(THE NEWSMAN OF INDIA)
Life Insurance Corporation (LIC) of India, the country’s largest life insurance company, offers four types of pension plans. These are: Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, LIC Jeevan Akshay- VI and LIC Jeevan Shanti Policy, according to LIC’s website – www.licindia.in. The Life Insurance Corporation (LIC)’s New Jeevan Nidhi offers a combination of benefits such as protection and savings.

LIC’s New Jeevan Nidhi Plan (pension plan) can be purchased by any individual between the age group of 20-60 years for a minimum basic sum assured of Rs 1 lakh under the regular premium policy option and Rs 1.5 lakh under the single premium policy option.

Individuals purchasing the LIC New Jeevan Nidhi plan get to choose from a range of deferment period options, from five years to 35 years, under the single premium option. Under the regular plan option, the subscriber can pick a deferment period ranging from seven years to 35 years.

The minimum age of starting the pension is 55 years and a maximum age of 65 years is permitted, according to LIC.