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  • LIC Pension Plans

    LIC Life Insurance

    Every person aims at saving enough and living a financially secured retirement life. LIC offers Individual Pension plans to ensure financial stability in your old age.

    LIC offers the following Pension Plans:

    1. Jeevan Akshay-VI:

      This is an immediate annuity plan. You can pay a lump sum and purchase this plan. You will get annuity payout throughout your lifetime. You have various options for the type and mode of annuity payments.

      Features and Benefits of Jeevan Akshay-VI

      The features and benefits of this plan are as follows:

      1. Annuity is paid at a uniform rate.
      2. Minimum entry age is 30 years and the maximum is 85 years.
      3. The annuity is payable for 5, 10, 15 or 20 years and thereafter as long as the annuitant is alive.
      4. Return of purchase price on annuitant’s death.
      5. Interest rate is 3% per annum.
      6. You get a provision for either 50% or 100% of annuity which will be payable to spouse during the lifetime or on the annuitant’s death.
      7. Annuity may be paid on a monthly, quarterly, half-yearly or on a yearly basis.
      8. One time premium payment.
    2. LIC's New Jeevan Nidhi:

      This is a conventional plan with profits pension that offers protection and helps you to save. Death cover is offered during the deferment period and annuity is paid on survival till the date of vesting.

      Features and Benefits of LIC's New Jeevan Nidhi

      The features and benefits of this plan are as follows:

      1. You get benefits on vesting, guaranteed additions, simple reversionary bonus and final additional bonus.
      2. Death benefit is offered.
      3. You will be able to participate in profits from the 6th policy year.
      4. Final additional bonus is declared when you claim on death or on vesting.
      5. You can also opt for the LIC’s Accidental Death and Disability Benefit rider.
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