LIC Pension Plan 2025 Benefits, Features, Details, Reviews

What are the pension plans?

If you’re looking to save for your retirement, you’ll want to know about pension plans. Pension plans are essentially savings vehicles that allow you to save money for a future income. They come in a variety of shapes and sizes, so it’s important to do your research and pick the right plan for you and your family. This article discusses some of the key features of pension plans and provides a brief overview of the different types available.

• Deferred annuity plans
  These plans are those which permit you to gather a retirement corpus throughout some stretch of time. You can put resources into conceded annuity plans when you are working. The expenses that you pay would collect into a corpus which you would get when the arrangement develops. On development, the corpus collected vows to pay you deep rooted salaries.

• Immediate annuity plans
  These plans are for the people who have a singular amount sum close by and need to get occasional fixed earnings from the sum. Prompt annuity plans guarantee deep rooted annuities at a decent rate in this manner giving you a constant type of revenue.

Pension plans promise the following profit to policyholders –

• They make a reserved corpus for retirement investment funds which proves to be useful after you resign.
• Conceded benefits plans are likewise presented as unit-connected protection plans. Through these plans, you can make a significant retirement corpus as you would procure market-connected returns.
• Expenses paid towards benefits plans are permitted as a derivation under Segment 80CCC of the Personal Duty Act. You can guarantee a derivation of up to INR 1.5 lakhs and lower your expense responsibility while making arrangements for retirement simultaneously.
  Prompt annuity plans pay ensured wages deep rooted permitting you to meet your costs after retirement.
• Joint life annuities are additionally accessible under prompt annuity plans which pay annuities for you as well as your companion as well.
• Conceded annuity plans give you 1/third of the gathered corpus as money when the arrangement develops.
• This advantage is tax-exempt and you can involve the advantage for any monetary need

LIC offers three types of pension plans which are described below –

This benefits plot was sent off by the Public authority of India to furnish senior residents with a reserve funds conspire which likewise gives them customary salaries. This plan is accessible till 31st Walk 2020 and is right now being sold exclusively through LIC. The elements of the plan are as per the following –

• You can purchase the plan online through LIC’s site.
• There is no restriction on the greatest section age.
• This is a ten-year saving plan wherein benefits is paid to the senior resident during the arrangement term.
• Annuities can be gotten yearly, half-yearly, quarterly or month to month as you wish.
• In the event of death, the price tag paid for the arrangement is discounted to the chosen one.
• Assuming that the approach develops, you get the price tag alongside the last benefits portion.
• On the off chance that you want assets for a basic disease or terminal sickness, you can give up the strategy. On give up, 98% of the contributed sum is discounted back.
• You can likewise profit strategy advances after the initial three years have been finished. Credits are accessible for up to 75% of the price tag.

Eligibility parameters of Pradhan Mantri Vaya Vandana Yojana

Sample pension rates

Here are the example paces of benefits which you can profit at various frequencies on the off chance that you follow through on a buy cost of INR 10 lakhs –

This is a traditional deferred annuity plan wherein you can create a retirement corpus over the policy duration through premium payments and then receive annuities when the plan matures. The features of the plan include the following –

• The arrangement is a partaking benefits plan which permits it to take part in extra statements made by the organization
• The development advantage can be utilized to purchase a quick annuity strategy or a solitary premium conceded annuity strategy
• You can likewise drive 1/third piece of the development benefit and get it in real money.
• On the off chance that the protected passes on, the total guaranteed, accumulated ensured increases and vested rewards are paid
  LIC’s Unplanned Demise and Handicap Advantage Rider is accessible as a discretionary cover. The rider guarantees an extra aggregate guaranteed in the event of unintentional passing or disablement
• You get top notch limits assuming you decide to pay the charges yearly or half-yearly. The limits are 2% and 1% individually
• High aggregate guaranteed refund is additionally accessible assuming that you pick inclusion of INR 3 lakhs or more
• The arrangement permits both single premium and ordinary premium installments.

Eligibility parameters of LIC’s New Jeevan Nidhi Plan

Sample premium rates of LIC’s New Jeevan Nidhi Plan
Given beneath are the example paces of expenses payable for various mixes old enough, term and premium installment term.

Jeevan Shanti Plan is an adaptable annuity plan which permits you to profit annuities following purchasing the strategy or after certain years. The arrangement, consequently, gives you a decision between prompt or conceded annuity installments. The highlights of the arrangement are as per the following –

• You can purchase the arrangement online too from LIC’s site
• There are ten annuity choices that are accessible under the arrangement. You can pick any choice according to your pay necessity
• You can decide to profit single life annuity just for yourself or joint-life annuity which would pay annuities to your companion as well
• Under conceded annuity choice, reliable options are added to the price tag which upgrades the benefits sum
• In the event of death during the suspension time frame, the price tag and accumulated ensured augmentations are paid. The passing advantage, notwithstanding, would be at least every available ounce of effort of the price tag

As stated earlier, you can buy some LIC pension plans online from the website of LIC itself.

On the other hand, you can think about and pick the best annuity plan and even buy it online through . offers you the simplicity of purchasing annuity strategies through its computerized stage. Here are a few straightforward advances which you would need to take to purchase the ideal benefits plan –

• Go To official web page lic.com life-insurance and choose ‘Pension/Retirement’ option
• Give your orientation, date of birth, yearly pay, smoking inclination, retirement age, speculation skyline, venture recurrence and venture sum
• You can think about the accessible plans and pick the most appropriate one for your retirement
• Ultimately, you can purchase the arrangement from site itself by topping off a web-based application structure and paying the charges on the web.

You would have to Given the following documents to apply for LIC pension plans –

• Identity proof
• Age proof
• Address proof
• Proposal form
• Photographs
• Income proof
• Bank details, etc.

Conceded annuity plans pay a demise guarantee if the safeguarded passes on during the postponement time frame. To make a passing case, the chosen one ought to make the accompanying strides –

• He ought to top off a demise guarantee structure which is Structure number 3783. Section An of the structure is expected to be filled
• The passing declaration gave by the civil authority ought to be submitted to LIC
• The first strategy archive would likewise be required
• Different records like police FIR, posthumous report, panchnama, and so on could likewise be expected if the safeguarded kicked the bucket because of a mishap.

Related Posts-

LIC’s Single Premium Endowment Plan

Term Insurance top 5 Best Term Plan

Max Life Whole Life Super Plan