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All You Need To Know About LIC Pension Plans

Published On Aug 31, 2021 12:00 PM By InsuranceDekho

LIC or Life Insurance Corporation has been in presence for over 60 years in the wake of having been set up in September 1956. The organization, which was prior the solitary disaster protection supplier in India, has kept up with its status of a market chief. It has the biggest market capitalization and partakes in the biggest client base as well. 

LIC offers a scope of extra security plans to clients which deal with their changing protection needs. Pension plans are likewise a mainstream item presented by LIC which assists people with anticipating their retirements. We should comprehend the idea of pension plans and get some answers concerning the plans presented by LIC. 

What Are Pension Plans? 

Pension plans are retirement arranged extra security plans. They intend to make a retirement corpus and give you a wellspring of ordinary pay even after you have quit working. There are two sorts of pension plans. We should see each type to know precisely what benefits plans guarantee – 

1. Conceded Pension Plans 

These plans are those which permit you to amass a retirement corpus throughout some stretch of time. You can put resources into conceded pension plans when you are working. The expenses that you pay would amass into a corpus which you would get when the arrangement develops. On development, the corpus amassed vows to pay you long lasting salaries. 

2. Quick Pension Plans 

These plans are for the individuals who have a singular amount close by and need to get intermittent fixed earnings from the sum. Prompt pension plans guarantee long lasting annuities at a proper rate subsequently giving you a constant type of revenue. 

Also read - Step By Step Guide To Purchase Best Retirement Plan

Pension Plans Provided by LIC

LIC offers three kinds of benefits plans which are depicted underneath – 

1. LIC Pradhan Mantri Vaya Vandana Yojana 

This pension plan was dispatched by the Government of India to give senior residents a reserve fund which additionally gives them ordinary earnings. This plan is accessible till 31st March 2020 and is as of now being sold distinctly through LIC. 

Benefits can be gotten yearly, half-yearly, quarterly or month to month as you wish. If there should be an occurrence of death, the price tag paid for the arrangement is discounted to the chosen one. On the off chance that the arrangement develops, you get the price tag alongside the last pension portion 

2. LIC's New Jeevan Nidhi Plan 

This is a conventional pension plan wherein you can make a retirement corpus over the arrangement span through premium installments and afterward get annuities when the arrangement develops. The provisions of the arrangement incorporate the accompanying – 

The arrangement is a partaking benefits plan which permits it to take an interest in extra statements made by the organization. Ensured options are additionally added to the corpus which improves the advantages payable under the arrangement. On development of the strategy, the total guaranteed, accumulated ensured increments and vested rewards are paid as the development advantage 

3. LIC Jeevan Shanti Plan

Jeevan Shanti Plan is an adaptable pension plan which permits you to benefit annuities following purchasing the approach or after certain years. The arrangement, along these lines, gives you a decision between prompt or conceded pension installments. The components of the arrangement are as per the following. There are ten pension choices that are accessible under the arrangement. You can pick any choice according to your pay prerequisite. You can decide to benefit single life pension just for yourself or joint-life pension which would pay annuities to your mate as well 


LIC pension schemes are unique. These are not only pension plans, but also investment programmes. If you are seeking a fixed rate of interest that is guaranteed for life, you have come to the correct spot. If you wish to save taxes on the maturity earnings of your pension, retirement and enjoyment may be the best option for you. Jeevan Nidhi may be the ideal option for you if you are seeking pure pension plans.

You may also like to read - Know Everything About Different Types Of Annuities Under A Retirement Plan?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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