LIC Policies for Age Above 60 Years in 2025

Over the years, LIC has made special efforts to design schemes that focus on the financial needs of senior citizens. With increasing life expectancy and rising healthcare costs, senior citizens need regular income and coverage to live with dignity. LIC recognizes this need and offers LIC policies for individuals above 60 years of age that can be managed from the comfort of home, often in just a few minutes through online access.

Best LIC Policies for Senior Citizens

Several LIC plans are available for senior citizens, but the most prominent and trusted schemes are specially tailored for retired individuals or those approaching retirement. Let’s examine each in detail.

LIC New Jeevan Shanti

LIC New Jeevan Shanti is a single-premium deferred annuity plan. This means you pay once and start receiving regular income after a set period. It suits people who have a lump sum ready for investment.

Features and benefits of the Plan:

• Policyholders can choose how they receive their pension—monthly, quarterly, half-yearly, or annually.

• A loan can be availed against the policy after completing one year if all the premiums are paid.

• Choose between a single life annuity for self or a joint life option where the spouse continues to receive the pension after the policyholder’s demise.

• In the unfortunate event of the annuitant’s passing, a death benefit of 105% of the purchase price or as defined under the policy terms is paid to the nominee.

• The plan ensures lifelong income after a one-time premium payment, making it an ideal LIC policy for 60 years age or even older.

LIC New Pension Plus 

LIC’s New Pension Plus Plan (Plan No. 867) is a unit-linked pension scheme designed to help individuals build a retirement corpus through flexible premium options, either as a one-time investment or regular contributions. This plan offers market-linked returns with the choice of four different fund types based on risk appetite. Still, it also allows annuitisation of the accumulated corpus to ensure a steady income post-retirement. 

Features & benefits of the Plan

• Choose between a one-time lump sum (Single Premium) or regular payments (monthly, quarterly, half-yearly, yearly) based on your financial comfort and goals.

• Enjoy guaranteed additions to your fund value starting from the 6th policy year. The percentage increases progressively, rewarding long-term commitment.

• Select from four funds based on your risk appetite:

  • Pension Bond Fund (Low Risk)

  • Pension Secured Fund (Low to Medium Risk)

  • Pension Balanced Fund (Medium Risk)

  • Pension Growth Fund (High Risk)

• Access the potential of market-linked returns with the freedom to switch between funds up to 4 times a year at no extra cost.

• Convert your accumulated fund into a regular income through annuitisation, ensuring lifelong financial stability after retirement.

• After 5 years, policyholders can make partial withdrawals (up to 25% of fund value) up to 3 times during the policy term for emergencies.

• If you’re under 60 and within the allowed vesting age, extend the policy term, allowing more time for your corpus to grow.

• Choose to receive the death benefit in installments. You can also surrender the policy with provisions based on whether it's before or after the 5-year lock-in.

• A 3-year revival window for lapsed policies and a 30-day free look period to review the terms and cancel if unsatisfied.

• In the unfortunate event of the policyholder's death during the policy term, LIC pays the beneficiary a death benefit. This benefit is the higher of:

  • The Unit Fund Value on the date the death is reported, or

  • The Assured Death Benefit.

• If the policyholder survives the full term of the policy, they receive the maturity benefit, which equals the Unit Fund Value on the maturity date.

• Guaranteed additions are credited at the end of specific policy years and vary based on whether you've paid annual or single premiums.

LIC Jeevan Akshay-VII

LIC Jeevan Akshay VII is an LIC policy for senior citizens that begins providing regular payouts right after a one-time premium payment. With ten different annuity options, it offers a custom-fit solution for individuals seeking dependable retirement income. 

Features & benefits of the plan

• With single premium and immediate annuity, just pay once and start receiving regular income from the very next period.

• Choose from 10 different payout models based on your financial goals and family structure. Whether you want lifetime income, increasing pensions, or joint benefits, there’s an option that fits.

• The annuity rate is locked in at the time of purchase and stays fixed throughout your lifetime.

• You get to choose how you want to receive your pension, from fixed lifetime income to increasing annual payouts or payouts with a return of purchase price. 

• Several options allow you to cover both yourself and your spouse under a joint annuity. Even after one partner passes away, the other continues receiving income.

• If preserving capital is important to you, there are options to return the full purchase price to your nominee, ensuring that your investment is never lost, just reallocated.

• Options to offer fixed payout periods (5, 10, 15, or 20 years) even if the policyholder passes away early, helping secure family finances.

• Option to offer a 3% annual increase in your annuity, helping offset inflation's effects over time.

LIC Saral Pension

The LIC Saral Pension Yojana is a straightforward pension plan by LIC of India designed with transparency and simplicity in mind. Especially tailored for those entering or living through retirement, this plan is one of the best LIC policies for senior citizens and is ideal for anyone looking for a dependable policy by LIC for senior citizens. Whether you're exploring a LIC policy for 60 years age or beyond, Saral Pension offers peace of mind through guaranteed lifelong income and flexible annuity options.

Features & benefits of the plan

• Starts paying the pension right after the lump-sum premium is paid.

• Not linked to the stock market and doesn’t share in profits.

• Two Annuity Options:

  • Single Life Annuity with 100% return of purchase price after death.

  • Joint Life Annuity where the surviving spouse continues receiving pension, with 100% return of purchase price after both pass away.

• Surrender allowed after 6 months in case of critical illness.

• Apply for a loan after 6 months of starting the policy.

• Just one payment secures a lifetime of pension. This is especially beneficial for retirees looking for the best LIC policy for above 60 years without the stress of recurring premiums.

• The policy can be used as collateral for loans, giving you liquidity without needing to break your long-term safety net.

Summing Up

In 2025, LIC continues to be the most reliable insurer for senior citizens, offering a wide range of options that suit every financial need. These are more than just policies, they are pillars of support in the later years of life. So, whether you're looking for the best LIC policy for senior citizens, explore these LIC plans for senior citizens and have a guaranteed covered future.

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