LIC Pension Plan

The individual plans that look into your future and helps to foresee the financial stability during the age of retirement is are the Pension plans. These plans are particularly helpful for those senior citizens and those who plan for a future with security and safety.

The main aim of these pension plans is that they provide security to the entire family with respect to the financial support during the productive plan and a happy lifestyle to oneself and their spouse at the age of retirement.
There are four types of Pension plans provided by LIC. They are:

1. Jeevan Nidhi
2. Jeevan Akshay-VI
3. New Jeevan Dhara – I
4. New Jeevan Suraksha – I

LIC's Jeevan Nidhi is a pension plan with profits Deferred Annuity. When the policy holder survives even after the term of policy, then the accumulated amount is used to make pension for the place holder. This accumulated amount would comprise of sum assured, guaranteed additions and bonuses.
The salient features of this policy include:

* Guaranteed additions,
* Participation in profits,
* Benefits on vesting, and
* Annuity options.

Jeevan Akshay – VI is an immediate annuity plan that could be purchased through the payment of a lump of amount. Also this offers the annuity payments for the stated amount for the entire life time of the annuitant. There are various types and modes of payment that are available for this plan. This payment mode would be either monthly or quarterly or half yearly or yearly.

New Jeevan Dhara – I is deferred annuity plan which allows the placeholder to make provision after the selected term for a regular income. In this plans the premiums can be paid either yearly or half-yearly or quarterly or monthly or by means of salary deduction through out the term of policy and even till the early death.

Keywords: Tax and finance, saving, mutual fund, pension plan,Jeevan Nidhi, Jeevan Akshay-VI, New Jeevan Dhara – I, New Jeevan Suraksha – I