Top 3 Best LIC Pension Plans 2016 - Review of LIC Retirement Plans

So you are also worried about your future, your financial stability in future. Of course, you also don’t want to depend upon anyone in your old age for being financial stable. Why don’t you go for LIC pension plans?

Top 3 Best LIC Pension Plans 2016 - Review of LIC Retirement Plans

Yes, there are many policies and plans offered by LIC (Life Insurance Corporation) of India for Indian citizens, so that they won’t rely upon any one in their old age.

Only you have to invest a very small share of your earnings, which you are earning at this age, into LIC as an investment and in your old age they will offer you the same money with a huge interest.

So, without getting worried, you can go for this article in detail as here we are telling you the best pension plans offered by LIC to Indians.

Life Insurance Corporation of India offers 3 LIC pension plans for the citizens of India which they can buy wither on a single premium or in a regular premium. Just you have to pay a small amount after every time period from your earning (amount depends upon your choice) and once you get retire from your job, you will get the pay, which you invested along with many other benefits.

There are 3 LIC retirement plans available-

1.)  LIC New Jeevan Nidhi Policy
2.)  LIC Jeevan Akshay 6 Policy
3.)  LIC Varishtha Pension BimaYojna

Lets read about them one by one –

1. LIC New Jeevan Nidhi Policy

- This policy is a regular/single premium plan in which the money is to be paid till the end of the accumulation time. Than at the end of the accumulation time, the maturity (sum assured), increment bonus and other additional bonuses will be paid in terms of pension to the policy holder. 

- This money is being returned to the policy holder, in his/her vesting period, which starts after the end of the accumulation period. The payment is done in terms of pension, to the holder up to the end of his or her life.

- If you are going for single period, then the policy can be buy only by paying at once but if you are buying a regular premium policy, then you can pay monthly, yearly, quarterly or half yearly.

- The minimum entry age for getting this policy is 20 years and maximum age for single premium is 60 years and regular premium is 58 years.

- The receiving pension age will be between 55 years to 65 years.

- The minimum sum assured for single premium is 1.5 lakh and for regular premium is 1 lakh. And there is no limit for the maximum amount of sum assured.

- The deferment period under single premium is 5 to 35 years of age and under regular premium is 7 to 35 years of age.

- There is some service tax also included in the policy which is about 3.09%

Certain other important points to note under this policy are:

1.) Loan facility is not available under this policy.
2.) You should have to pay the premium within the grace period of the policy in order to prevent the policy from lapsing.
3.) House loan surety is available under this scheme.
4.) The policy cannot be backdated under the same financial year.
5.) If you are not satisfied with the policy terms than you may return the policy within 15 days from the date of receipt.

2. LIC Jeevan Akshay 6 Policy

LIC Jeevan Akshay 6
- It is a retirement policy offered by LIC, which is an immediate annuity plan and can be purchased by paying amount in a single premium. After buying the policy, the pension will start immediately.
The mode of annuity can be monthly, quarterly, half yearly or yearly. 

- The minimum entry age will be 30 years and maximum is 85 years.

- The minimum purchase price will differ according to the mode you choose. If you choose online mode, than you have to pay 1.5 lakh and if you choose offline mode than you have to pay 1 lakh. There is no limit of maximum purchase you can do.

- No medical examination or no age proof is required for taking the profits offered by this plan.

- Loan facilities are not available under this scheme. And additional riders are not available under this scheme. If you are getting 20 % or 30 % of tax, then you are not eligible to buy this policy.

- No nominees are possible under this scheme. And the service tax applicable will be 12.09%.

3. LIC Varishtha Pension Bima Yojna

- This pension plan is a single premium plan for senior citizens of India, in which the pension starts to flow immediately. Pension can be received monthly, yearly, half yearly or quarterly.

- This is one of the very good plan for the senior citizens of India. The person should complete 60 years in order to get this policy and no limit for maximum age is there.

- The sum assured under this scheme is Rs 66,665/- minimum and Rs 6,66,665/- maximum. The policy terms is activated for a minimum of 5 years and a maximum of 35 years.

- Loan facility is also available under this scheme, after completion of the 3 policy years and premium mode can be yearly, half yearly, quarterly and monthly.

- No rebates are available under this scheme.

- One has to pay the premium under the grace period only, if it not paid, then the policy lapses and the benefits available under this LIC pension plan, it ceases.

- The Guaranteed Surrender Value in the given L I C retirement plan is a percentage of total premiums paid excluding taxes, extra premium.

LIC Plans

Thus these are three retirement plans offered by the LIC. These 3 policy plans are worth to be taken. As they not only strengthen the financial condition and stability of the senior citizens of India but also helps to give me a confident to carry their life in a good manner, as they did not rely upon any one for any thing.

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