LIC Senior Citizen Monthly Income Scheme in 2024

What are LIC Senior Citizen Monthly Income Plans?

LIC Monthly income pension plans, or plans with a monthly income option, are retirement plans or annuity plans that provide a regular monthly income to individuals during their retirement years. These plans offered by the LIC of India ensure a steady income stream for retirees, helping them meet their financial needs and maintain their lifestyles.

What are the Benefits of LIC Monthly Income LIC Plans for Senior Citizens?

LIC plans for senior citizens are one of the best ways to plan your retirement. One of the most important benefits of retirement plans/pension plans is that they help secure the customer’s future.

• Financial Security in Retirement

  LIC Pension plans provide a steady income stream after retirement, helping individuals maintain their standard of living and cover daily expenses without relying on family support.

• Inflation Protection

  With rising living costs, a pension plan helps mitigate the effects of inflation. Regular payouts can also help preserve purchasing power over time.

• Longer Life Expectancy

  As life expectancy increases, individuals need to ensure they have sufficient funds to support themselves for potentially many years in retirement. Pension plans can help provide this long-term financial support.

• Peace of Mind

  Knowing that there is a structured plan in place for retirement can provide peace of mind. Individuals can enjoy their retirement years without the stress of financial uncertainty.

LIC Plans For Senior Citizens

Below-mentioned are some of the LIC Monthly Income Schemes that will help you to secure your post-retirement needs financially.

1. LIC New Jeevan Shanti Plan

   LIC New Jeevan Shanti is a single premium deferred annuity plan. This means you’ll have to make the investment with a lump sum. The deferment period of this policy is from one to twelve years. This scheme has two variants: Single Life & Joint Life Deferred Annuity. Single life covers only one individual under this scheme, while Joint Life covers two individuals under one scheme where both the insurers will be equal participants in the pension.

   Eligibility Criteria of LIC New Jeevan Shanti Plan

   Criteria	Minimum	Maximum
   Entry Age	30 years	79 years
   Vesting Age	31 years	80 years
   Purchase Price	Rs.1,50,000	No Limit
   Annuity	Monthly - Rs.1,000 Quarterly - Rs.3,000 Half-Yearly - Rs.6,000 Yearly - Rs.12,000	Depends on the purchase price

   Key Features of LIC New Jeevan Shanti

   The key features of the LIC New Jeevan Shanti Plan are as follows:

   • The death benefits do not change with a single or joint-life deferred annuity. Under both variants, the beneficiary nominee will receive 105% times the Purchase Price or (Purchase Price + additional benefit on death), whichever is higher.

   • The death benefit is paid in three modes: lump-sum payment, instalment basis or annual basis, the choice of which is made by the customer at the policy's inception.

   • To purchase the joint-life deferred annuity version of LIC’s New Jeevan Shanti Plan, the customer can add his/her spouse, children, parents, siblings, grandparents, or grandchildren. The joint partner must have attained the age of 35.

   • At the inception of the policy, it is the customer’s choice to select the mode of payment of his pension, which will be paid in arrears (yearly, half-yearly, quarterly or monthly)

2. LIC Jeevan Akshay – VII

   LIC’s Jeevan Akshay VII is a fixed benefit plan in which the policyholder has all the information about the pension amount he will receive. This information is provided to him only at the inception. Jeevan Akshay VII is a single premium immediate annuity/pension plan. It is a single premium policy.

   Eligibility Criteria of LIC Jeevan Akshay VII

   Criteria	Minimum	Maximum
   Entry Age	25 years	For all Options except Option F = 85 years (Completed) For Option F: 100 Years
   Purchase Price	For Age: 25 years - 29 years: 10,00,000/-  For Age: 30 years and above Rs: 1,00,000/- subject to Minimum Annuity	No limit
   Premium Payment	Lump sum only (Single Premium)
   Mode of Pension Payment:	Monthly, quarterly, bi-annually, or yearly.

   Key Features of LIC Jeevan Akshay VII

   The following are the key features of the plan:

   • There are four modes of pension payment: yearly, half-yearly, quarterly and monthly.

   • LIC has provided ten annuity options to the customers under this plan. Listed under the options A to G covers single life. Options H, I and J covers joint life. 

   • Only options F and J have the facility to return the purchase price. This means that your invested amount will be returned to the nominee after your death, while the investment will not be returned in the other options.

   • The customer can purchase this policy jointly with his/ her spouse, children, siblings, parents, grandparents and grandchildren.

   • There is a special provision for handicapped dependents, as there is no minimum annuity and purchase price restriction. They can purchase with a lump sum of only 50k.

3. LIC Jeevan Dhara II

   LIC Jeevan Dhara II is a limited premium payment plan that combines life insurance and regular income. It is designed to offer financial security to the policyholder's family while ensuring a steady cash flow during the policy term.

   Eligibility Criteria of LIC Jeevan Dhara-II

   Criteria	Minimum	Maximum
   Entry Age	20 years	80 minus Deferment Period 70 minus Deferment Period 65 minus Deferment Period
   Vesting Age	31 years	80/70/65 years
   Policy Term	NA
   Deferment Period	5 to 15] years (Option 1 to 9) [1 to 15] years (Option 10 & 11)

   Key Features of LIC Jeevan Dhara II Plan

   Below are some of the key features of the plan:

   • Premiums are paid for a limited duration, making it easier for policyholders to manage finances.

   • Offers monthly income to the policyholder after the premium payment term, ensuring financial stability.

   • Provides a lump sum payout to the nominee in case of the policyholder's demise during the term.

   • Policyholders can choose the premium payment and policy terms based on their financial needs.

Wrapping It Up:

The LIC Senior Citizen Monthly Income Scheme in 2024 is an invaluable financial tool designed to provide seniors with the peace of mind they deserve during their retirement years. With various plans, one can choose options that best fit one's financial needs, ensuring a steady income stream and financial security. 

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