LIC pension plans: LIC Jeevan Dhara, Jeevan Akshay, and 2 more retirement plans; check minimum age and other details
LIC pension plans include LIC Jeevan Dhara - II, LIC Saral Pension, LIC Jeevan Akshay-VII, and LIC New Jeevan Shanti.
Life Insurance Corporation of India (LIC) which is majorly owned by the government provides various insurance policies for children to senior citizens. For your retirement also, LIC has several plans. In some of these plans, you need to invest once to receive the pension lifetime.
LIC pension plans
In this article, we will discuss four LIC pension plans which will help you to plan your retirement.
LIC Jeevan Dhara - II, LIC Saral Pension, LIC Jeevan Akshay-VII, and LIC New Jeevan Shanti
These pension plans include LIC Jeevan Dhara - II, LIC Saral Pension, LIC Jeevan Akshay-VII, and LIC New Jeevan Shanti. Let's know more about these plans:
LIC Jeevan Dhara
The LIC Jeevan Dhara plan was introduced on January 22 of this year. The minimum entrance age is 20 years. Annuity payments are assured from the start with LIC's Jeevan Dhara II plan. Jeevan Dhara II policyholders can pick from 11 alternatives provided by the LIC.
LIC Jeevan Dhara: Key features
- Single-life annuity and joint-life annuity.
- Regular premium and single premium.
- High premium incentive.
- Liquidity option i.e. option to receive a lump-sum amount in return of a reduction in annuity payments and other benefits.
LIC Saral Pension
The plan was launched on March 1, 2023. LIC Saral Pension is a single-life annuity and joint-life annuity. You will have to invest Rs 10 lakh as a single premium for one time to get a Rs 58,950 yearly pension till your death.
LIC Saral Pension: Joint annuitant
The minimum annuity will be Rs 1,000 monthly, Rs 3,000 quarterly, Rs 6,000 semi-annually, and Rs 12,000 yearly. The minimum age to invest in this plan is 60 years and the maximum is 80 years.
LIC Jeevan Akshay-VII
This plan was launched in February 2022. It is a non-linked, non-participating, individual immediate annuity plan.
LIC Jeevan Akshay-VII: Features
1- Immediate annuity
2- No medical examination required
3- Single premium scheme
4- Incentive for higher purchase
5- 10 options of annuity to choose from
LIC New Jeevan Shanti
This is a non-linked, non-participating, individual, single-premium deferred annuity plan. You pay the fee once and receive a lifetime pension. This plan provides you with a set pension amount after a predetermined delay time. When you die, the invested funds are returned to your nominee.
LIC New Jeevan Shanti: Minimum investment
This plan requires a minimum investment of Rs 1.5 lakh, with no maximum purchase price. For an investment of Rs 1.5 lakh, you would earn an annual pension of Rs 12,000 or Rs 1,000 each month.