LIC Pension Plan: Features & Benefits of LIC Plans

Best LIC Pension Plan

LIC Senior Citizen Saving Scheme 2018

LIC pension plan update elaborates all the senior citizen pension schemes offered by LIC India. Life Insurance Corporation of India offers wonderful opportunities to secure future after retirement. LIC offers a variety of monthly, yearly, or quarterly plans for senior citizens. This post covers details on Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, and LIC Jeevan Akshay 6 policies. Check the details and features and select the best LIC plan to ensure your financial security after the age of 60.

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Planning retirement saving is extremely important. Hence, LIC offers various LIC pension plan for senior citizens. Besides pension plans, the largest life insurance company also offers child plans, education plans, and loan policies. LIC insurance plans are securing futures of lakhs of people in India. They have attractive premium plans, features, and benefits for the subscribers. Check the features of all the major LIC pension schemes.

Pradhan Mantri Vaya Vandana Yojana

The LIC Pension Plan of Pradhan Mantri Vaya Vandana Yojana was established on 4th May in 2017. The scheme is launched by the Government of India for citizens of India.

Pradhan Mantri Vaya Vandana Yojana Highlights:

  • For the period of ten years in policy tenure closing of each term pension debts will mature.
  • The buying amount of the policy returned to the recipient on the death of the pensioner in the ten years of policy term.

The closing payment of the pension added to the consumption value will allocate to the end of the policy term on the existence of the pensioner.

Users can get inforamtion of Pradhan Mantri Vaya Vandana Yojana in Hindi language by changing the language option at the official page of LIC. The form as well calculator are also available for users on the LIC website.

Eligibility of Pradhan Mantri Vaya Vandana Yojana LIC Pension Scheme:

  • Entry age for the scheme is a minimum age of 60 years and maximum there is no limit.
  • The policy tenure is of ten years

The annuity amount of the this LIC pension plan is as below:

Annuity amount Monthly Quarterly Semi-annually Annually
Minimum Rs, 1000/- Rs. 3000/- Rs. 6000/- Rs. 12,000/-
Maximum Rs. 5000/- Rs. 15,000/- Rs. 30,000/- Rs. 60,000/-

 

Modes of annuity on minimum and maximum consumption charge are given below:

Modes of annuity Monthly Quarterly Semi-Annually Annually
Mini. Purchase amount Rs. 1,50000/- Rs. 1,49,068/- Rs. 1,47,601/- Rs. 1,44,578/-
Max. Purchase Amount Rs. 7,50000/- Rs. 7,45,342/- Rs. 7,38,007/- Rs. 7,22,892/-

 

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Jeevan Akshay VI LIC Pension Plan

LIC Jeevan Akshay 6 is a wonderful annuity plan that provides payments in the form of an annuity. You can buy this LIC pension plan by giving a lump sum of amount. The pensioner gets the consistent pension amount thru the lifetime.

Basic Features of LIC Jeevan Akshay Policy:

  • Premium payment can be paid in lump sum amount
  • The lowest purchase price of Rs. 1 lakh for all offline sales
  • The lowest purchase price of Rs. 1.5 lakh for all online sales
  • Medical examination not mandatory
  • There is no maximum purchase price for the policy
  • Minimum age to purchase policy is 30 years
  • Maximum age to enter the plan is 85 years

Eligibility for an annuity under Jeevan Akshay 6:

Charges Minimum Maximum
Entry Age Thirty years Eighty-five years
Invest amount One lakh No limit
Mode of payment Monthly, quarterly, half yearly, yearly

 

Chart of Jeevan Akshay VI LIC Pension Plan Aids:

Pension option Pension for life For 5 years Returns on death Collective pension
Annually Rs. 77,850/- Rs. 77,850/- Rs. 73, 450/- Rs. 58,750/-
Half annual Rs. 38,080/- Rs. 38,030/- Rs. 35,930/- Rs. 28,830/-
monthly Rs. 6,230/- Rs. 6,230/- Rs. 5,880/- Rs. 4,730/-

 

LIC New Jeevan Nidhi

LIC new Jeevan Nidhi is an attractive retirement pension plan for senior citizens. It is a profitable plan for providing savings and security.

This LIC pension plan also allows optional provision for disability or accidental death. Visit official page of LIC to know more details.

Eligibility for LIC Jeevan Nidhi:

Entry Age Mini. 20 yrs. Max. 60 yrs.
Policy Tenure Mini. 5 yrs. Max. 35 yrs.
Guaranteed Amount Mini. 1,00,000/- Rs Max. no limit
Premium Way One time premium, SSS, monthly, Quarterly, Semi-annually, annually

 

Benefits of LIC New Jeevan Nidhi

  1. Death Benefits During First Five Years of Policy

If the policy is under implementation, basic sum assured payment is made in a lump sum along with accumulated guaranteed addition. It is either in a lump sum or as an annuity or paid partially to the nominee.

  1. Death Benefits After First Five Years of Policy

In the case of death after five years of policy, following payments is made.

  • Basic assured sum
  • Accrued guaranteed addition
  • Simple reversionary bonus if any
  • Final additional bonus if any

The payments are made to the nominee either in the form of lump sum whole amount or partial amounts or as an annuity. If all the premiums due are properly paid, the total payment should not be below 105% of the total premium amounts paid so far. This does not include extra premium taxes and rider premiums. The annuity is determined upon the prevailing annuity rates.

Optional Benefits Under LIC New Jeevan Nidhi Plan

If the subscriber pays additional premium along with the regular premiums, accidental death and disability benefit rider is also available under Jeevan Nidhi policy.  In the case of disabilities caused by the accidents, the assured sum of accident benefit payment is made in monthly installments. The installment under this LIc pension plan are paid across the span of 10 years. Future premiums are also waived off as per the conditions. The benefits are available only before the vesting age. The minimum and maximum limits for accident benefit are Rs. 1 lakh and Rs. 50 lakh respectively.

Visit https://www.licindia.in/Products/Pension-Plans?lang=hi-IN to know the LIC pension plan in Hindi language.

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Above listed are the details of the latest LIC pension plan and schemes for senior citizens. These plans and its conditions are subject to change. Hence, we recommend you consult your LIC agent or visit the official website of LIC for more details. We are sure you liked the information shared regarding LIC insurance plans. Do check the 10 best pension plans in India. We will be updating details on best LIC policy and plans on our website. Keep checking our pension section.