Last updated on September 23rd, 2017 at 06:07 am


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'

Last updated on September 23rd, 2017 at 06:07 am
“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?

Last updated on September 23rd, 2017 at 06:07 am
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.

Last updated on September 23rd, 2017 at 06:07 am
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.

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