LIC Pension Plan 2023 Benefits, Features, Details, Reviews

LIC Pension Plan – LIC has been in presence for over 60 years in the wake of having been laid out in September 1956. The organization, which was prior the main life coverage supplier in India, has kept up with its status of a market chief. It has the biggest market capitalization and partakes in the biggest client base as well. LIC offers a scope of life coverage plans to clients which deal with their changing protection needs. Benefits plans are likewise a famous item presented by LIC which assists people with making arrangements for their retirements. We should comprehend the idea of benefits plans and learn about the plans presented by LIC.

Are you looking to save for your retirement years? If so, you’ll want to consider enrolling in a LIC Pension Plan. This plan is designed specifically for employees of LIC – the leading insurance company in China. It offers a number of benefits, including a stable and reliable income, access to pension funds, and protection from economic risks. Plus, it’s easy to enroll in – all you need is your LIC employee ID number. Is LIC Pension Plan 2023 the right plan for you? Read on to find out more!

LIC Pension Plan 2023

Annuity plans are retirement situated extra security plans. They intend to make a retirement corpus and furnish you with a wellspring of ordinary pay even after you have quit working. There are two sorts of annuity plans. We should see each sort to know precisely very thing benefits plans guarantee.

LIC Pension Plan 2023 has been formulated with the aim of protecting employees from uncertain and changing pension market conditions. The Pension Plan is designed to provide a reliable and predictable retirement income for employees and their beneficiaries, regardless of market conditions. The Pension Plan will be integrated into the workplace and will be automatically activated for all employees upon joining or renewing their employment contract.

LIC Pension Plan

Details LIC Pension Plan 2023

Name Of Article LIC Pension Plan 2023
LIC Pension Plan 2023 Click Here
Category Insurance
Official Website Click Also

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.

Benefits of pension plans

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 Pension plans

If you’re an employee in the United States, chances are you’re covered by a pension plan. Pension plans are a type of insurance that helps employees save for their retirement. They’re usually offered by companies as part of their employee benefits package, and they come in two main types: traditional pensions and 401(k) plans. This article explains what a LIC pension plan is, and how it can benefit you.

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

1. Pradhan Mantri Vaya Vandana Yojana

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

Entry age 60 years onwards
Term of the plan 10 years
Yearly purchase price Minimum – INR 144,578

Maximum – INR 14,45,783

Monthly pension amount Minimum – INR 1000

Maximum – INR 10,000

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 –

Yearly pension Half-yearly pension Quarterly pension Monthly pension
INR 83,000 INR 81,300 INR 80,500 INR 80,000

2. LIC’s New Jeevan Nidhi Plan

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

Entry age 20 years to 60 years
Term of the plan 5 years to 35 years
Sum assured Minimum – INR 1 lakh

Maximum – no limit

Monthly pension amount Minimum – INR 1000

Maximum – INR 10,000

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.

Entry age Single premium Regular premium
Term 10 years Term 20 years Term 30 years Term 10 years Term 20 years Term 30 years
35 years NA INR 122,400 INR 91,230 NA INR 10,720 INR 6960
45 years INR 170,510 INR 126,560 NA INR 23,050 INR 11,430 NA

3. LIC’s Jeevan Shanti Plan

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

How To Apply LIC Pension Plan 2023 Online?

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 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.

Documents Required To Apply LIC pension plans

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.

Making a claim under LIC pension plans:

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.

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