3 Best Pension plans from LIC
A pension plan is an investment that helps secure your future retirement by providing a steady stream of income after you retire. There are various pension plans available in the market, and one of the most popular options in India is from the Life Insurance Corporation (LIC). LIC offers several pension plans that provide attractive benefits to the policyholder. In this article, we will discuss the three best pension plans from LIC in detail.
- Jeevan Akshay VII
Jeevan Akshay VII is a popular pension plan offered by LIC. It is a single premium, immediate annuity plan that provides regular income for the rest of your life. The policyholder can choose the mode of payment for the pension, i.e., monthly, quarterly, half-yearly, or yearly. The policyholder can also choose to receive the pension in arrears, i.e., at the end of the payment period.
One of the biggest advantages of Jeevan Akshay VII is that the pension payment starts immediately after the premium payment. The policyholder can choose from several pension options, such as annuity for life, annuity with return of purchase price, annuity for a certain period, or annuity for life with a guaranteed period.
- New Jeevan Nidhi
New Jeevan Nidhi is a pension plan that provides a combination of protection and savings. It is a traditional pension plan that offers regular payouts after retirement. The policyholder can choose the mode of payment for the pension, i.e., monthly, quarterly, half-yearly, or yearly.
One of the benefits of New Jeevan Nidhi is that it provides an additional death benefit. If the policyholder dies during the policy term, the nominee will receive the sum assured along with the accrued bonuses. Moreover, the policyholder can take a loan against the policy after three years.
- Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension plan that is designed exclusively for senior citizens. The plan is offered by LIC and is backed by the government of India. It provides a fixed rate of return on the investment and regular pension payouts for the rest of your life.
One of the advantages of PMVVY is that the policyholder can choose the mode of payment for the pension, i.e., monthly, quarterly, half-yearly, or yearly. The policyholder can also opt for a loan against the policy after three years. Additionally, the policyholder can choose to receive the pension in arrears, i.e., at the end of the payment period.
Conclusion:
Pension plans are an excellent investment option for individuals who want to secure their future retirement. LIC offers several pension plans that provide attractive benefits to the policyholder. The three best pension plans from LIC are Jeevan Akshay VII, New Jeevan Nidhi, and Pradhan Mantri Vaya Vandana Yojana. Each plan has its own unique features and benefits, and the policyholder can choose the one that best suits their needs. It is always advisable to read the terms and conditions of the policy before investing to ensure that it aligns with your retirement goals.
