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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
    • LIC Life Insurance
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have got the Life insurance policy from the LIC around 8 years ago. This policy has the tenure of 20years, I pay the premium amount of Rs,15,000 every year. The plan benefits and the policy coverage is good with this policy. I am getting the money back in every 5 years once from this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I've a Money Back Policy from LIC, it has crossed almost 17 years. The tenure is 20 Years, i pay a quarterly premium of 800 rupees. The money back policy is good and in ever five years they gave money back of 10000 which was quite good. Their support was also pretty good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 24, 2018
    • Future Generali Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance with Future Generali from last 1 year and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year through net banking. The tenure of this insurance policy is 12 years.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 24, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was an good experience with Lic. The policy value is good with Lic. Tenure period is for 25 years. I pay my premium through online. The documents process was been simple,they also use to update me regularly regarding new schemes and offers.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 24, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      The money back policy is good to use from the Lic and I have g got this policy around 4 years ago. The customer support service and the response is good with he LIC . This policy has the tenure of 20years. I pay the premium amount of Rs,8000 yearly once. I go visit the LIC office to do the premium amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 24, 2018
    • LIC Life Insurance
      "Good Money Back Policy to have"
      0.5 4.5/5 "Excellent!"
      I've been using the LIC money Back policy for the past 8 Years. I pay a premium of 6000 Per year, They offer cash back of 10000/20000 Every five year. I"ve already recommended this policy to many of my friends and their customer support is also good. I make payments at the office.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 24, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 7-8 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 3 months by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 24, 2018
    • HDFC Life Life Insurance
      "Very good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the Life insurance policy from the HDFC life and the policy has good plan benefits and better policy coverage. The customer support service is good with the HDFC bank. This policy has the tenure of 8years. I need to pay the premium amount of Rs,5150 to this policy .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Holding the money back life insurance policy around 19 years ago. The customer support service and the response is good with the LIC and I pay the premium through ECS mode .The premium amount of Rs.150 per month I pay the premium. I get the money back in every 6years once.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "Good policy to use'"
      0.5 5.0/5 "Blown Away!"
      Got the Jeevan anand Life insurance policy around 18yearsa ago. The customer support service and the response is good with the LIC and they give good support to the customers. The tenure of this policy is for 13 years and this policy is yet mature.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Life Insurance Corporation Of India service is good. The new schemes and offers are good with Lic. They use to intimate regularly regarding my payments. I have taken five policy's with Lic. Tenure period is for ten years. It was an excellent service with Life Insurance Corporation Of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      The Jeevan saraal life insurance policy has been using by me for more than 6 years. The customer support service is good with the LIC and they give better response to the customers. This policy has the tenure of 20years. I would say it is a good policy to use.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I hold the JEEVAN anand policy from the LIC around 5 years ago. The customer service is good with the LIC and they give good response to the customers. This policy has the tenure of 20years. I pay the premium every month and I would say I am satisfied having the LIC jeevan anand policy .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The service of Lic is good. The new schemes and offers are good with Lic. Payments options are through online. Lic online portal is easy for navigation. I have three policy's with Lic for the tenure period is for 35 years. It was a good experience with Lic.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      The service of Lic is good. The new schemes and offers are good with Lic. Payments options are through online. Lic online portal is easy for navigation. I have three policy's with Lic for the tenure period is for 35 years. It was a good experience with Lic.
      Was this review helpful? 0
      , indore
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      The service of Lic is good. The new schemes and offers are good with Lic. Payments options are through online. Lic online portal is easy for navigation. I have one policy with Lic for the tenure period is for 25 years. It was a good experience with Lic.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 20 years and it is a money back policy. The tenure of this life insurance policy is 16 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I am happy with the coverage value of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      LIC is one of the best insurance policy, i have this policy from last 8-9 years and it is a long term policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. The maturity period of this policy is 20 years and i am happy with the returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
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