Review of LIC Annuity Plans

For my parents' secured future, I decided to buy an annuity plan. After thorough research , I finalized LIC Annuity plans. Thanks to the LIC Annuity plans I can sit back and relax knowing that my parents will be able to enjoy their post-retirement life to the fullest, and their financial needs will be taken care of. By Mohena Kumari 

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Mohena had bought LIC Annuity Plan to secure her parent’s post–retirement life. The plan offers a regular flow of income and ensures that the annuitant lives independently. Currently, LIC of India offers 3 Pension plans that can be bought by the policyholder for a stress-free retirement.

Take a look at all the available LIC Pension Plans, and find out which one suits your the best:

LICPension Plans 

Plan Name Entry Age Minimum Annuity Minimum Purchase Price
LIC Jeevan Akshay-VII 25 years-85 years For Monthly: Rs 1000 For Quarterly: Rs. 3000 
For Half-yearly: Rs. 6000
For Annually: Rs. 12000
Rs. 1 Lakh
LIC Saral Pension Yojana 40 years-80 years For Monthly: Rs 1000 For Quarterly: Rs. 3000 
For Half-yearly: Rs. 6000
For Annually: Rs. 12000
Depends on the minimum annuity
LIC New Jeevan Shanti 30 years-79 years For Monthly: Rs 1000 For Quarterly: Rs. 3000 
For Half-yearly: Rs. 6000
For Annually: Rs. 12000
Rs. 1.5 Lakhs

  1. LIC Jeevan Akshay-VII

    LIC Jeevan Akshay-VII is an immediate annuity plan that comes with 10 annuity options and allows the policyholder to choose the best-suited plan for themselves.

    Key Features of LIC Jeevan Akshay-VII

    • The plan allows the policyholder to choose the death benefit payout out of three available options. The death benefit payout is available only if the policyholder has chosen Option F and Option J annuity option.

      • Lump Sum Death Benefit

      • Annuitisation of Death Benefit

      • In Installment

    • If the policyholder has a dependent who is disabled, then the plan can be purchased for their benefit as a nominee or secondary annuitant, subject to certain conditions. The Minimum Purchase Price is Rs.50,000, with no minimum annuity payment or age restrictions.

  2. LIC Saral Pension Yojana

    LIC Saral Pension Yojana is an immediate annuity plan. The plan was launched under the guidelines of IRDA. The plan looks after the post-retirement financial needs of the policyholder and allows them to secure their life.

    Key Features of LIC Saral Pension Yojana

    • The flexibility of choosing annuity options as per the needs. Two annuity options available are:

      • Life annuity with 100% return of purchase price

      • Joint life annuity.

    • It is an immediate plan which means that the pensioner will start receiving the pension as soon as he buys the plan. The minimum annuity under the plan is Rs. 12000/annum and no maximum limit.

  3. LIC New Jeevan Shanti

    LIC New Jeevan Shanti is a single premium plan wherein the policyholder needs to make a single premium payment, and the annuities are paid to them after the deferment period.

    Key Features of LIC New Jeevan Shanti

    • The plan offers two annuity options to choose from. The options available are:

      • Option 1: Deferred annuity for Single life

      • Option 2:: Deferred annuity for Joint life

    • The plan offers flexibility in the death benefit payout, where the policyholder can choose either a lump sum amount or installments for 5, 10, or 15 years.

Benefits of LIC Pension Plans

Below mentioned are some of the reasons why you should start investing in LIC Pension plans:

  • Financial Security After Retirement

    It's crucial to develop financial independence before retiring. With an LIC Pension Plan, you have a guarantee that you won't have to compromise on your demands in your post-retirement years.

  • Develop the Habit of Saving

    One can instill the habit of disciplined saving by making monthly investments in LIC Pension plans.

  • Fulfilling your Desires

    With a regular flow of money, you can plan to fulfill your unfulfilled goals such as buying a large house, traveling the world, purchasing a brand-new Vehicle, etc.

To Sum it Up

With LIC’s Annuity Plans, one can ensure to live a stable life without worrying about finances. These plans offer a regular flow of income to the policyholder. Not only do these plans offer financial security post your retirement, but they also help you to live independently.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
~Source - Google Review Rating available on:-

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