LIC Pension Plans
The LIC pension plans are the individual plans that can concentrate on you are future requirements, and the financial stability in you are old age. The pension plans are the best suited for the senior citizens to plan they are future safe and securely, they are not required to offer the best and the beautiful things in their lifetime. By taking the pension plans, you will enjoy you are living even after you are retirement with you loved ones. The LIC pension plans offer the minimum guaranteed on premium paid. By taking the LIC pension plans while you’re earning, the invested amount in the pension plan can help you in the old age after you are retired.
Benefits Of The LIC Pension Plan:
The normal benefits are available in the LIC pension plans such as
- Death Benefit
- Income Tax Benefit
Death Benefit: On Death of the policyholder at the time of policy period, the purchased amount can be refunded or premium can be paid to nominee until the end of guaranteed period or plan can be seized. It ultimately depends on pension option chooses by the policy holder.
Income Tax Benefit: the Premiums paid to purchase any of LIC Pension plan are to be exempted from tax. The Pension which can be received by the policyholder is taxable.
Types Of LIC Pension Plans:
There are three different types of LIC pension schemes are available, they are listed below
- LIC Jeevan Akshay Pension Plan: this is one of the types of the LIC pension plan. This type of the plan is the immediate annuity pension schemes. You will purchase the policy by the paying of bulk sum amount as the single premium.
- LIC New Jeevan Nidhi Pension Plan: this type of the plan is the regular premium LIC pension plan. The bonus requires till completion of the policy time. At the end of the accumulation period of the LIC New Jeevan Nidhi Pension Plan, the maturity benefits comprising of final additional bonus, sum assured and increment bonus is converted into the pension.
- LIC Varistha Pension Bima Yojana: the LIC Varistha Pension Bima Yojana is introduced by the LIC (Life insurance Corporation). The government of India has announced the revival of the life insurance corporation Varishtha Pension Bima Yojana in the union budget. One can opt to receive the pension in the different modes such as yearly, half-yearly, quarterly and monthly.