LIC Policies for Age Above 60 Years in 2026

Best LIC Policies for Senior Citizens

There are several plans by LIC of India 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 758

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 LIC New Jeevan Shanti:

• 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 867

LIC’s New Pension Plus Plan is a pension plan that focuses on helping you build your retirement corpus. It offers flexibility in premium payment, you can choose to pay a single premium or pay regularly. The plan is linked to the market performance and has 4 fund options to suit your risk preference. Besides, it also provides an option to annuitize the accumulated pension corpus for a post, retirement steady income.

Features & benefits of the LIC New Pension Plus plan

• You can opt for a single premium or a regular premium depending on your financial situation and goals.

• From the 6th policy year, your fund value will be enhanced by guaranteed additions. The rate of these additions will accelerate as the years progress, thereby giving you more benefits as you stay with the plan longer.

• Based on your risk tolerance, choose from 4 different funds:

  • Bond Fund (Low Risk)

  • Secured Fund (Low to Medium Risk)

  • Balanced Fund (Medium Risk)

  • Growth Fund (High Risk)

• You will get exposure to potential market, linked returns and you also have the flexibility to change your fund choice up to 4 times a year without any charge.

• Besides annuitisation, your pension fund can be converted into a regular income, thus you will be financially secure for the rest of your life 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.

• You can choose to get the death benefit in installments. You can also give up the policy, but the terms depend on whether it's before or after the 5-year lock-in.

• A 30-day free look period to review the terms and cancel if you're not happy, and a 3-year revival window for policies that have lapsed.

• If the policyholder dies during the policy term, LIC pays the beneficiary a death benefit. This benefit is the larger of:

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

  • 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 857

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 LIC Jeevan Akshay-VII 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 862

The LIC Saral Pension Yojana is a simple pension plan by LIC of India designed with transparency and simplicity in mind.Especially made for those who are retiring or have retired, this plan is among the best insurance policies of LIC for senior citizens and perfect for anyone who wants to have a reliable policy from LIC for senior citizens. If you are considering a LIC policy for 60 years age or more, Saral Pension is the answer to your prayers as it assures you guaranteed lifelong income and a wide range of annuity options to choose from.

Features & benefits of the LIC Saral Pension 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.

Pradhan Mantri Vaya Vandana Yojana

LIC launched the Pradhan Mantri Vaya Vandana Yojana on 4th May 2017, which is a government pension Scheme specifically targeted at senior citizens above 60 years of age (Indian residents only). The amount to be invested under the scheme is called 'purchase price'. Till March 2021, the policy will provide a guaranteed pension of 7.4% payable every month. The scheme has now been extended till March 31, 2023.

Features of Pradhan Mantri Vaya Vandana Yojana: 

• The investor can invest up to Rs. 15 lakhs.

• After the completion of three policy years, the scheme provides liquidity through a loan facility up to 75% of the purchase price.

• Surrender Benefit is granted only in the case of the terminal illness of the pensioner or his/her spouse. 

• The purchase price refund will be at 98%.

• There are various pension payment methods like yearly, half yearly, quarterly and monthly. 

• However, the payment can be made through Aadhaar Enabled Payment System or NEFT.

• In case the policyholder dies during the policy period, the value of the annuity scheme will be paid as a refund to the nominee.

Summing Up

In 2026, 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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