LIC Pension Plans : LIC Pension Scheme

LIC Pension Plans : LIC Pension Scheme

LIC Pension Plans : LIC Pension Scheme

LIC is the top life insurance providing company in India and it has one of the best pension plans as well. LIC pension plans are for secure future and for a stable financial growth in the old age. It makes one sure that during the old age he/she won’t be in any financial trouble, as the LIC pension Scheme will make sure that the pension plan holder is getting pension benefits as planned. There are two LIC Pension plans, which are mentioned below:

  1. Jeevan Akshay –VI
  2. New Jeevan Nidhi
  • Jeevan Akshay – VI: in this LIC pension Scheme an individual can get into it by paying a measured estimated amount. The plan purchaser need to pay an amount fixed on an annual basis for the period of whole life. Well there are plenty of options for the mode of payments of the annuities.
  • Features of this plan:
  1.  A lump sum amount needs to be paid in the form of premium.
  2. There is no medical certificate for fitness or any medical examination required for it.
  3. There is of course a minimum limit of purchase price but there is no maximum limit of purchase price.  Though the minimum purchase price (except for online channels) is: 100000 INR (1 lac) and for online channels is: 150000 INR (1 lac 50 thousand).
  4. The minimum age has to be 30+ years and maximum age has to be 85+ years for entry to this plan. The age proof is needed.
  • New Jeevan Nidhi:

This is a unique LIC pension Scheme as this plan caters the pension benefits as well as it also provides the death cover of the pension plan holder. In case the plan benefiter survives till the maturity period it offers annuity as an extra benefit.

  • Features of this plan:
  1. The minimum entry age has to be 20 years and maximum Entry age should be 60 years.
  2. The minimum basic sum to be assured in this pension plan is 100000 INR under regular premium policies and INR 150000 under single premium policies.
  3. There is no limit to the maximum sum assured.
  4. The policy term is of 5 years to 35 years.

Minimum maturity age has to be 55 years and the maximum maturity age is 65 years.

LIC Pension Plans : LIC Pension Scheme

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