Investment Plans 558 views April 2, 2021

Life Insurance Corporation of India  (LIC) offers insurance plans for people aged more than 55 years as it does for other age groups. Under such LIC Insurance Plans, people aged above 55 will get financial aid for their family in case of their death, regular income and maturity benefits upon surviving till the policy term. So, if you are more than 55 years old and are looking for financial security, choose from the customized LIC policies shown here.

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List of LIC Policies for People Whose Age is More than 55 Years

You can buy the following LIC Insurance Policies and get financial security for your loved ones

LIC Jeevan Akshay-VII

LIC Jeevan Akshay VII is a non-linked, non-participating individual immediate annuity plan. Under this policy, the company will pay the annuity as specified in the policy schedule and death benefit (if applicable), but without interest, to the person/persons who submit the proof to the satisfaction of the company. The following benefits are payable under LIC Jeevan Akshay-VII

For Single Life

Immediate annuity for single life will be made in arrears as long as the annuitant is alive, as per the chosen annuity payment mode. And if there is a guaranteed period, the same shall be payable to the annuitant till its expiry. Whereas if the annuitant dies during the guaranteed period, his/her nominee will receive the rest of the annuity till the expiry of the guaranteed period.

Note  – The annuity payment shall cease immediately and the policy will terminate on the annuitant’s death after the guaranteed period or when the guaranteed period is over.

Immediate annuity for single life, which increases at a simple rate of 3% per annum, will be paid in arrears as long as the annuitant is alive, as per the chosen mode of the annuity payment. Here, the annuity payment will be increased by a simple rate of 3% per annum for each completed policy year. And if the annuitant dies, nothing shall be payable.

For Joint Life

The applicable annuity will be paid in arrears as long as the primary annuitant and secondary annuitant are alive, as per their chosen mode of the annuity payment. And if one of the annuitants dies, 50% or 100% of the annuity will be payable to the surviving annuitant as per the chosen provision.

LIC New Jeevan Shanti

LIC New Jeevan Shanti is a non-linked, non-participating, individual, single premium, deferred annuity plan. Under this the life insured will get the following benefits –

Deferred Annuity (For Single Life)

During the deferment period, the insured will get no annuity payments, but after the deferment period, the annuity payments will be made in arrears as long as the annuitant is alive, as per the chosen mode of the annuity payment.

For single life, the death benefit shall be higher of the following under LIC New Jeevan Shanti –

  1. Purchase Price + Accrued Additional Benefits on Death – Total annuity amount payable till the date of death
  2. 105% of the Purchase Price

If the annuitant dies during the deferment period, the Death Benefit shall be payable to the nominee. Whereas on the death of the annuitant after the deferment period, the annuity payment shall cease immediately and the death benefit shall be payable to the nominee.

Deferred Annuity for Joint life 

Upon the survival of the primary annuitant and secondary annuitant after the deferment period, annuity payments will be made in arrears as long both are alive, as per the chosen mode of the annuity payment.

For Joint Life, the Death Benefit is higher of  –

  1. Purchase Price + Accrued Additional Benefits on Death – Total annuity amount payable till the date of death
  2. 105% of the Purchase Price

If any of the two annuitants dies during the deferment period, nothing shall be payable. Whereas on the death of the last surviving annuitant during the deferment period, the above-mentioned death benefit shall be payable to the nominee

In case of death after the deferment period, the following payments will be made by the insurer:

  1. On first death – 100% of the annuity amount shall continue to be paid to the surviving annuitant, as long as he/she is alive
  2. On the death of the last survivor – Annuity payment shall cease immediately and death benefit will be payable to the nominee.

There is no maturity benefit under LIC New Jeevan Shanti policy, and you will get an additional benefit on death that shall accrue at the end of each policy month till the end of the deferment period. The rate of additional benefit on death per month = (Purchase Price * Annuity rate p.a. payable monthly) / 12.

LIC Pradhan Mantri Vaya Vandana Yojana

LIC Pradhan Mantri Vaya Vandana Yojana is a non-linked non-participating pension scheme, subsidized by the Government of India. Under this, you will get a pension payment upon survival during the policy term of 10 years, pension payment will be made at the end of each period as per your chosen mode. In case of your death during the policy term of 10 years, the Purchase Price shall be refunded to the nominee. Whereas upon survival till the end of the policy term of 10 years, purchase price along with final pension installment shall be payable to you.

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