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LIC – Pension Plans
Pension during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
1) Pradhan Mantri Vaya Vandana Yojana: The Government of India has introduced Pradhan Mantri Vaya Vandana Yojana, with modified rate of pension under this plan and extended the period of sale of this plan for a further period of three years from Financial Year 2020-21 till 31st March, 2023. As per the terms and conditions under this plan, guaranteed rates of pension for policies sold during a year will be reviewed and decided at the beginning of each year by Ministry of Finance, Government of India. For the first financial year i.e. upto 31st March 2021, the Scheme will provide an assured pension of 7.40% p.a. payable monthly.
2) Jeevan Akshay (VII): This is an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).
3) New Jeevan Shanti: This is a single premium plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity. The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of Annuitant(s).