-level to comprehensive whole-life protection.

Minimum Age- 30 year claim settlement ratio

Industry-leading approval rate on eligible life insurance claims in the most recent fiscal year.

85 years solvency ratio

Well above IRDAI's 1.5× floor — strong indicator of long-term claim-paying ability.

Annual, half-yearly, pan-India presence

Branch offices and claim service centres across India for easy policy servicing.

LIC Pension Plan

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:

  • Secure a regular income with LIC pension plans
  • Easy process
  • A good investment for corporate employees
  • Lifetime Payout

Features of LIC Pension Plans

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).

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.

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 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.

Video reviews

Best 3 LIC Pension Plans 2025 | BEST LIC Pension Plans for 2025 | Top LIC Pension Plans

Best 3 LIC Pension Plans 2025 | BEST LIC Pension Plans for 2025 | Top LIC Pension Plans

Planning for a secure and stress-free retirement? In this video, we discuss government-backed pension options that help you build a guaranteed income after retirement.

3 Best LIC Pension Plans | Top 3 Pension Schemes in 2024

3 Best LIC Pension Plans | Top 3 Pension Schemes in 2024

In this comprehensive guide, we dive into LICs best pension plans that promise financial stability and peace of mind during your retirement years. Whether you are looking for guaranteed returns, tax benefits, or flexibility in payouts, we have got you covered.

3 Best LIC Pension Plans

3 Best LIC Pension Plans

This video explains the details of 3 LIC Best Pension Plans in Hindi. Will know about Stable Income and Retirement Plans.

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

For policy purchase and claim submission. Have these ready before you start.

Photo ID Proof Any one of the following

Passport, Aadhaar card, PAN card, Driving license.

Age Proof Any one of the following

Passport, Aadhaar card, PAN card, Driving license.

Address Proof Any one of the following

Utility bill, passport, voter ID, ration card.

Medical Records Medical records of the policyholder, if requested.

Income Proof Any one of the following

Bank statement, last three months' salary slips (if salaried).

How to Buy a LIC Pension Plans Plan?

Step-by-step guides for the four key moments in your policy lifecycle. Click a tab to switch.

  1. Visit the PolicyX.com website or the LIC Pension Plans official website to compare and choose a suitable life plan.
  2. Enter your personal details such as name, date of birth, gender, annual income, and smoking status to get a customised quote.
  3. Compare plan options — choose your sum assured, policy term, premium payment term, and any optional riders.
  4. Fill in the proposal form with your contact details, nominee information, and medical history accurately.
  5. Upload the required documents: identity proof, address proof, income proof, and recent photographs.
  6. Pay the first premium online via net banking, UPI, debit/credit card, or cheque.
  7. Complete the medical examination if required (depends on your age and sum assured).
  8. Receive your policy document via email and registered post after underwriting approval.
  1. Log in to the LIC Pension Plans customer portal or the PolicyX.com dashboard before your policy renewal date.
  2. Review your existing policy details — coverage, premium amount, and nominee information.
  3. Choose to continue with the same plan or upgrade your sum assured if eligible.
  4. Pay the renewal premium online via net banking, UPI, debit/credit card, or cheque.
  5. Download the renewed policy document from your registered email or the insurer portal.

To calculate premiums on the LIC website:

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

What's covered — and what's not

The standard inclusions and exclusions across LIC Pension Plans plans. Specific plans may add benefits — always check the policy wording before purchase.

✗ Exclusions

  • 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.

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].

Why Choose PolicyX.com?

Don't just take our word for it — check out what our happy customers say about us!

All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.

Ravindra Singh

I highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.

Priti Varshney

I'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.

Nisha Mary

I bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.

Ajay Shah

PolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.

Vijay Rathod

I purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.

Uma Mahajan

Frequently asked questions

The 13 most-asked questions about LIC Pension Plans, answered.

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.
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.
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.
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.
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.
An annuity is a regular allowance, income or pension offered by 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.
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.
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.
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.
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.
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.
Yes, it is possible. Even the Government employees used to do the same from a treasury or a post office.

Customer satisfaction

Aggregate ratings from 918 verified PolicyX customers who bought a LIC Pension Plans plan.

4.6
out of 5
918 reviews
5 star
60%
4 star
25%
3 star
10%
2 star
4%
1 star
1%

Life Insurance Articles

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Himanshu Kumar — Term & Life Insurance Reviewed by Raj Kumar — Health Insurance
Last updated: 26 Dec 2024 · Originally published: 26 Dec 2024

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