The insurance sector has risen as quite a significant part of the world economy. Not only does it do away with risk, but it has also proven to be an excellent bank of continuous savings for the general public. Furthermore, the sector is capable of providing humongous amounts as an investment in the market. As of today, the sector is more potent than a conglomerate of all the leading banks.Read more
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Similarly, the Life Insurance Corporation of India has become synonymous with well-being in our country. Those who have invested in a policy rarely have anything to worry about. People buy insurance at the beginning of their careers. It ensures a comfortable retirement. Any citizen is considered prudent only if they have invested in a policy or several policies.
Abiding by its infallible legacy of assuring the future, the LIC puts a lot of focus on senior citizens. A class that needs unyielding affirmation like no other. By investing in a policy, people above the age of 60 can easily ensure a regular pension. Furthermore, they can do it right from their home. A few minutes are all it takes to access the online features of the Life Insurance Corporation of India.
Senior citizens are an essential component of society and their well-being is of significance to everyone. LIC has a significant number of schemes for people who have retired already. These policies provide them with desired retirement corpus and peace of mind when they are no longer working. Let us take stock of the various LIC plans for senior citizens systematically.
In India, the private sector, along with the public sector, banks heavily on insurance. Its workingclass depends on different policies for most of its needs. Insurance policies for unanticipated health expenses, for children's education, and even for marriage are popular. Still, the predominant concern is that of leading a carefree life after retirement.
Correspondingly, the government of India has resolved to take utmost care of its seniors. It reinforced that promise with the 'Pradhan Mantri Vaya Vandana Yojana. The scheme was launched in 2017 and has been extended till 31st March 2023. It guarantees an assured return of 7.4%.
It is a policy available only to the senior citizens of India. Essentially, they have to be residents of the country. The amount to be invested is known as the 'Purchase Price.' It goes up to a maximum limit of INR 15 Lakh.
The following are the key features of Pradhan Mantri Vaya Vandana Yojna:
Insurance, as a sector, has always been dogged by overwhelming hassles. Online features of the Life Insurance Corporation have done away with several laborious steps. Still, there remain the minutiae of the policy, the handling and safekeeping of the documents, and, of course, the monthly maintenance via payment of premium.
A sound solution, however, is available. Single-Premium Policies are bought with a one-time payment. The policyholder can start availing benefits after a look-out period. Also, the policy documents can fetch a loan equivalent to the investment after 30 days.
New Jeevan Shanti is a single premium annuity from the Life Insurance Corporation. One can buy such a policy with a one-time investment. The lump-sum usually stands at a lac at least. Payment starts after a chosen period. The period can be a month, 3 months, 6 months, or a year. Such a plan is helpful for those who have a large sum of money. The amount should be at their ready disposal.
Once bought, the policy pays a guaranteed annuity throughout the buyer's life. The policy can be Single Life or a Joint Life deferred annuity. It can even have a single purchaser and several beneficiaries.
The key features of the LIC Jeevan Shanti Plan are as follows:
To do away with the dogmas attached with insurance, 'Single Premium Policy' was conceptualized. A single payment policy is where a lump sum is paid at the beginning. Such policies guarantee an annuity payable throughout life. Single Payment Policies have evolved into varied forms.
Some of the plans allow the investor to decide the amount of annuity. This kind of policy can continue for 5 to even 20 years. Some have deferred rates of interest. There are also options that ensure additional sums on maturity.
The following are the annuity options available:
The key features offered by LIC Jeevan Akshay – VII Plan are as follows:
Here is a rundown of the core benefits of LIC policies for Senior Citizens:
Only LIC can provide such an extensive range of policies to customers. The corporation goes to unmatched lengths to take care of the senior population of India. For decades LIC has been ensuring a relaxing and leisurely future for millions. It stands tall amongst the world's leading insurers with billions in funds.
The above three schemes have instigated numerous other policies by competitors. This has helped the cause of senior citizens even further. The Life Insurance Corporation has been the lifeboat for many families. It can be termed as one of the strongest pillars in the story of the Indian Insurance sector.
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