LIC PENSION PLAN

Guaranteed lifetime income. Protect your retirement today. LIC immediate annuity plan

Life Insurance Corporation of India offers best pension plans in India. get the top investment plan with LIC investments policies. The changing nature of our world and family set up is pushing everyone to seriously look at how to fulfill financial needs after retirement. Compare benefits online.

What is a 'LIC Pension Plan'

“LIC pension plan is a method in which the policyholder transfers portion of his or her present income flow toward retirement income. There are actually two primary types of LIC pension plans: defined-benefit plans and defined-contribution plans”.

A LIC pension plan is a policy for retirement plan, wherein the policyholder makes contributions toward a pool of money put aside for his / her future benefit. The pool of money is then invested on the policyholder’s behalf, letting the annuitant to get benefits upon retirement.

What are the plans LIC offer for retirement?

LIC offers two kinds of retirement plans — one is LIC Jeevan Akshay VI immediate annuity plan and New Jeevan Nidhi deferred annuity plan.
While in the first above mentioned type , the retirement corpus saved by a person has over his life time is utilized to give a pension on his retirement. A lump sum amount is invested in immediate annuity plan so as to start quick monthly pension payments to the person.
However, a LIC New Jeevan Nidhi deferred annuity method allows you to invest on a regular basis to first build a corpus and once you stop working (retire), you get a regular pension from this sum.

What is income tax on pension income.

An amount received from insurer is extremely tax inefficient as the total amount is added to your taxable income and is taxable as per the pensioner’s tax slab, therefore discouraging an investor from buying an annuity.

Insurance Plans

LIC Jeevan Lakshya

LIC Jeevan Lakshya is a participating non ULIP plan which provides a mix of protection and savings. This plan offers for Yearly Income benefit...

LIC Jeevan Labh – Limited Premium Paying Term

LIC Jeevan Labh is a reduced premium paying term, non-linked, with-profits endowment scheme which offers a blend of protection and savings. This plan offers...

LATEST REVIEWS

New Moneyback 25 Years

Compared with normal endowment insurance plans in which the survival or maturity benefits are given only at the end of the policy term, In...

Financial Planning

The fight against rising cost of living impacts on savings and pension funds

The inflation rate in India was noted at 4.86 percent in June of 2013. Inflation Rate in India is revealed by the Ministry of...

Pension Planning Across India

Therefore it employs that a safe and secure retirement plan is greatly essential for them, no matter if it's actually years away, or just...

Early retirement in india – Save Enough for pension

No matter what the reason was, there is certainly no need to worry. It is possible to makeup for the lost time and put...

Good financial planning can make life much better

A financial plan requires examining consistently, changes in conditions, requirements and targets must be covered. It is crucial to keep a watch. When your...

Retirement planning in India– Four questions you should think about.

Listed here are four factors to think about when doing financial plans for retirement life: Retirement planning – what amount is enough? Based on how old...

Must Read

LIC Jeevan Akshay VI

LIC's Jeevan Akshay-VI is a single premium immediate annuity plan where LIC will pay the annuitant a fixed amount at regular intervals starting up...
SiteLock