LIC Pension Plans: Top Schemes for Secure Post-Retirement Income
LIC offers top pension plans like New Pension Plus and Jeevan Akshay-VII. Build wealth, ensure lifetime income, and secure your financial future.
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The Life Insurance Corporation of India (LIC), a trusted name in the government insurance sector, offers a range of policies tailored to the diverse needs of its customers. With offerings spanning life insurance, term plans, savings schemes, and pension plans, LIC continues to cater to millions across the country. Below is a detailed breakdown of four notable LIC pension plans designed to provide insurance coverage and financial security post-retirement.
LIC’s New Pension Plus is a recently launched non-participating, non-linked pension scheme aimed at helping individuals build substantial wealth through systematic investments. This policy allows flexibility in premium payments, with options for single or regular premium contributions.
Policyholders can choose from four investment fund types based on their financial goals. Premiums are invested in the selected fund, enabling the accumulation of a significant corpus over time. Upon maturity, this corpus is used to provide pension benefits, ensuring financial stability during retirement.
LIC Jeevan Akshay-VII
The LIC Jeevan Akshay-VII plan is an immediate annuity scheme designed for individuals seeking lifelong pension benefits. This non-participating, non-linked individual savings plan offers an annuity immediately after the policyholder’s investment.
Participants in this scheme are entitled to both death and survival benefits, ensuring financial protection for their loved ones. With various annuity options available, this plan caters to diverse financial needs, making it a popular choice among retirees.
LIC New Jeevan Shanti
The New Jeevan Shanti plan is another significant offering from LIC, providing deferred annuity benefits. This non-participating, non-linked individual savings plan offers single-life and joint-life deferred annuity options.
Policyholders can choose a deferred period ranging from 5 to 16 years, after which a lifelong pension begins. Premiums are paid during the deferment period, and upon completion, the policy ensures a steady income for life. This plan is suitable for those looking to secure their post-retirement future with guaranteed returns.
LIC Saral Pension Plan
The LIC Saral Pension Plan is a straightforward and flexible single-premium pension scheme. This non-participating, non-linked plan offers two annuity options:
1. Life Annuity with a 100 per cent return of the purchase price upon the policyholder’s demise.
2. Joint Life Last Survivor Annuity, where the surviving spouse continues to receive annuity payments, with a 100% return of the purchase price after the last survivor's death.
Policyholders can select the option that best suits their financial goals and retirement needs.