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.
Fast Facts (2017)
|Business Line||Life Insurance|
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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