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.
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.
|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|
|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|