After retirement, you need to have a regular source of income without any hassle. And if you work for a private organisation, you need to think about your retirement benefits. For this LIC (Life Insurance Corporation of India), which is backed by the Government of India, has come up with different retirement plans. You may find it difficult to choose a scheme since there are so many kinds. So, I will help you decide which is the best pension plan in LIC.
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I will mention a few policies by LIC before sharing the best LIC pension plan in India.
LIC SIIP Plan
LIC Bima Jyoti
LIC New Jeevan Shanti
Pradhan Mantri Vaya Vandana Yojana
LIC Jeevan Akshay- VII
LIC Saral Pension
I will talk about LIC SIIP plan because I have applied for this plan.
Features of SIIP Plan:In SIIP plan, a part of the premium goes towards investment in market-linked funds and the other half towards life cover.
If the policyholder passes away, the family receives the amount invested.
The policyholder has the option to choose from 4 funds depending on the risk appetite.
If the chosen portfolio is performing well, you will get the option to switch as a policyholder.
| Criteria | Minimum | Maximum |
Age at entry |
90 days |
65 years |
Maturity Age |
18 years |
85 years |
Policy Term |
10 years |
25 years |
Premium Paying Term |
Equal to policy term |
|
Sum assured |
Age less than 55 years - 10 times the annual premium Age 55 years and up - 7 times the annual premium |
|
Minimum Premium |
Yearly - Rs. 40,000 Half-yearly - Rs. 22,000 Quarterly - Rs. 12,000 Monthly - Rs. 4,000 |
No limit |
The LIC SIIP Plan provides flexible benefits and flexible eligibility criteria, therefore, I feel it is the best LIC pension plan in India. I hope you know which is the best pension plan in LIC now.
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Authors Of The Question
Which is the best pension plan in LIC?
Lumbini
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2 Year
2022-09-15T10:52:16+00:00 2022-09-15T12:02:35+00:00Comment
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