Best LIC Scheme for Senior Citizens - 2024

One of the leading life insurance companies in India, LIC offers a variety of life insurance plans. The life insurance plans offered by LIC or Life Insurance Corporation of India are amongst the most popular ones. LIC also has specific plans designed for senior citizens. To help you, we have curated a list of the best LIC schemes for senior citizens in India.

What are LIC Schemes for Senior Citizens?

As the name suggests, LIC schemes for senior citizens are designed especially for individuals who are above the age of 60 years. With LIC senior citizens schemes, individuals can create a substantial corpus for their post-retirement days. Some of the benefits of investing in LIC schemes for senior citizens are as follows:

• With the LIC scheme for senior citizens, you can ensure a secure future for yourself and your family in the golden phase of your life. 
• LIC scheme for senior citizens also offers life insurance protection. This means that if the policyholder meets an unfortunate demise, then with the help of the LIC scheme, the dependants will receive financial assistance.
• LIC senior citizen plans often provide regular payouts in the form of annuities or pension. This helps senior citizens maintain a steady source of income during retirement.
• Premiums paid towards LIC senior citizen plans are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. This can help in reducing the tax liability of the policyholder.
• LIC senior citizen plans offer flexibility in choosing the payout option. Policyholders can opt for monthly, quarterly, half-yearly, or annual payouts as per their needs.
• Some LIC senior citizen plans may offer a loan facility against the policy, allowing policyholders to meet urgent financial requirements without surrendering the policy.

Best LIC Schemes for Senior Citizens

Listed below are some of the best LIC schemes for senior citizens that you can consider buying:

1. LIC Jeevan Akshay

The LIC Jeevan Akshay is one of the most preferred plans for senior citizens. This immediate annuity plan offers a guaranteed source of income for life, making it an excellent choice for retirees looking for financial stability. You make a lump-sum payment to LIC, and in return, you receive regular annuity payouts immediately or deferred as per your preference. Moreover, the premium paid towards the LIC Jeevan Akshay plan is also eligible for tax savings. 

2. LIC New Jeevan Shanti

Another popular LIC plan that is recommended for senior citizens is the LIC New Jeevan Shanti plan. This plan requires can be bought with a lump-sum payment along with payments made in installments. Moreover, you can also surrender this policy at any time during the policy duration. The minimum investment amount with the LIC New Jeevan Shanti plan is Rs. 1,50,000, however there is no maximum limit.

3. LIC Varishtha Pension Bima Yojana

The LIC Varishtha Pension Bima Yojana is a government-backed plan that was introduced by LIC in the year 2014. The minimum age limit to invest in this plan is 60 years, however, there is maximum age limit when you are buying the LIC Varishtha Pension Bima Yojana. It is basically a type of single immediate annuity plan that is a lifelong income stream for senior citizens.

4. LIC Saral Pension Yojana

LIC Saral Pension is a non-linked, non-participating, single-premium pension plan that offers a regular pension for senior citizens. Policyholders can choose from various annuity options, including immediate or deferred annuity, single or joint life annuity, and more when buying the LIC Saral Pension Yojana. With the Saral Pension Yojana, you will be easily able to create a substantial corpus for your post-retirement days.

Take Away

Thus, each of the mentioned LIC schemes offers unique features and benefits tailored to the specific needs of retirees. However, before making a decision, it's essential to assess your requirements and consult with a financial advisor who can help you select the most suitable LIC scheme to secure your financial future during your golden years.

Also read: How to Buy the Best Term Insurance Plan: Your Guide to Securing Your Future