LIC Pension Plan

Life Insurance Corporation of India (LIC) offers several Pension Plans. This article is all about various LIC Pension Plans.

Here is a Complete List of LIC Pension Plan. Broadly speaking, LIC offers 4 Pension Plans.

01) Jeevan Nidhi

02) Jeevan Akshay VI

03) New Jeevan Dhara I

04) New Jeevan Suraksha I

Currently, LIC offers the above 4 Pension Plans. Here is a Basic Product detail of each LIC Pension Plan.

01) Jeevan Nidhi -

LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years.  The premiums paid are exempt under Section 80CCC of Income Tax Act.

On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.

02) Jeevan Akshay VI -

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

 

Premium is to be paid in a lump sum.

Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity

No medical examination is required under the plan.

No maximum limits for purchase price, annuity etc.

Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.

Age proof necessary

03) New Jeevan Dhara I -

These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.

Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.

04) New Jeevan Suraksha I -

These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.