LIC pension plans: Check these 4 pension plans

Life Insurance Corporation of India (LIC) is a life insurance provider in India trusted by many individuals, and it offers a range of comprehensive products catering to diverse financial needs.

LIC's New Pension Plus is a Non-Par, Linked, Pension individual savings plan that aims to create wealth via systematic and disciplined savings that can be transformed into regular income. The plan can be purchased in either Single Premium or Regular Premium payment frequency.

You have a choice of investing premiums in one of the four types of investment funds available. Each Premium paid, after deduction of Premium Allocation Charge, shall be utilized to purchase units of the Fund chosen. The Unit Fund Value shall be subject to deduction of various other charges either as cancellation of number of units or by adjusting the Net Asset Value (NAV).

LIC’s Jeevan Akshay - VII is a Non-Par, Non-Linked, Individual, Savings, Immediate Annuity plan. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of Annuitant(s). This is a non-par product under which benefits payable on death or survival are guaranteed and fixed (as per the chosen Annuity Option) irrespective of actual experience.

LIC’s New Jeevan Shanti is a Non- Par, Non-Linked, Individual, Savings, Deferred Annuity plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity. The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of Annuitant(s).

This is a Non-Par product under which benefits payable on death or survival are guaranteed and fixed (as per the chosen Annuity Option) irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus.

LIC’s Saral Pension is a non-par, non-linked, single premium, individual immediate annuity plan. The available annuity options under this plan are as under: Life Annuity with Return of 100% of Purchase Price or Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor.