LIC Monthly Pension Plan: Monthly pension received after retirement, see eligibility, benefits

LIC Monthly Pension Plan: If you want to make a source of monthly income after retirement or want to get monthly pension, then you should subscribe to LIC Jeevan Akshay-VII plan. LIC Jeevan Akshay-VII scheme is a non-linked, non-participating, individual immediate annuity plan.

LIC launched this plan on 28 February this year. This plan can be subscribed both offline and online. LIC Jeevan Akshay-VII Plan is an immediate annuity plan wherein the policyholder has the option to choose the 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 the annuity policyholder is given a pension for life.

Annuity Option for LIC’s Jeevan Akshay-VII Plan

1. Option A: Immediate Annuity for life.
2. Option B: Guaranteed period of 5 years and thereafter immediate annuity for life.
3. Option C: Guaranteed period of 10 years and thereafter immediate annuity for life.
4. Option D: Guaranteed period of 15 years and thereafter immediate annuity for life.
5. Option E: Guaranteed period of 20 years and thereafter immediate annuity for life.
6. Option F: Immediate Annuity for life with return of purchase price.
7. Option G: Immediate annuity for life with increasing rate of 3% p.a.
8. Option H: Immediate annuity for life with provision of 50% of the annuity to the second policyholder on death of the policyholder under Joint Life Annuity Plan.
9. Option I: Joint immediate annuity for life with provision for 100% of the annuity as long as either of the annuitants survives.
10. Option J: Joint Life Immediate Annuity for life with provision for 100% of the annuity as long as either of the annuitants survives and return of purchase price on his death.

Terms-Conditions and Benefits of LIC Jeevan Akshay-VII Plan

Remember that the immediate annuity plan under LIC Jeevan Akshay-VII cannot be changed once chosen. LIC Jeevan Akshay-VII plan has a minimum purchase price of Rs.10,00,000 and the entry age into the plan is 25 years to 29 years and 30 years or more subject to minimum annuity. Whereas, there is no limit for the maximum purchase price for the plan. At the same time, the maximum age limit at the time of admission is 85 years for the rest except option F.

12 thousand pension on 1 lakh investment

If you invest 1 lakh rupees under LIC Jeevan Akshay-VII policy, then you get 12 thousand rupees annually as pension. Monthly, quarterly, half-yearly and yearly options are available for pension. For more information related to this policy of LIC, investors must see the conditions on the official website of LIC.