Retirement is not the end of life — it's the beginning of a life you've always wanted. But without proper financial planning, retirement can become stressful. LIC pension plans guarantee you a steady monthly income for life after retirement.
Receive a fixed pension every month for the rest of your life. No market risk, no uncertainty — just regular income you can count on after retirement.
Some plans allow you to take 1/3rd of the corpus as a lump sum and convert the remaining into lifetime pension. Best of both worlds!
Joint life annuity options ensure your spouse continues to receive pension even after you. Complete family financial security post-retirement.
Premiums qualify for deduction under Section 80CCC. Pension received is taxable but commuted portion gets partial exemption under Section 10(10A).
An immediate annuity plan — pay one lump sum and start receiving pension from the very next month.
A standardized immediate annuity plan as per IRDAI guidelines — simple, transparent, and easy to understand.
A deferred annuity plan — invest now, accumulate during the deferment period, and receive enhanced pension later.
A whole life plan with regular survival benefits — can be used as a retirement income supplement.
| Feature | Jeevan Akshay VII | Saral Pension | New Jeevan Shanti |
|---|---|---|---|
| Type | Immediate Annuity | Immediate Annuity | Deferred Annuity |
| Premium | Single | Single | Single/Regular |
| Pension Starts | Immediately | Immediately | After deferment |
| Min. Investment | ₹1,00,000 | Varies by annuity | ₹1,50,000 |
| Joint Life Option | Yes | Yes | Yes |
| Loan Facility | No | Yes (after 6 months) | Yes |
| Return of Capital | Option available | 100% to nominee | Option available |
Whether you're 30 or 55, it's never too early or too late. Get a customized pension plan based on your retirement age and income needs.