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LIC Senior Citizen Plans and benefits

LIC Senior citizen plans are designed to provide Pension for life and return of the investment safely to the proposers or to the nominees. Investing and getting back the investment with interest requires a lot of calculation before investing. The investor has to use all his knowledge for collecting information about the company, its background, paying ability etc.,

Several times, the information collected becomes useless due to market volatility. Pension is not guaranteed and everyone has to start investing for his rainy day from the first month’s salary itself. Many companies are giving high returns in papers only. When it comes to reality, finding those companies after investing funds has become a big task.

It is a big challenge for Senior citizens to identify and invest their hard-earned funds for pensions. This organisation started in 1956 with the Government of India’s support with a small investment of Rs. 5 Crore had grown to become one of the biggest Life Insurance companies in the World.

There are many schemes and plans in the market. As a senior citizen, you may not be in a position to take risks. Why search in the market, already there good guaranteed pensions to suit every one need. In LIC of India, we have many plans to suit your requirements :

LIC best Senior citizen plans :

LIC Jeevan Akshay – This plan perfectly suits the proposer with monthly, quarterly, half-yearly and yearly. These plans start from age 30 and are available till age 85 years. Best plan for a spherical class of people who want uninterrupted pension for life with returns of the corpus. Jeevan Akshay plan suits every citizen who are capable of investing a lump sum and making monthly interest as payback for life.

LIC Jeevan Shanti – A new plan introduced by LIC of India with many new features. This plan is available for immediate pension and deferred pension also. The best plan to suit all looking for multiple options in one plan. This plan offers to surrender and loan benefits to suit customers’ needs. Parents of Handicapped dependents can also buy this plan for their child to support their future.

LIC Pradhan Mantri Vaya Vandana Yojana – This plan was introduced by LIC of India in association with the Government of India mainly for the Senior Citizens. This plan is available for those aged 60 and above only. The rate of interest is fixed for the next 10 years. The rate of interest for the year 2022-2023 is 7.40% for monthly pension and 7.60% for yearly pension.