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LIC Pension Plans

Life Insurance Corporation of India

The oldest player in the insurance sector, since 1956, LIC of India has been catering to insurance needs of the entire nation. Being the only player till 2002, LIC grabbed the maximum market share and is still the tallest player in the market. With as many as 250 million customers, its reach is humungous and for most customers, life insurance still means LIC. It has extensive reach in the market with wide variety of plans that generations of families are using and are happy with. With increasing competition, the company has also evolved with its product portfolio and brings some of the best plans to its customer for maximum life insurance coverage at least possible cost.

Life Insurance Corporation of India- Pension Plans

The LIC of India keeps offering different products from time to time to cater to changing and evolving needs of its customers. Currently it has two pension plans to offer to help safeguard financial stability in the post-retirement life of individuals with varying financial needs.

List of Pension Plans Offered By Life Insurance Corporation of India, With Features, Benefits And Eligibility

Jeevan Akshay- VI


  • An immediate annuity pension plan
  • Single premium payment is required
  • Higher purchase price attracts higher annuity rates
  • No medical tests required
  • Income tax benefits are available


  • The annuity pay-outs start immediately after the payment of single premium
  • The annuity can be chosen for single life or two lives (involving the spouse)
  • The multiple annuity options are:
    1. Life Annuity payable at constant rate throughout the lifetime
    2. Life Annuity payable with return of purchase price on death of the annuitant
    3. Life Annuity paid for certain 5, 10, 15 or 20 years and for life thereafter
    4. Life Annuity increasing at a simple rate of 3% p.a.
    5. Annuity paid for life with 50% annuity to spouse after the death of the annuitant
    6. Annuity paid for life with 100% annuity to spouse after the annuitant’s death
    7. Annuity paid for life with 100% annuity to spouse after the death of the annuitant and also the return of purchase price after the death of the last survivor to the nominee
  • For purchase price of Rs. 2.5 lakhs and above, a higher annuity will be payable.
  • If you buy this policy online, higher annuity rates will be applicable
  • Income tax benefits can be availed under section 80CCC


Entry Age Min: 30 years | Max: 85 years
Annual Annuity Amount Depends on purchase price and age of the annuitant
Purchase Price Min: Regular Mode: Rs. 1 lakh; Online Mode: Rs. 1.5 lakhs | Max: No limit
Annuity Pay-out Frequency Yearly, half-yearly, quarterly or monthly

New Jeevan Nidhi


  • Traditional deferred annuity plan
  • Applicable bonuses available
  • Guaranteed additions offered
  • Multiple maturity benefits available
  • Riders offered
  • Income Tax benefits applicable


  • Guaranteed additions added in the first 5 policy years @5% of the sum assured for every completed policy year. From the 6th policy year, simple revisionary bonuses and final additional bonuses are paid
  • Maturity Benefit: When the policy matures, the sum assured including guaranteed additions, simple revisionary bonuses and any final addition is paid to the policyholder. The following options will be available for the policyholder to choose from:
    1. To buy an immediate annuity from the company from the entire proceeds of the vesting benefit, or
    2. To buy a single premium deferred pension from the company
  • Death Benefits: The following two options are available for the nominee:
    1. Death within 5 policy years: In such a scenario, the nominee shall be paid the chosen sum assured with accumulated guaranteed additions till death and the nominee shall have the option to receive it either as lumpsum or annuity or partly in lumpsum and partly in annuity
    2. Death post 5 policy years: Here, the nominee shall be paid the chosen sum assured along with guaranteed additions, simple reversionary bonuses and final additional bonus, if any. The nominee shall also have the option to receive these benefits in a lumpsum amount or as annuity or partly as annuity and partly as lumpsum
  • Death benefit paid to the nominee shall at least be 105% of all premiums paid till the date of death
  • Choosing sum assured of Rs. 3 lakhs and above attract rebates in premium
  • Income tax benefits can be enjoyed under section 80CCC and section 10 (10) D of the Income Tax Act


Entry Age Min: 20 years | Max: Regular Pay- 58 years; Single Pay- 60 years
Vesting Age Min: 55 years | Max: 65 years
Policy Term Min: 5 years | Max: 35 years
Sum Assured Min: Regular Pay- Rs. 1 lakh; Single Pay- Rs. 1.5 lakhs | Max: No limit
Annual Premium Amount Depends on the age, sum assured and premium paying term
Premium Paying Term Equal to Policy Term or Single Pay
Premium Paying Frequency Single, or Yearly, half-yearly, quarterly or monthly


  • LIC’s Accidental Death and Disability Benefit Rider