1. LIC New Jeevan Shanti
2. Pradhan Mantri Atal Pension Yojana
3. Pradhan Mantri Vaya Vandana Yojana
4. LIC New Jeevan Nidhi
5. LIC Varishtha Pension Bima Yojana
1. Availability of loan facility after a year, basis on the investment option chosen
2. Fixed pension given at regular time periods for a lifetime with premium to be paid only one time
3. Premium entitled for tax rebate under Section 80CCC of the Income Tax Act
Eligibility Criteria for the plan: The minimum age for entry under the plan is 30 years and the maximum age is 79 years. The minimum amount to be invested under the plan is at least Rs. 1.5 lakh and there is no maximum limit for investment.
The plan guarantees financial security to all these people in old age. The key features of the plan include:
1. Upon turning 60 years old, the policyholder would be entitled to receive a fixed pension of the amount selected by them between Rs. 1,000 and Rs. 5,000.
2. The time period of contribution needs to be chosen by the policyholder or investor on the basis of the total pension amount selected for a minimum of at least 20 years.
Eligibility criteria for the scheme: The minimum age for entry into the plan is 18 years and the maximum age is 40 years. Persons in this age group can choose to invest in the scheme for at least 20 years, after which they’d be entitled to enjoy its benefits after the age of 60 years (old age).
According to this LIC Senior Citizen Pension Scheme 2022, the total amount invested in the plan is called the purchase price. Some of the major benefits of this plan include:
1. Guaranteed pension amount to the senior citizens for up to 10 years
2. A maximum investment of Rs. 15 lakh allowed to each senior citizen as against only Rs 7.5 lakh earlier
Eligibility criteria for the plan: There is no maximum age limit for entering this plan. The government allows any person aged over 60 years to invest in the scheme.
3. Guaranteed return of 8% rate of interest per annum on the investment made
A unique retirement plan that not only assures pension payouts in the old age but also offers the additional benefits of savings to the elderly. Some of the major highlights of the plan are:
1. A high sum assured rebate at Rs. 3 lakh and more
2. Bonus benefits to investors who participate in investment in the scheme
Eligibility Criteria for the plan: The minimum age for entering the plan is 20 years and the maximum age is 58 years (in case of regular premium payment) and 60 years (in case of single premium payment).
3. A guaranteed addition of 5% for the first 5 years, after which a simple reversionary bonus and the final additional bonus are included from 6th year onwards
4. Choice to investors between regular premiums or single premium payments
5. Option to increase the plan coverage with add- on riders such as disability benefit and accidental death riders
Some of the main benefits of this scheme are:
1. This particular plan can conveniently be joined with some other similar pension schemes to make for stable monthly income. A few examples include mutual funds, endowment plans, provident funds, and the like.
2. The plan allows for a refund of the purchase price to the policy’s beneficiary in case of death of the pensioner.
Eligibility criteria for the plan: The minimum age to opt for the plan is at 60 years and there is no maximum limit for entry age. The plan provides a minimum annuity payout of Rs. 6,000 and a maximum annuity payout of Rs. 60,000.
3. Tax exemptions are also provided on the premium amount payable, as per Section 80CCC of the Income Tax Act.