Here’s a detailed overview of two of LIC’s most popular retirement-oriented pension plans— Jeevan Shanti (Table No. 758) and Jeevan Akshay VII (Table No. 857). Both policies are designed to offer guaranteed income during retirement, ensuring long-term financial stability and peace of mind.
Type: Single Premium, Immediate Annuity Plan
Objective: Designed to provide a stable and uninterrupted income stream during retirement.
Key Features:
• Single Premium: Pay once and enjoy lifelong annuity income.
• Annuity Options: Choose payout frequency—monthly, quarterly, half-yearly, or yearly.
• Life Annuity: Income continues for the lifetime of the policyholder.
• Return of Purchase Price: On death, the nominee receives the original premium amount.
• Tax Benefits: Eligible under Section 80CCC; annuity taxed as per applicable laws.
• Market-Linked Benefit: Certain choices may offer market-linked annuity enhancements.
Type: Immediate Annuity Plan
Objective: Provides steady, guaranteed income post-retirement.
Key Features:
• Single Premium: Pay once and start receiving annuity immediately.
• Flexible Payouts: Choose monthly, quarterly, half-yearly, or yearly payments.
• Multiple Annuity Options:
- Life Annuity
- Annuity with Return of Purchase Price
- Annuity Certain for 5, 10, or 15 years
• No Medical Tests: Usually no medical underwriting required.
• Loan Facility: Loans can be availed based on LIC rules.
• Tax Benefits: Eligible under Section 80CCC.
• Both plans are ideal for retirees seeking guaranteed lifelong income.
• Consider your retirement goals, required income frequency, and liquidity needs before choosing a plan.
• Jeevan Shanti is suitable for those who want flexible retirement options including ROP (Return of Purchase Price).
• Jeevan Akshay VII benefits those who want immediate annuity without medical tests.
• Always consult an LIC advisor for personalized guidance, premium calculations, and official plan features.