Pension Plan : Apart from the government, Life Insurance Corporation of India also runs many schemes to make the life of senior citizens easier after retirement. In old age, people’s income starts decreasing and expenses start increasing. Therefore, advance preparation is necessary to ensure financial security in this phase of life. LIC plans can help you in this.
LIC New Jeevan Shanti
Once you invest in this scheme, you get guaranteed monthly income for your entire life. The minimum age for entry is 30 years and maximum is 79 years. Whereas the minimum vesting age is 31 years and maximum 80 years. Polyholders can also apply for loan. Joint Life Annuity can be taken with any member of the family.
LIC Jeevan Akshay-VII
This is also one of the special plans of LIC. Policyholders get 10 different annuity options. Its minimum purchase price is Rs 1 lakh. Monthly income is also guaranteed under the scheme.
LIC SIIP Plan
Under this plan also, policyholders get guaranteed pension. Under this unit-linked insurance scheme, there is an opportunity to invest in the equity market. For insurance, one gets the facility to choose the policy term as per the retirement age. After maturity, you can get returns in monthly installments.
LIC Saral Pension Plan
Policyholders can buy this for single premium. Once the annuity rates start, monthly income is guaranteed for life under the scheme. The pension amount depends on investment.
LIC Pension Plus Plan
This is also a unit-linked insurance scheme, which gives the policyholder the opportunity to invest in various market linked funds. Under this, the savings fund not only grows but pensioners and their families also get financial security for the future.
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