Compare & Buy The Best LIC Pension Plans In India

LIC was founded in September 1956 and has been in operation for more than 60 years. The business, which until recently was India's sole supplier of life insurance, has continued to dominate the industry. It also boasts the biggest client base and the biggest market capitalization.

A variety of additional security measures are provided by LIC, helping to meet peoples' varying demands for security. There are a handful of top-rated LIC plans offered by the company among the many others since they provide the most comprehensive inclusion advantages. To know more about LIC plans in India, read on.

What Are Pension Plans?

Retirement-focused life insurance programmes are pension plans. They are intended to help you accumulate a retirement fund and give you a reliable income stream yet after you quit functioning.

Following are the types of pension plans that provide a regular stream of income -

• Deferred Annuity - These are the options that enable you to gradually build up a retirement fund. When you are employed, you can make investments in deferred pension plans. When the plan reaches its maturity, you will get a reservoir made up of the premiums you have paid. The corpus amassed promises to provide you lifetime earnings at maturity.

• Immediate Annuity Plans - These programmes are designed for individuals who have a lump sum of money and want to use it to get regular fixed incomes. Instantaneous annuity products guarantee everlasting annuities at a set rate, giving you a constant stream of income.

List of Best LIC Retirement Plans 

Following are some of the best insurance plans offered by LIC in the retirement category - 

• LIC’s E-Term Plan - This is a term plan that can be acquired online in a matter of seconds. The following are some of the USPs of the arrangement. The difference in premium costs between smokers and nonsmokers is significant. Limits on premiums contribute to lower premium charges. On passing throughout the approaching period, a passing advantage is paid. In any instance, a development benefit is provided in the event that the agreement develops.

• LIC’s Jeevan Lakshya Plan - The agreement is an enhancement plan with an improved death benefit. The following are the arrangement's USPs. At the end of the strategy term, passing advantage consists of yearly pay alone as a single quantity instalment. There are two optional riders available under the agreement. The benefits of the agreement are upgraded with additional increments. Attractive premium caps reduce the amount of the superior payable.

• LIC Jeevan Shiromoni Plan - Due to the higher levels of total assured, this is a cash-back solution for individuals who are extremely wealthy. The following are some of the USPs for the arrangement: Upgrades to the arrangement advantages with the addition of steadfastness choices and guaranteed options Benefits from cash back provide easy liquidity. There is a built-in basic disease benefit that includes 15 common diseases. Customization options for four more riders are available.

• LIC’s New Endowment Plus Plan - This is the standalone unit-connected protection plan that LIC has provided, and it comes with the accompanying exceptional features. As a choice for a discretionary inclusion benefit, one may select the Linked Accidental Death Benefit Rider from LIC. There are four assets that may be used to pay the premium. A free switch between reserves is allowed four times every arrangement year.

• LIC’s Jeevan Tarun Plan - This child plan pays out cash benefits to children between the ages of 20 and 24. When the child turns 25, the plan matures and begins to pay out development benefits. The following benefits are part of the arrangement's USP.

Endnotes

One of India's most reputable life insurance providers, Life Insurance Corporation of India, also known as LIC, offers a wide range of life coverS. Since LIC retirement plans are well-liked by the average person, you should invest in one as well if you want to have a safe and secure future.

Also Read: 

How Can I Get Maximum Benefits From A Term Insurance Plan?

Things You Should Be Aware Of Buying An Endowment Plan At The Right Time