Top LIC Schemes for Senior Citizens in 2024

6 min read • Posted on 07 Aug 2024

Retirement is not the end of the road; it's the beginning of a new journey. All we wish for is financial stability in the golden years of life. Investment is a major concern for an individual, whether it's a young age, child future security, retirement planning, or someone planning a stress-free life for their parents.

In the list of more than 20 life insurance companies , LIC of India has the most prominent customer base in the insurance market, ensuring the well-being of their customers with pocket-friendly life insurance policies.

Securing Golden Years: Top LIC Schemes for 60+ Years Old

From the different types of LIC life insurance plans, such as LIC term plan , LIC child plan , LIC endowment plan , LIC ULIP plan , LIC whole life plan, and LIC group plans, the LIC retirement plans have been trusted since the last six decades. LIC schemes for senior citizens provide a regular, stable income and enable them to live their post-retirement lives without stress.

Benefits of LIC Plan for Senior Citizens

As the calendar flips its pages and we step into 2024, the financial security of our senior citizens becomes even more critical than ever due to changing lifestyles and rising health concerns. Besides ensuring a regular income in post-retirement years, the LIC senior citizen policy offers some core benefits.

LIC plans for senior citizens also offer life insurance protection. In simple words, in case of an unfortunate demise of the policyholder, the dependents receive financial assistance.
LIC senior citizen policy offers regular payouts through annuities or pensions. Hence, even if the policyholder stops receiving the salary every month, they can receive a fixed amount to live on their own terms.
Premium paid towards LIC schemes for senior citizens are eligible for tax exemption under Section 80C of the Income Tax Act, 1961 . Hence, you can also reduce the tax liabilities while paying the premiums.
LIC senior citizen policy offers flexibility in choosing the premium payment option. For financial convenience, the policyholder can pay the premium on an annual, half-yearly, quarterly, or monthly basis as a regular or limited premium.
Some LIC senior citizen policies offer the facility to avail of loans against the policy, which helps to reduce the financial burden without surrendering the policy.
LIC schemes for senior citizens remove uncertainties from the policyholder and the family's lives. Ultimately, this reduces the stress and brings happiness to the home even after the retirement of the policyholder.
The fund secured from the LIC senior citizen policies may support the health and well-being of the policyholder in their golden years.

Top LIC Schemes for Senior Citizens in 2024

Choosing the right Life Insurance Corporation (LIC) plan tailored specifically for senior citizens is essential to beat post-retirement complexities and ensure a worry-free life. Let's delve into the world of life insurance tailored for elders and explore the top 5 LIC plans for senior citizens in 2024.

1. LIC Jeevan Akshay VII - Your Instant Annuity Companion

Imagine having a steady income flow right after retirement. Jeevan Akshay VII makes this dream a reality. Jeevan Akshay VII is an immediate annuity plan with added customization, ensuring a fixed income for life. Seniors can choose from various annuity options, ensuring a fixed income tailored to their unique needs and preferences. LIC Jeevan Akshay VII is one of the most preferred LIC plan for senior citizens.

Key Features:

Immediate annuity
Guaranteed fixed income
Pension plan

Eligibility Criteria:

Entry Age- 25 years to 85 years

Minimum Investment- Rs. 1.5 Lakhs

2. LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) - Government-Backed Assurance

LIC Pradhan Mantri Vaya Vandana Yojana (LIC PMVVY) is a government-backed scheme designed exclusively for senior citizens. LIC PMVVY offers attractive interest rates and a regular pension, making it a good option for those seeking high returns with minimal risk. One can buy PMVVY online and offline, depending on suitability and ease.

Key Features:

Government-backed Scheme
High Returns
Regular Pension

Eligibility Criteria:

Entry Age- 60 years - No Limit

Minimum Investment- Rs. 1.5 Lakhs (Monthly Pension Mode)

3. LIC Varishtha Pension Bima Yojana- Secure a Lifelong Income Stream

LIC Varishtha Pension Bima Yojana is specially designed to provide senior citizens with an immediate annuity. The policyholder is allowed to make a single payment and start receiving the annuity payouts immediately. If the policyholder is diagnosed with a critical illness, they can avail of surrender value and use it to fund their medical treatment.

Key Features:

Government-backed plan
Single immediate annuity plan
Lifelong income

Eligibility Criteria:

Entry Age- 60 years - No Limit

Minimum Investment- Rs. 1.5 Lakhs

4. LIC New Jeevan Shanti - Single & Joint Life Deferred Annuity

LIC New Jeevan Shanti is another popular plan suggested for senior citizens. LIC New Jeevan Shanti is a single premium deferred annuity plan. This means the policyholder can make a one-time lump sum payment, and after the chosen period, the policyholder starts receiving the payouts. This way, the LIC plan for senior citizens can secure a lifelong income stream.

Key Features:

Single premium deferred annuity
Death benefit of 105% times the purchase price
Surrender value

Eligibility Criteria:

Entry Age-30 years - 79 years

Minimum Investment- Rs. 1.5 Lakhs

5. LIC Saral Pension Yojana - Plan to Retire at 40

LIC Saral Pension Yojana fulfils the post-retirement needs of the policyholder. This LIC plan for senior citizens is a standard immediate annuity plan approved by the IRDAI . After a single premium payment, the policyholder can receive an immediate annuity. LIC Saral Pension plan comes up with two annuity options.

Key Features:

Single-life and joint-life annuity options
100% return of purchase price
Loan facility

Eligibility Criteria:

Entry Age- 40 years - 80 years

Minimum Investment- Depends on minimum annuity

6. LIC SIIP Plan

LIC SIIP Plan comes up with the dual benefit of Saving and Suraksha under a single plan. The plan is suitable for the policyholders to make long-term investments that can be utilized during their golden years. The plan also offers guaranteed additions at the end of certain policy years. LIC SIIP plan is available for both online and offline purchases.

Key Features:

Unit-linked plan
Investment and life cover
4 fund options

Eligibility Criteria:

Entry Age- 90 days - 65 years
Minimum Investment- Rs. 40,000 (Yearly Mode)

Choosing A Path to Stress-Free Retirement

Stepping into retirement should be a joyous occasion, free from financial worries. The top LIC plans for senior citizens in 2024 are not just financial instruments; they are keys to unlocking a worry-free and fulfilling retirement. Whether it's an immediate annuity, lifelong coverage, or a blend of insurance and savings, LIC has curated plans to cater to diverse needs.

Conclusion

Selecting the right LIC plan for senior citizens is a personal journey, but it's crucial to align your choices and post-retirement requirements. We have discussed one of the best LIC schemes for senior citizens in 2024 with their key benefits and features. To buy a LIC for senior citizens, you can directly visit the nearest LIC branch , connect with the LIC customer support team , or buy the plan online from the official website (www.licindia.in).

Before making a purchase decision, we advise you to consult with LIC agents or financial advisors, who can provide valuable insights to help you make informed decisions. Find an LIC agent or life insurance agent near you on RenewBuy Advisor Connect .

Confused? Which LIC plan for senior citizens is best for you or your parents? Connect with RenewBuy partners to compare and buy an LIC plan for above 60 years in minutes.