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Investment Plans 14725 views February 3, 2020
Life India Corporation of India (LIC) is the oldest insurance company in India and has been fulfilling the insurance needs of many people for decades. A pension plan is a popular product and is also offered by LIC to help its customer in planning their retirement in a better way. Pension plans are retirement oriented plans. LIC pension plans help to create a retirement corpus and provide you with a regular and steady source income even after your retirement. There are two types of Pension plans- Deferred Annuity plans and Immediate Annuity Plans. Currently, LIC offers four pension plans to help people to safeguard their life after retirement.
Table of Contents
LIC offers a number of Pension Plans. Each of them offers unique benefits. Which pension plan is best in LIC depends on the needs and requirements of the individual. Let’s discuss various LIC pension plans which suit the variant needs of the people.
This plan is for senior citizens who is 60 years and above. It is a savings scheme and was launched by the government of India. Under Pradhan Mantri Vaya Vandana Yojana, the senior citizens will receive guaranteed returns and regular incomes. This plan will best suit senior citizens who want to plan their retirement and receiver regular and steady income after they retire. However, this pension plan is available only till 31st March 2020. The main features of this plan are as follows:
Eligibility criteria of Pradhan Mantri Vaya Vandana Yojana
LIC New Jeevan Nidhi Plan provides a dual benefit of protection as well as saving. It offers deferred annuity option for creating a retirement corpus over the period of the policy by payments of premium. Hence this plan is best for those who want to plan their retirement in advance and to receive steady and regular income after their retirement. People who have started their career can choose this plan and efficiently plan their life after retirement. Features of this plan are as follows:
Eligibility Criteria for LIC New Jeevan Nidhi Plan
Jeevan Shanti Plan is a flexible annuity plan. It allows you to choose an immediate or deferred annuity plan. It offers nine different options of annuity to choose from in order to meet your different financial needs. This plan is best for those who want to cover their spouse or any other person in the plan or any other person who has already retired. They can choose the immediate annuity plan and enjoy its benefits. The main features of Jeevan Shanti plan are the following:
Eligibility criteria of LIC Jeevan Shanti Plan
Conclusion
There are mainly three types of pension plans offered by LIC but Pradhan Mantri Vaya Vandana Yojana is available only for a short period that is up to March 2020. Each type of LIC pension plans has its unique features and advantages which enables you to accumulate fund and plan your future after retirement. Hence, which pension plan is best in LIC is dependent on what fulfils your need and requirement.