LIC Plan – If you’re someone who’s thinking ahead about retirement—or already in that stage—then LIC’s new lifetime pension plan might be exactly what you need. This plan guarantees you a monthly pension of ₹12,222 for life, and it’s available to anyone between 40 to 80 years old. Whether you’re an early planner or a senior citizen seeking financial peace of mind, this scheme is designed to keep your income flowing steadily, no matter what.
What’s This LIC Lifetime Pension Plan All About?
LIC’s pension offerings have always been about long-term stability, and this one is no different. The plan we’re talking about is LIC Jeevan Akshay, a popular immediate annuity plan. That means you just make a one-time lump sum payment, and LIC starts paying you a guaranteed monthly pension right away—for the rest of your life. There’s no market risk, no surprises—just a fixed amount in your account every month, making it perfect for retirement planning.
What Makes This Plan Stand Out?
This plan offers some great features. First, that ₹12,222 monthly pension is for life, and once you start receiving it, it continues without any break. The entry age is pretty flexible too—you can join anytime between 40 and 80 years. You only have to invest once (no recurring premiums), and you can choose from different options like single life or joint life annuity depending on your needs. There are also tax benefits under Sections 80C and 10(10D), and in some options, your nominee can receive the full purchase amount after your death.
Who’s Eligible and What Are the Options?
If you’re 40 years or older, you’re good to go. The plan remains active for life, and you can choose whether you want the pension paid out monthly, quarterly, or half-yearly. There are options like Single Life Annuity (pension stops after you pass away), Joint Life Annuity (pension continues for your spouse), and options where the purchase amount is returned to your nominee after your death. The minimum investment required starts at ₹1 lakh, though it depends on which option you go for.
How Much Do You Need to Invest to Get ₹12,222 Monthly?
Your investment depends on your age when you buy the plan. For instance, if you’re 40 years old, you’ll need to invest approximately ₹25.5 lakh to get ₹12,222 monthly. But if you’re 60, the amount drops to about ₹20 lakh. The older you are, the lower the investment needed to receive the same monthly pension, because the payout period is expected to be shorter. LIC also offers an annuity calculator to help you figure out the exact amount you’d need to invest based on your age and desired pension.
Why Pick This LIC Jeevan Akshay Plan?
There are plenty of reasons people are choosing this plan. It offers a guaranteed monthly income, so you’re not relying on your kids, market-linked investments, or uncertain pensions. You also don’t have to deal with recurring payments—just invest once and relax. If you choose the joint life option, your spouse continues to get income after your passing. Plus, the plan is easy to apply for, available online and offline, and has the trusted backing of LIC, which adds a big sense of security.
How to Apply for This Plan?
You’ve got a few options here. You can go directly to the LIC website, where you’ll find a proposal form and the annuity calculator. If online isn’t your thing, no worries—just visit your nearest LIC branch or connect with a LIC agent. They’ll help with all the paperwork and make sure your documents—like Aadhaar, PAN, address proof, bank details, and a couple of photos—are in place.
Who Is This Plan Perfect For?
This plan suits a wide range of people. If you’re in your 40s and thinking ahead about early retirement, this is a smart way to lock in a monthly income for life. For senior citizens, it’s a great way to ensure you’re financially independent and not worrying about monthly bills. Even NRIs who want to set up income for their family members in India can benefit from this plan. Basically, if you’ve got a lump sum and want lifelong income, it’s worth considering.
A Real-Life Example That Makes It Clear
Let’s take Mr. Sharma, a 60-year-old retired teacher. He invested ₹20 lakh in this LIC pension plan. Starting the very next month, he began receiving ₹12,222 every month, like clockwork. This steady income helped him manage all his household expenses and live comfortably without dipping into his savings or depending on anyone.
Should You Go for It?
If you’re looking for a no-fuss, stable pension plan that guarantees monthly income and keeps your financial life worry-free, this LIC plan is a strong contender. The returns are fixed, the process is simple, and it comes with the solid reputation of LIC and government backing. Of course, you should always talk to a LIC advisor or financial planner to make sure this plan fits your needs and investment goals—but for many, this is a smart move toward a stress-free retirement.
Disclaimer: This article is for informational purposes only and is based on publicly available data from LIC’s official announcements. Pension amounts and investment requirements may vary depending on age, annuity option selected, and prevailing LIC rates. Readers are advised to consult a certified LIC agent or financial advisor before making any investment decision.
