Here’s a detailed description of the LIC Pension Plans, specifically focusing on the Jeevan Shanti Plan (Table Number 758) and the Jeevan Akshay VII Plan (Table Number 857):
1. LIC Jeevan Shanti Plan (Table Number 758)
Type: Single Premium, Immediate Annuity Plan
Objective: Designed to provide a steady income during retirement.
Key Features:
Premium Payment: A single premium is paid at the start of the policy term.
Annuity Options: The plan offers various annuity options, allowing policyholders to choose the frequency of payouts (monthly, quarterly, half-yearly, or yearly).
Life Annuity: Provides income for the lifetime of the policyholder.
Annuity with Return of Purchase Price: After the demise of the policyholder, the purchase price (premium paid) is returned to the nominee.
Tax Benefits: Tax deductions are available under Section 80CCC, and annuity payments receive special tax treatment as per prevailing tax laws.
Market-Linked Benefit: Depending on the option chosen, the returns may be linked to market performance for providing enhanced benefits.
2. LIC Jeevan Akshay VII Plan (Table Number 857)
Type: Immediate Annuity Plan
Objective: To provide a regular income to policyholders post-retirement.
Key Features:
Single Premium Payment: The policyholder pays a one-time premium to avail benefits.
Annuity Payment: The annuity can be received in various forms (monthly, quarterly, half-yearly, or annually) as chosen by the policyholder.
Multiple Annuity Options: LIC offers several annuity options, including:
Life Annuity: Payments continue for the lifetime of the policyholder.
Annuity with Return of Purchase Price: Returns the premium paid upon the policyholder's death.
Annuity Certain for 5, 10, or 15 years: Guarantees income for a fixed period, with payments continuing to beneficiaries if the policyholder dies during that term.
No Medical Underwriting: Generally, there are no medical checks required.
Loan Facility: Policyholders may take loans against the policy as per LIC guidelines.
Tax Benefits: Similar to the Jeevan Shanti Plan, the Jeevan Akshay VII plan offers benefits under Section 80CCC.
Key Considerations
Both plans cater to individuals looking to secure their retirement through guaranteed income.
Policyholders should carefully consider their financial needs, the desired frequency of income, and their long-term financial goals when choosing between the two plans.
Consulting with a LIC advisor can help customize the plans based on individual financial circumstances.
For official and detailed policy conditions, features, exclusions, and terms, it is advisable to refer to LIC's official documentation or consult a financial advisor. Let me know if you need further information or have more questions!
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