LIC Retirement Plans – How to Buy LIC Policy Online without Agent?

Retirement Plans From LIC

If planning for retirement seems like it might be challenging, think again. It’s your chance to consider your goals for the future and shape a new life lived on your terms. However, the people of India often don’t start thinking about retirement till they are about to stop working.
In fact, It’s simple to put off thinking about retirement when reaching the correct age seems like a distant dream, but as each year passes by it starts to become more and more of a reality.
As experts in retirement, a Life Insurance Corporation of India (i.e. LIC) can help you understand your options and put your plan in place.
In our article, we will discuss retirement plans from LIC and we outline, how to buy the LIC retirement plans through online.

Here are a few questions to get your retirement planning underway. However, you should ask these questions yourself so that you can choose the perfect product for retirement.

• How much amount will you need for your retirement plan?
• How long will you expected spend in retirement?
• Where will the amount come from?
• Where will you live when you’re retired?

Now scroll down and make the best choice for your future.

Also Read National Pension System : A Complete Guide for Retirement Plan

What are the Different Types of LIC’s Retirement Plans?

Currently, LIC offers best 4 retirement plans to help prospective buyers plan their retirement smoothly.

Let’s try and understand the basics of the below retirement plans and help you make a call on the one that’s best suited to your individual income and requirement.

What are Annuities?
Annuities are investment plans that provide regular payment in return of a lump sum investment.
These annuities help offer a steady form of income in retirement.

Different types of annuities:
Immediate Annuities: You can buy the annuity plan with a lump sum amount for a limited tenure or for a lifetime. Once you make this investment, your annuity payment starts immediately.
Deferred Annuities: Your annuity payment starts after a certain date.However, This is further divided into Accumulation & Vesting Phase.

LIC Saral Pension Plan – Single Premium

• The Saral Pension Scheme is a non-linked, non-participating, single premium, individual immediate annuity plan.
• A policy holder can pay a lump sum and get a fixed payment at regular intervals for the rest of the life.

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LIC Jeevan Shanti Plan

• The Jeevan Shanti Plan provides you pension benefits after a certain period of time. However, If you have any issue related to the plan, then you can surrender anytime after three months.
• No medical certificate will be required for this plan.
• You have the choice to get pension immediately or start a pension anytime between 1 to 20 years as per your wish.
• Ensured annuity rates will be given at the time of taking the policy for both immediate and deferred annuity options.
• The option once selected cannot be modified.
• Various annuity options and modes of annuity payment are available under the plan.

Annuity Options of Jeevan Shanti

#1 Immediate Annuity – The LIC’s Jeevan Shanti plan comes out with 10 annuity options that include immediate annuity for life, an immediate annuity with guaranteed period and life, immediate annuity for life with return of purchase price, etc.

#2 Deferred Annuity

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LIC’s Jeevan Akshay – VII

• This is an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount.
• The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).
• The option once selected cannot be modified.

Annuity Options of Jeevan Akshay

Immediate Annuity – The LIC’s Jeevan Akshay – VII plan comes out with 10 annuity options that include immediate annuity for life, an immediate annuity with guaranteed period and life, immediate annuity for life with return of purchase price, etc.

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LIC PMVVY Retirement Plan

• The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is now extended up to 31st March, 2023 for a further period of three years over and above 31st March, 2020.
• The scheme provides initially an assured rate of return of 7.40 % p.a. for the year 2020-21 p.a. and thereafter to be reset every year.
• On the death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary.
• The scheme also allows for premature exits for the treatment of any critical illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded.
• The scheme is exempted from GST.
• If a policyholder is not satisfied with the T&C of the policy, holder may return the policy to the LIC within 15 days (30 days if this policy is purchased through online) from the date of receipt of the policy stating the reason of objections.

Payment of Purchase Price

The PMVVY scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.

Now, let us learn how to buy LIC Policy through online

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How to Buy LIC Policy Online without Agent?

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