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  • LIC Senior Citizen Pension Schemes

     4.5 / 5.0   by 16499 users
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    About LIC

    In India, LIC or Life insurance Corporation of India has been synonymous with life insurance for ages. Established in 1956, LIC was the very first life insurance provider in India, which built its reputation as being not only one of the oldest, but also the largest life insurance provider in the country. Since inception, the life insurance giant has been helping millions of Indians take care of their life insurance needs, one policy at a time. Now counted among one of the most reliable and preferred life insurance provider, LIC offers a wide range of policies catering to different categories of customers, including senior citizens.

    Pradhan Mantri Vaya Vandana Yojana

    Currently, LIC offers a selection of pension plans which cater to the insurance needs. For senior citizens, the insurer offers one unique pension plan by the name of Pradhan Mantri Vaya Vandana Yojana. This plan was announced by the Indian government on 4 May 2017 for all citizens who are above the age of 60 years, or senior citizens. LIC is the only insurer in India with the licence to operate and offer this scheme. Interested customers can purchase this scheme online, and offline.

    Eligibility - Pradhan Mantri Vaya Vandana Yojana

    Min. entry age 60 years
    Max. entry age No limit
    Policy term 10 years
    Min. pension Rs.1,000/month; Rs.3,000/quarter; Rs.6,000/half-year; Rs.12,000/year
    Max. pension Rs.5,000/month; Rs.15,000/quarter; Rs.30,000/half-year; Rs.60,000/per year

    Features & Benefits - Pradhan Mantri Vaya Vandana Yojana

    Benefits This scheme offers 3 unique benefits which are:
    • Pension payment – The policyholder will be eligible to receive the amount of pension in arrears if they survive plan’s policy term of 10 years.
    • Death benefit – If the policyholder passes away before the end of the policy term (10 years), the policy’s purchase price will be paid to the nominee.
    • Maturity benefit – If the policyholder survives the policy term, they will be eligible to receive the policy’s purchase price + final pension instalment.
    Loan facility Pensioners can avail loan facility under this plan after they have completed 3 policy years. The quantum of loan provided under this facility will not exceed 75% of the policy’s purchase price.
    Free look period 15 days; 30 days if policy has been purchased online
    Payment mode Payment for the plan an be done on a monthly, quarterly, half-yearly, and yearly mode.
    Surrender value Policyholders can exit the plan before the end of the policy term only under special circumstances like the emergency need of cash for treatment of a critical illness for themselves or their spouse. The maximum surrender value paid in this case will not exceed 98% of the policy purchase price.
    Exclusion In case the policyholder commits suicide before the end of the policy term, the full policy purchase price will be paid.

    LIC Senior Citizen Pension Schemes Reviews

  • Page 1 of 50 1 2 3 4 5
    • Aviva Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Aviva Life. I am paying 8000 per year via Online. The sum assured is 1 Crore and considering the policy features and plan benefits it has been a very good experience with the life insurance policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 14, 2018
    • Aegon Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a term life insurance policy with the Aegon Life. I am paying a premium of 5000 per year, The sum assured is 50 lacs. I am making payments online. Claim settlement ratio was above 90% so it was a confident decision in choosing as my life insurance provider.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 14, 2018
    • LIC Life Insurance
      "This is great policy for Employer-Employee"
      0.5 5.0/5 "Blown Away!"
      We (CleverMind Solutions Pvt Ltd) took this policy for our employees, they are very happy and we are also happy because we are providing life insurance cover of Rs 10 lakhs to every employee. What a unique product it is with affordable premium .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 31000 per year. I am paying the premium via the agent and sometimes via cheque, tenure of the policy is 20 years. It has been a smooth experience so far with the policy and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, for one policy I am paying a premium of 24000 per year. I never faced any issues with the policy and their services. I pay the premium sometimes via the agent and sometimes via Cheque. So far it has been a very good experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've started an educational policy with the LIC for my children for which I am paying a premium of 400 per month. The policy is specifically focused on the educational requirements. So far it has been a good experience,
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've 5 life insurance policies with the LIC, four of them is the Money Back policy for which I am paying a premium of 700 Per month, the premium gets auto debited from the salary account. I never had any issues with their services so far. Considering the low premium I am paying the policy is a good one.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
    • Exide Life Insurance
      "ONE OF THE WORST INSURANCE"
      0.5 0.5/5 "Unacceptable"
      I've been using the Life insurance policy from the Exide Life for a while. The response is not good. I pay a premium of 30000 per year via ECS. The premium gets auto debited from the account as it total i paid them 146000 now i want there office to surrender insurance policy and they pay me back 51500/ only this is worst insurance in India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 25 years and it is a long term policy. I am satisfied with the returns and benefits of this policy. I pay my premium once in a year by cheque and i am convenient with the payment options. The maturity period for this policy is 25 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My life insurance policy is with LIC from more than 10 years and it is a term insurance. I pay a premium of Rs 9000 on yearly basis and i am convenient with the payment options. I am satisfied with the terms and conditions like the policy coverage and plan benefits of the policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak and I am paying a premium of 13000 per year. It has been a hassle free experience so far. Considering the policy features I haven't faced any issues with their services so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 700 rupees per month. There are no commendable benefits with the policy. The premium gets auto debited from account. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've three life insurance policies with the LIC. I am paying a premium of 500 rupees per month. The premium gets auto debited from my account via ECS. I haven't faced any issues with their services.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am applying a premium 20000 per year. After 4 years I'll get some money back. The premium gets auto debited from the account via ECS. I never faced any issues with the policy and their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 1600 per month, the tenure of this policy 30 years. I am making payments via an agent which is pretty much convenient. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 7 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 16 years and it is a long term policy. I am satisfied with the returns and benefits of this policy. I pay my premium once in 3 months by cash or cheque and i am convenient with the payment options. The maturity period for this insurance is 20 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am applying a premium of 20000 Per year, I make payment at the branches, the branch staff are also welcoming and supportive. Overall it has been a hassle free experience with the policy and their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 11, 2018
    • LIC Life Insurance
      "Above average service"
      0.5 4.0/5 "Great!"
      I've two money back polices with the LIC. I am paying a premium of 25000 per year. I will get money back after 4 years. The tenure 16 years. I can even discontinue the policy after 4 years. Considering the policy coverage and plan benefits it is a very good policy to hold.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a Jeevan Anand Policy with the LIC, I am paying a premium of 30000 half yearly, The tenure of the policy is 30 years . I am paying branch payments. The branch service is good. So far there hasn't been any issues with the policy and their services so far.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
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