LIC Pension Update : In a country where retirement security remains a top concern for millions, Life Insurance Corporation of India (LIC) offers a golden solution—one that can ensure a fixed monthly pension of ₹12,000 for life. This plan is especially designed for individuals seeking peace of mind post-retirement through a single, one-time investment. Let’s explore how you can secure a lifetime of financial stability with LIC’s pension masterplan.
LIC Pension Update : What Is LIC’s Single Premium Pension Plan?
LIC’s Jeevan Shanti or Jeevan Akshay policies offer guaranteed lifelong pensions against a one-time lump sum payment. These immediate annuity plans are ideal for retirees or anyone who wants assured monthly income.
Key Highlights:
- One-time investment, lifelong returns
- Monthly pension starts immediately
- Available for individuals aged 30 to 85 years
- Flexible annuity options (single life, joint life)
- Backed by LIC, India’s most trusted insurer
Eligibility and Investment Criteria
Understanding the eligibility and investment structure is crucial before opting for the plan.
Eligibility Table:
| Criteria | Details |
|---|---|
| Entry Age | 30 to 85 years |
| Minimum Purchase Price | ₹1,00,000 |
| Maximum Purchase Price | No upper limit |
| Annuity Payout Mode | Monthly, Quarterly, Half-Yearly, Yearly |
| Start of Pension | Immediately after investment |
| Pension Type | Single Life or Joint Life |
Payout Structure: How ₹12,000/Month Pension Works
To get ₹12,000 monthly from LIC’s plan, you need to invest a certain amount upfront. Here’s how much you need to invest depending on the annuity option you choose:
Payout Table – For Monthly Pension of ₹12,000:
| Plan Option | Approx. Investment Needed | Annual Pension | Total Monthly Pension |
|---|---|---|---|
| Jeevan Akshay-VII (Single Life) | ₹16,20,000 | ₹1,44,000 | ₹12,000 |
| Jeevan Shanti (Deferred Option) | ₹14,80,000* | ₹1,44,000 | ₹12,000 |
| Joint Life Annuity | ₹17,00,000 | ₹1,44,000 | ₹12,000 |
*Deferred plan requires waiting period of 1-10 years before pension starts.
Types of Annuity Options
LIC offers a variety of annuity options under its pension schemes. Based on your life stage and needs, you can choose from:
- Immediate Annuity for Life – Monthly pension till death
- Annuity with Return of Purchase Price – Pension till death + refund of investment to nominee
- Joint Life Annuity – Pension continues for spouse after death
- Deferred Annuity – Pension starts after a few years, with higher payout
Benefits of LIC Pension Plan
The LIC pension plan brings multiple financial and emotional advantages:
- Lifetime Pension: Assured, consistent income stream for life
- Secure Investment: LIC is a government-backed and AAA-rated insurer
- Nominee Benefit: Return of purchase price ensures legacy for family
- Tax Benefits: Under Section 80C and Section 10(10D) of Income Tax Act
- Customizable Options: Flexible annuity choices to fit individual needs
Comparison With Other Pension Plans
Comparison Table:
| Feature | LIC Jeevan Akshay | LIC Jeevan Shanti | NPS (Govt. Scheme) | Mutual Fund SWP |
|---|---|---|---|---|
| Investment Type | One-time | One-time | Monthly/Yearly | Lump sum |
| Risk Level | Low | Low | Moderate | Moderate-High |
| Return Type | Fixed | Fixed | Market Linked | Market Linked |
| Government Backed | Yes | Yes | Yes | No |
| Liquidity | Low | Low | Moderate | High |
| Ideal For | Retirees | Pre-Retirees | Long-term Investors | High-risk Investors |
How to Buy LIC Pension Plan?
You can purchase the LIC pension plan easily through any of the following ways:
- Online through LIC’s official website
- Offline via authorized LIC agents or LIC branches
- Consultation with a financial advisor to understand the best annuity type for your needs
Step-by-Step Purchase Guide:
- Visit licindia.in and navigate to pension plans
- Select either Jeevan Akshay or Jeevan Shanti
- Use the pension calculator to estimate monthly payout
- Choose payout mode (monthly/quarterly/yearly)
- Complete KYC and make payment
- Receive policy documents and pension schedule
Who Should Consider This Plan?
This plan is perfect for:
- Senior citizens looking for assured income
- NPS or PF account holders nearing retirement
- Housewives or individuals with no pension support
- People who recently received a retirement corpus
LIC’s single premium pension plan is a strong option for anyone who wishes to live a stress-free retired life with guaranteed monthly income. With a one-time investment, you can secure ₹12,000 or more every month for life. Whether you’re approaching retirement or simply planning ahead, this LIC pension masterplan offers peace of mind, stability, and financial dignity in your golden years.
This article is for informational purposes only. Please consult a certified LIC advisor or financial planner before investing. The actual annuity amount may vary based on age, plan type, and prevailing LIC rates.
