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👴 What is LIC Pension Plan?
- A retirement-focused insurance plan that provides regular income (pension) after retirement
- Helps build a corpus during working years and converts it into a steady income for life
- Designed to ensure financial independence in old age
✅ Key Features
- Accumulation + Annuity: Two phases – savings during the policy term and pension payouts post-retirement
- Guaranteed Income: Offers regular annuity (monthly/quarterly/half-yearly/yearly) for life or a specified period
- Death Benefit: Provides a lump sum to the nominee in case of policyholder’s death (depending on plan type)
- Multiple Annuity Options: Choose between lifetime pension, joint life pension, return of purchase price, etc.
- Tax Benefits: Investment qualifies under Section 80CCC/80C, and annuity is taxable as per income slab
💡 Benefits
- Retirement Security: Ensures a regular income source even after retirement
- Lifetime Income: Plans offer pension payouts for life (single or joint life)
- Peace of Mind: Helps avoid dependence on others during old age
- Flexibility: Options for single or regular premium, immediate or deferred annuity
📄 Eligibility Criteria (Varies by Plan)
- Entry Age: 30 to 75 years (depending on plan)
- Minimum Purchase Price: Around ₹1.5 lakh for most plans
- Pension Payout: Starts immediately (in Immediate Annuity plans) or after a deferred period
🧾 Popular LIC Pension Plans
- LIC Jeevan Akshay-VII: Immediate annuity plan with multiple pension options
- LIC New Jeevan Shanti: Deferred annuity plan with single or joint life options
- LIC Saral Pension: Standard immediate annuity product with simplified features
