LIC 1 Crore Pension Plan

What is the LIC 1 Crore Pension Plan?

1 Crore Pension Plans offered by the Life Insurance Corporation of India is a type of investment plan that allows the policyholder to accumulate a part of their savings for a long tenure to have a secured financial future. Not only It helps in dealing with post-retirement uncertainties but also ensures a steady flow of income after retirement.

Best LIC 1 Crore Pension Plans

LIC Pension plans are designed to offer higher coverage to the policyholder so that they can continue living their current lifestyle without worrying about their day-to-day expenses. Take a look at the 1 crore pension plans offered by LIC:

1. LIC’s Jeevan Akshay- VII

   LIC Jeevan Akshay-VII is an Immediate Annuity plan in which the policyholder has the option to choose a type of annuity from 10 available options. The plan is available online as well as offline. 

   Eligibility Criteria of Plan

   Parameters	Details
   Entry Age	30-85 years Except for option F, wherein the maximum entry age is 100 years
   Minimum Purchase Price	Rs. 1 Lakh, subject to minimum annuity
   Maximum Purchase Price	No Limit
   Minimum Annuity	Monthly: Rs. 1,000 Quarterly: Rs. 3,000 Half-yearly: Rs. 6,000brAnnually: Rs. 12,000

2. LIC's New Jeevan Shanti

   LIC New Jeevan Shanti is a single premium plan where the policyholder can choose Joint Life and Single life Deferred annuity. Along with this, the plan comes with guaranteed annuity rates at the inception of the policy.

   Eligibility Criteria of LIC New Jeevan Shanti

   Parameters	Details
   Entry Age	30-79 years
   Vesting Age	31-80 years
   Minimum Purchase Price	Rs. 1 Lakh, subject to minimum annuity
   Maximum Purchase Price	No Limit
   Minimum Annuity	Monthly: Rs. 1,000 Quarterly: Rs. 3,000 Half-yearly: Rs. 6,000 Annually: Rs. 12,000

3. LIC’s Saral Pension Yojna

   LIC Saral pension Yojna is a standard Immediate Annuity plan that offers immediate annuity and in case the policyholder dies, the plan pays 100% of the Purchase Price to the nominee.

   Eligibility Criteria of LIC Saral Pension Yojna

   Parameters	Details
   Entry Age	40-80 years
   Minimum Purchase Price	Rs. 1 Lakh, subject to minimum annuity
   Maximum Purchase Price	No Limit
   Minimum Annuity	Monthly: Rs. 1,000 Quarterly: Rs. 3,000 Half-yearly: Rs. 6,000 Annually: Rs. 12,000

Why Should You Buy 1 Crore Pension Plans?

A pension plan is a long-term investment where you invest regularly to build your retirement corpus. Below mentioned are some of the reasons why you should start investing in 1 crore Pension plans:

• Financial Independence Post-Retirement

  Achieving financial dependence in your port-retirement days is very important. With a LIC 1 crore pension plan, you can assure to live the golden years of your life stress-free without compromising on your needs.

• Instill a Savings Habit

  By investing regularly in LIC Pension plans, one can inoculate a habit of disciplined savings. 

• Leave a Legacy Behind

  Having a large financial corpus ensures that you leave something for your family which can help them financially in your absence. 

• Fulfilling your unfulfilled Desires

  With a huge retirement corpus of Rs.1 Crore, you can fulfill your unfulfilled dreams such as buying a big house, going on a world tour, buying a brand new SUV, etc, that you ignored while fulfilling your duties as a son/daughter, husband/wife, or father/mother.

• Tax Benefits

  Investments up to Rs 1.5 lakhs in retirement plans are eligible for tax deduction under section 80CCC.

Conclusion

With LIC 1 Crore Pension plans, you need to invest a part of your income towards creating a retirement corpus which in turn will be accumulated to create a financial corpus. The funds accumulated will ensure that you live stress-free after your retirement and plan to do everything you always wanted to do.

LIC Resources

FAQ's