Retirement Planning with LIC
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Pension during your old age. Our policies are most suited for senior citizens and those planning a secure future, so that you enjoy the best things in post retirement life.
1) Pradhan Mantri Vaya Vandana Yojana (Plan No. 856, UIN : 512G336V01)
1) Pradhan Mantri Vaya Vandana Yojana (Plan No. 856, UIN : 512G336V01)
Pradhan Mantri Vaya Vandana Yojana (PMVVY) Scheme is a Guaranteed Pension Scheme of Government of India for senior citizen (60 years and above) available with Life Insurance Corporation (LIC) of India which provides guaranteed pension of 7.4% monthly and 7.66% yearly for 10 years. The deposited amount is returned to the policy holder after 10 years.
*This Scheme is available for sale upto 31st March, 2023.
FAQ's (Pradhan Mantri Vaya Vandana Yojana)
1) What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?
A: Pradhan Mantri Vaya Vandana Yojana (PMVVY) (UIN: 512G336V01) is a Government subsidized pension Scheme for senior citizens aged 60 years and above.
2) Who is the administrator of the PMVVY?
A: Life Insurance Corporation of India will be the administrator of PMVVY on behalf of Government of India.
3) What is the period for which this Scheme is available for sale? A: This Scheme is available for sale upto 31st March, 2023. 4) Who can purchase this Scheme?
A: Senior citizens of India aged 60 years (completed) and above can purchase this Scheme.
5) Is there any upper limit on age for purchasing this Scheme?
A: There is no upper age limit for purchasing this Scheme.
6) What is the term of this Scheme?
A: The term of this Scheme is 10 years.
7) What is the mode of pension under this Scheme?
A: Mode of pension payment can be monthly/quarterly/half-yearly or yearly. The first instalment of pension shall be paid after 1 year, 6 months, 3 months, or 1 month from the date of purchase of the same depending on the chosen mode of pension payment i.e. yearly, halfyearly, quarterly or monthly respectively
8) What are the benefits available under this Scheme?
A: The following benefits are available under the Scheme: a. Pension Payment: On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable. For example, if you choose monthly mode of annuity, the first pension payment will be made after one month from the date of purchase of policy. b. Death Benefit: On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary. c. Maturity Benefit: On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
9) What is the rate of interest for pension under this Scheme?
A: The Scheme provided an assured rate of return of 7.40% p.a. payable monthly (i.e. equivalent to 7.66% p.a.) for Financial Year 2022-23 also. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.
2) LIC's Jeevan Akshay - VII (Plan No. 857, UIN : 512N337V03)
2) LIC's Jeevan Akshay - VII (Plan No. 857, UIN : 512N337V03)
LIC's Jeevan Akshay - VII (Plan No. 857) is a single premium, non-linked and non-participating immediate annuity plan. It pays annuity or pension to the policyholder on annuity age. The annuity plan also allows joint life cover. It is a single premium policy and has to be purchased by paying a lumpsum amount at once. The annuity can be paid monthly, quarterly, biannually or annually as chosen. This pension plan has 6 options to choose from. Once the individual chooses an option, it can't be changed during as the payout starts immediately with the plan. The plan provides annuity payments of a stated amount throughout the lifetime of the annuitant.
3) LIC's New Jeevan Shanti (Plan No. 858, UIN : 512N338V04)
3) LIC's New Jeevan Shanti (Plan No. 858, UIN : 512N338V04)
LIC New Jeevan Shanti (Plan No. 858) 2023: The Life Insurance Corporation (LIC) of India has revised the annuity rates for its New Jeevan Shanti Plan (Plan No. 858). New policyholders applying for this scheme from January 5 onwards will now get an enhanced annuity rate.
*Tax saving under Sec 80C & 10(10D)
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