LIC Pension Plans: Jeevan Shanti, Jeevan Akshay-VI, Vaya Vandana Yojana Compared Here

Life Insurance Corporation (LIC) of India, the country's largest life insurer, offers pension plans besides offering insurance products like term insurance, endowment plans and money back plans. LIC Jeevan Shanti, Pradhan Mantri Vaya Vandana Yojana and LIC Jeevan Akshay-VI are among some of the pension plans being offered by the Life Insurance Corporation. LIC ensures pension payments (annuity) on an immediate or deferred basis on a monthly, quarterly, half yearly or yearly basis according to LIC's website - licindia.in. (Also Read: LIC New Jeevan Anand Insurance Policy: Premium, Sum Assured And Other Key Details).Here is a comparison of pensions, premium and other benefits between LIC's Jeevan Shanti, Vaya Vandana Yojana And Jeevan Akshay-VI plans:.LIC Jeevan Shanti Plan.LIC's Jeevan Shanti plan is a single premium plan which can be purchased by paying minimum lump sum premium of Rs 1.5 lakh and it has no limit for the maximum purchase price..Also Read: LIC Jeevan Pragati Policy: Sum Assured, Premium, Other Details Here.Policy holders get nine different annuity options to choose from. The various annuity options are as follows, according to information on LIC's website.. Option A: Immediate annuity for life Option B: Immediate annuity with guaranteed period of 5 years and life thereafter Option C: Immediate annuity with guaranteed period of 10 years and life thereafter Option D: Immediate annuity with guaranteed period of 15 years and life thereafter Option E: Immediate annuity with guaranteed period of 20 years and life thereafter Option F: Immediate annuity for life with return of purchase price Option G: Immediate annuity for life increasing at a simple rate of 3 per cent per annum Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent of the annuity to the secondary annuitant on death of the primary annuitant Option I: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the Annuitant survives Option J: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of the last survivor .For instance an individual purchases Jeevan Shanti plan at the age of 45 with a deferment period of 20 years he/she will get the following annuity amount under the annuity option chosen by the policy holder..table.tble_jeevan-shanti { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; margin-bottom:20px; } table.tble_jeevan-shanti th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tble_jeevan-shanti td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.tble_jeevan-shanti, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table.tble_jeevan-shanti, thead, tbody, th, td, tr { font-size: 14px; } table.tble_jeevan-shanti th { padding: 4px; } table.tble_jeevan-shanti td { padding: 4px; } .itctc_main { overflow-x:scroll;overflow-y:hidden;} } /*Media Query END*/ . Annuity Option Annuity Amount (Rs.) Immediate Annuity: Option A: Immediate Annuity for life 74,300 Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter 74,200 Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter 73,900 Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter 73,500 Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter 72,900 Option F: Immediate Annuity for life with return of Purchase Price 65,400 Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a 56,200 Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant 71,100 Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives 68,300 Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor 64,900 Deferred Annuity: Option 1: Deferred annuity for Single life 206,600 Option 2: Deferred annuity for Joint life 227,200 .Source: LIC.LIC's Pradhan Mantri Vaya Vandana Yojana (PM VVY).LIC's Pradhan Mantri Vaya Vandana Yojana provides immediate pension for senior citizens of 60 years and above. It can be purchased by paying a lump sum amount, LIC said on its website..The plan provides for pension payments for the policy term of 10 years, with return of purchase price at the end of 10 years..Also Read: LIC Jeevan Labh Policy: Premium, Benefits, Sum Assured And Other Details Here.Pension payments can be availed by the subscriber on monthly, quarterly, half-yearly or yearly basis. In case of death of the subscriber the purchase price of the plan would be refunded to the legal heirs..Here are minimum and maximum purchase price and corresponding pensions the subscribers would get on under different modes of pension:.table.tble_wrap { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 16px; } table.tble_wrap th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tble_wrap td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } table.tble_wrap td:last-child, table.tble_wrap th:last-child { border-right: none; } /*Media Query start*/ .scroll { overflow: auto; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { table.tble_wrap, thead.tble_wrap, tbody.tble_wrap, th.tble_wrap, td.tble_wrap, tr.tble_wrap { font-size: 14px; } table.tble_wrap th.tble_wrap { padding: 4px; } table.tble_wrap td.tble_wrap { padding: 4px; } table.tble_wrap th:nth-child(), table.tble_wrap td:nth-child(), { display: none; } } /*Media Query END*/ . Mode of Pension Minimum Purchase Price Corresponding Pension Amount Yearly 1,44,578 12,000 per annum Half-Yearly 1,47,601 6,000 Half year Quarterly 1,49,068 3,000 per quarter Monthly 1,50,000 1,000 per month table.tble_wrap { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 16px; } table.tble_wrap th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tble_wrap td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } table.tble_wrap td:last-child, table.tble_wrap th:last-child { border-right: none; } /*Media Query start*/ .scroll { overflow: auto; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { table.tble_wrap, thead.tble_wrap, tbody.tble_wrap, th.tble_wrap, td.tble_wrap, tr.tble_wrap { font-size: 14px; } table.tble_wrap th.tble_wrap { padding: 4px; } table.tble_wrap td.tble_wrap { padding: 4px; } table.tble_wrap th:nth-child(), table.tble_wrap td:nth-child(), { display: none; } } /*Media Query END*/ (As mentioned on LIC's website) Mode of Pension Maximum Purchase Price(Rs) Corresponding Pension Amount Yearly 14,45,783 1,20,000 per annum Half-Yearly 14,76,015 60,000 per half year Quarterly 14,90,683 30,000 per quarter Monthly 15,00,000 10,000 per month (As mentioned on LIC's website) LIC Jeevan Akshay-VI LIC Jeevan Akshay-VI pension plan can be purchased by any individual between the minimum age of 30 years and up to maximum age of 85 years by paying a single lump sum premium of Rs. 1 lakh for all distribution channels except online or by paying Rs. 1.5 lakh or above via online sale, LIC noted on its website. Also Read: From Premium, Maturity To Tax Benefit: Key Things To Know About LIC New Jeevan Anand Plan The subscribers of the LIC Jeevan Akshay-VI are entitled to earn pension or annuity either at monthly, quarterly, half-yearly or yearly intervals as the subscriber chooses. Given below are the amounts of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options: table.tble_licindia { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; margin-bottom:20px; } table.tble_licindia th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tble_licindia td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.tble_licindia, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table.tble_licindia, thead, tbody, th, td, tr { font-size: 14px; } table.tble_licindia th { padding: 4px; } table.tble_licindia td { padding: 4px; } .itctc_main { overflow-x:scroll;overflow-y:hidden;} table.tble_licindia td:nth-last-child(-n+3) { display:none; } } /*Media Query END*/ Age last birthday Yearly annuity amount under option ( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi ) (vii) (viii) 30 6750 6730 6430 4870 6640 6530 6410 40 7080 7020 6470 5230 6870 6680 6430 50 7710 7530 6520 5900 7330 6990 6470 60 8930 8390 6600 7140 8220 7620 6530 70 11650 9460 6730 9820 10130 8970 6620 80 17410 10080 6920 15440 14170 11940 6760 licindia.in Source: LIC Subscribers of LIC Pradhan Mantri Vaya Vandana Yojana and LIC Jeevan Shanti Yojna are entitled to avail loan facility upon completion of three years of policy term in case of LIC Pradhan Mantri Vaya Vandana Yojana and on completion of one year of policy term in case of LIC Jeevan Shanti Yojna.

LIC Pension Plans: Jeevan Shanti, Jeevan Akshay-VI, Vaya Vandana Yojana Compared Here

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