Life after retirement is one of the nightmare for the largest number of people around the Globe. For a working professional, he is sure that he will get a fixed amount of money at the beginning of every month as the monthly salary. They then use this money to meet the monthly expense of themselves along with their family. But once he gets retired from the job, the situation will become something different. The regular source of income is then stopped and if he does not have a good investment available for the rest of the life, it will become very much difficult for him to survive. It is at this stage the LIC retirement plans comes with a great support for such people. They help the people to have a smooth after retirement life.
Currently, the LIC India is providing three major insurance plans for the common people. A brief description of them is providing here for a quick reference.
- Pradhan Mantri Vaya Vandana Yojana
This is a very good insurance plan which is available to the senior citizens above the age of 60. Even if this plan is declared by the Indian Government, LIC India is selected to operate this policy for the common people. With a policy term of 10 years, the Pradhan Mantri Vaya Vandana Yojana does not limit the maximum age to join this policy. Starting with a minimum pension of Rs.1000, the policyholders will get a maximum of Rs. 5000 per month. A policy that completes 3 years will get elected to take the loans as well. A person after taking the policy will be provided with a lock-in period of 15 to 30 days.
- Pension Plus
This is a very good pension plan introduced by the LIC for the people starting from the age of 18. So, people like to plan their life as per their expectation can start investing in this policy at the initial stages of their life itself. A person with a maximum of 75 years can opt for the Pension Plus plan by the LIC India. A noticeable feature of this plan is that LIC will provide an annual interest rate of 3.5% on policies that are discontinued by the users under any circumstances. Policyholders who like to add an amount in addition to the normal premium can do it with the top up feature available in the Pension Plus Policy. Also, remember that LIC will not provide any loans to the policyholders that come under this plan.
- LIC New Jeevan Nidhi
This is a very good savings option that can be considered by people who like to get a fixed income even after their retirement. The policyholders who opt for the LIC New Jeevan Nidhi will be provided with both accidental death and disability benefit rider. People who fall under the age category of 20-60 years are eligible for this plan with a minimum 5 years to maximum 30 years option.