LIC Plans for Senior Citizens- Policies for above 60 years of Age in 2023

The LIC prioritises older persons in order to uphold its unbreakable tradition of ensuring the future. A class that requires unwavering support like no other. Those over the age of 60 can simply assure a monthly pension by investing in insurance. Additionally, they may do it from the comfort of their own home. It only takes a few minutes to gain access to the Life Insurance Corporation of India's online services.

Pradhan Mantri Vaya Vandana Yojna

Insurance is heavily used in both the business and public sectors in India. The majority of the working class's needs are met through a variety of measures. Insurance for unanticipated medical expenses, children's education, and even marriage is prevalent. Yet, the main priority is to live a leisurely life after retirement. This initiative began in 2017 and has already been extended through March 31, 2023. It offers a guaranteed 7.4% return.

Features

• Pension payments provided on a monthly, quarterly, semi-annual, or annual basis.
• AADHAAR is used for payment. Enabled through NEFT.
• Maximum amount of Rs.15 lakh can be invested in this.
• After three years, the policy can be cancelled.
• A loan against the insurance can be acquired up to 75% of the 'Purchase Price.' Three years must have passed since the start of premium payments.
• The insurance can also be cancelled. In the event of the pensioner's or their spouse's terminal illness, 98% of the 'Purchase Price' will be paid.
• In the event of survival, the policyholder is entitled to the 'Purchase Price' until the policy term expires. It is paid along with the last pension installment.
• If the policyholder dies within the policy period, the 'Purchase Price' will be paid to the beneficiary.

Eligibility

• The needed minimum age is 60 years.
• There is no upper age limit.
• Ten years of policy tenure
• The minimum pension is Rs. 1,000.
• The maximum monthly pension is Rs. 9250.

LIC New Jeevan Shanti

The Life Insurance Corporation's New Jeevan Shanti is a single premium annuity. A one-time investment is required to purchase such an insurance. The lump amount is normally at least a lac. Payment begins after a certain time period. The time span might be one month, three months, six months, or a year. A strategy like this is useful for people who have a lot of money. The sum should be readily available to them.

Features

• Policy can be surrendered at any moment throughout the duration.
• An annuity is paid in arrears every one month, three months, six months, or a year.
• If an annuity is not paid annually, its value decreases. If paid half-yearly, it reduces by 2%. If the annuity is paid quarterly, a 3% reduction applies. If paid monthly, by 4%.
• A policyholder may request for a loan after 12 months after risk beginning (or after a predetermined 'look out' period).
• The death benefit is equal to 105% of the 'Purchase Price' OR the 'Purchase Price' plus Accrued Benefits. - Annuity received (if any)
• Both policy types have the same death benefits.

Eligibility

• Vesting Age: 31-80 Years
• Entry Age: 30 -79 Years
• INR 1,50,000 is the minimum purchase price.
• There is no maximum purchase price.

LIC Jeevan Akshay - VII

To dispel the myths surrounding insurance, the 'One Premium Policy' was devised. A single payment policy is one in which a lump sum is paid at the start. Such insurance promises an annuity for the rest of one's life. Single Payment Policy has taken several shapes. Some programmes allow the investor to choose the size of the annuity. This type of policy can last for 5 to 20 years.

Features

• There is a 30-day free-look period to review the policy's conditions and terms. Option F and J both accept the policy's return.
• After three months or the end of the free-look period, a loan can be obtained against such an insurance (whichever comes later).
• An annuity might be paid monthly, quarterly, semi-annually, or annually.

Eligibility

• Entry Age range is 30 to 85 years.
• Minimum Purchase Price isINR 1,000,000 in order to qualify for the minimum annuity.
• There is no maximum purchase price.
• A minimum annuity of INR 1000 per month, INR 3000 quarterly, INR 6000 every six months, and INR 12000 annually is payable.