LIC Pension Plans Introduction
LIC Pension Plans are Individual plans that will concentrate on your future needs and financial stability in your old age. Pension plans are best suited for senior citizens to plan their future securely, Then they do not need to give up on the best things in their life. By taking pension plans you can enjoy your life even after your retirement with your loved ones. LIC pension Plan provides a minimum guarantee on the premium paid.
By taking LIC Pension plan while you are earning, the invested amount in the pension plan will help you in old age after your retirement. The company will pay the pension throughout the life-time of the policy holder.You can purchase the policy by paying lump-sum amount or by paying regular premiums. You have an option to choose the type and mode of payment of pension such as Yearly/ Half-yearly/ Quarterly/Monthly according to your requirements.
If you have purchased the policy with high price you can get incentives. The different pension plans available under the Life Insurance Corporation of India are(LIC), LIC Jeenan Akshay-6, Varistha Pension Bima Yojana and LIC’s New Jeevan Nidhi. Each plan has different eligibility criterias, you can select any one of them by comparing each plan conditions according to your requirements. You can calculate the returns available in LIC Pension plans using Return calculator.
LIC Pension Plan Benefits
The basic Benefits available in LIC Pension Plans are
- Death Benefit.
- Income Tax Benefit.
Death Benefit: On Death of the policy-holder during the policy period, the purchased amount will be refunded or the premium will be paid to the nominee till the end of the guaranteed period or the policy will be seized. It completely depends on the pension option chooses by the policy-holder.
Income Tax Benefit: Premiums paid to buy any of the LIC Pension plan are exempted from tax. Pension which will be received by the policyholder is taxable. For more information refer www.taxqueries.in
For more Information please check the below LIC pension plans available.
LIC Pension Plan Example.
LIC Pension Plans
LIC Jeevan Akshay 6 plan is a type of LIC pension plan. This plan is an immediate annuity pension plan. you can purchase this policy by paying a lump sum amount as a single Premium. In LIC Jeevan Akshay 6 Plan after buying the policy, pension will start immediately without delay. In LIC Jeevan Akshay 6 plan you can select mode of pension payment such as yearly, half-yearly, quarterly and monthly. Once the payment mode is chosen, the option cannot be changed because the pension starts immediately after buying the LIC Jeevan Akshay 6 plan.
LIC New Jeevan Nidhi Plan is a regular premium LIC pension plan. Premium needs to be paid till the completion of the policy period. In LIC New Jeevan Nidhi Plan at the end of the accumulation period, the maturity benefit comprising of the sum assured, final additional bonus and the increment bonus will be converted into pension. After the end of the accumulation period, the vesting period starts in which pension will be paid out in regular intervals till the end of policy period. After the expiry of the life insured, a lump sum will be paid to the nominee.
LIC Varishtha Pension Bima Yojana is a type of LIC pension plan introduced by Life Insurance Corporation of India(LIC). Government of India announced the revival of LIC Varishtha Pension Bima Yojana in Union Budget 2014-2015. LIC Varishtha Bima Yojana is a single premium pension policy for senior citizens, with pension starting to flow in immediately. One can opt to receive the pension in different modes like yearly, half-yearly, quarterly and monthly.