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Home » LIC Pension Plans Review – LIC Pension Scheme Details

LIC Pension Plans Review – LIC Pension Scheme Details

LIC Pension Plans are investment plans that lets you allow a part of your savings to accumulate over a period of time and provide you with steady income post retirement. Pension plans in LIC are best suited for senior citizens to plan their future securely. Hence, by taking an LIC pension plan you can enjoy your life even after your retirement with your loved ones. So, go through the following sections of this article to know about LIC Retirement plans.

Contents

  • 1 LIC Pension Scheme Introduction
    • 1.1 LIC Pension Plan Benefits
    • 1.2 Advantages of LIC Retirement Plans
      • 1.2.1 Example for Pension Plan LIC
    • 1.3 LIC Pension Plans – www.licindia.in
      • 1.3.1 Jeevan Akshay VI Plan
      • 1.3.2 LIC New Jeevan Nidhi Plan
      • 1.3.3 LIC Varishtha Pension Bima Yojana
    • 1.4 LIC Pension Plan Calculator

LIC Pension Scheme Introduction

Lic Pension Plans Review

After several years of hard work, everyone wants to relax. But to lead a stress-free relaxed life after the retirement, one must be away from financial worries. For that, you need to choose a best LIC Pension Plan. The Life Insurance Corporation of India has introduced some pension plans that provide dual benefits of insurance and investment. By taking LIC Retirement plan while you are earning, the invested amount in a pension plan will help you in old age after your retirement. The company will pay the pension throughout the lifetime of the policyholder.

The LIC Pension Plans are Individual plans that will concentrate on your future needs and financial stability in your old age. Also, the LIC Pension scheme provides a minimum guarantee on the premium paid. So, by taking pension plans you do not need to give up on the best things in your life. The Policyholder can purchase the policy by paying the lump-sum amount or by paying regular premiums. You have an option to choose the type and mode of payment such as Yearly/ Half yearly/ Quarterly/ Monthly according to your requirements.

If you have purchased the policy with high price you can get incentives. The different pension plans available under the Life Insurance Corporation of India are LIC Jeevan Akshay-6, Varistha Pension Bima Yojana, and LIC’s New Jeevan Nidhi. Each plan has different eligibility criteria, you can select any one of them by comparing each plan conditions according to your requirements. Here you can also calculate the returns available in LIC Pension plans using LIC Pension Plan calculator.

LIC Pension Plan Benefits

  • Death Benefit.
  • Income Tax Benefit.

These are the basic benefits available for all the LIC Pension Plans. Here I have also provided an example to understand clearly about pension scheme in LIC.

Death Benefit: On Death of the policyholder during the policy period, the purchased amount will be refunded or the premium will be paid to the nominee till the end of the guaranteed period or the policy will be seized. It completely depends on the pension option chooses by the policyholder.

Income Tax Benefit: Premiums paid to buy any of the LIC Retirement plans are exempted from tax. The Pension which will be received by the policyholder is taxable.

Here, you can also find the benefits available for other types of plans such as LIC Term Insurance Plans, Endowment Plans, etc. If you want to know more details about retirement plans, refer the official website, i.e., www.licindia.in

Advantages of LIC Retirement Plans

The LIC Annuity plans offer numerous advantages to their customers. So, let’s have a look at these advantages. For more Information about each pension plan, please check the below list of LIC Annuity plans available.

  • The primary advantage of LIC pension plans is that the policyholder and his family will receive a regular income after the policy term.
  • The pension plans of LIC offer payment for the lifetime.
  • The LIC annuity plans are good alternatives for people in private jobs.
  • Insured will receive much more than amount put in, besides the insurance.

Example for Pension Plan LIC

For example, if you have taken any of the LIC Pension Plan at an age 30 years for a policy term of 20 years and you have chosen to pay premium regularly. On vesting of your policy, you will get Basic Sum Assured along with Guaranteed Additions, Final Additional bonus and vested Simple Reversionary bonuses as maturity benefit which will be converted into the pension. If the policyholder dies within the policy period, then Basic Sum Assured along with Guaranteed Addition will be paid as a lump sum to the nominee under these LIC Pension Plans.

LIC Retirement Plans

LIC Pension Plans – www.licindia.in

  • LIC Jeevan Akshay Plan.
  • LIC’s New Jeevan Nidhi Policy.
  • Varishtha Pension Bima Yojana

Jeevan Akshay VI Plan

The LIC Jeevan Akshay 6 plan is a type of LIC pension plan. This plan is an immediate annuity pension plan. you can purchase this policy by paying a lump sum amount as a single Premium. In LIC Jeevan Akshay 6 Plan after buying the policy, the pension will start immediately without delay. In LIC Jeevan Akshay 6 plan you can select mode of pension payment such as yearly, half-yearly, quarterly and monthly. Once the payment mode is chosen, the option cannot be changed because the pension starts immediately after buying the LIC Jeevan Akshay 6 plan.

LIC Jeevan Akshay Pension Plan

LIC New Jeevan Nidhi Plan

The LIC New Jeevan Nidhi Plan is a regular premium LIC pension plan. Premium needs to be paid till the completion of the policy period. In LIC New Jeevan Nidhi Plan at the end of the accumulation period, the maturity benefit comprising of the sum assured, final additional bonus and the increment bonus will be converted into the pension. After the end of the accumulation period, the vesting period starts in which pension will be paid out on regular intervals till the end of the policy period. After the expiry of the life insured, a lump sum will be paid to the nominee.

LIC New Jeevan Nidhi Pension Plan

LIC Varishtha Pension Bima Yojana

Varishtha Pension Bima Yojana is one of the best LIC pension plans introduced by Life Insurance Corporation of India(LIC). The Government of India announced the revival of LIC Varishtha Pension Bima Yojana in Union Budget 2014-2015. LIC Varishtha Bima Yojana is a single premium pension policy for senior citizens, with pension starting to flow in immediately. One can opt to receive the pension in different modes like yearly, half-yearly, quarterly and monthly.

LIC Varistha Pension Bima yojana

LIC Pension Plan Calculator

Have you ever calculated how much money you need to save for retirement? If your answer is no; then use the LIC Pension Plan Premium Calculator and find out how much amount you need to save. This LIC Pension Calculator is useful not only for the policyholders of LIC but also the for the people who want to opt an annuity plan. So, enter your name, age, planned retirement age, premium amount, mode of premium payment, etc. in the LIC Pension Plan premium calculator and calculate the annuity benefits.

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