LIC Pension Plans in Chandigarh


LIC Pension Plans in Chandigarh

Secure Your Retirement Years

Retirement is a milestone that marks the beginning of a new chapter in life—one filled with leisure, exploration, and relaxation. As residents of Chandigarh embrace this stage, it’s essential to ensure financial stability that complements their aspirations. Life Insurance Corporation of India (LIC) offers a range of pension plans designed to provide a secure and comfortable retirement. In this article, we’ll delve into the details of LIC pension plans available in Chandigarh, their features, benefits, and how they can serve as the foundation for a fulfilling retirement journey.

Understanding the Importance

Retirement planning holds immense significance in Chandigarh’s vibrant lifestyle. The city’s residents, known for their enthusiasm and forward thinking, understand that preparing for retirement involves careful financial consideration. Chandigarh’s retirees seek to maintain their quality of life, engage in hobbies, travel, and cherish their golden years without financial worries. This is where LIC pension plans step in, providing a dependable source of income that supports these aspirations.

LIC Pension Plans

LIC’s pension plans, often referred to as annuity plans, offer policyholders a regular stream of income during their retirement years. These plans allow individuals to create a pension corpus over time, ensuring they have a reliable income source once they retire. The plans are tailored to accommodate diverse retirement needs, whether it’s ensuring financial independence, covering medical expenses, or pursuing lifelong dreams.

Types of LIC Pension Plans

1. LIC Jeevan Shanti

LIC Jeevan Shanti is a single premium annuity plan that guarantees regular payouts to policyholders throughout their lifetime. It offers a range of annuity options, allowing retirees to choose between immediate and deferred annuity. The plan also considers the policyholder’s age, providing higher payouts for older individuals.

2. LIC Pradhan Mantri Vaya Vandana Yojana

This pension scheme is aimed at senior citizens, providing them with a financial cushion during their post-retirement years. It offers a guaranteed pension payment for ten years, ensuring retirees can meet their financial requirements without stress.

3. LIC New Jeevan Nidhi

LIC New Jeevan Nidhi is a traditional pension plan that combines insurance coverage with savings. It offers a death benefit, vesting benefit, and loyalty additions to enhance the policy’s value. The vesting benefit provides policyholders with a lump sum amount at the end of the policy term, which they can use to purchase an annuity plan.

Features and Benefits

Guaranteed Income

LIC Pension Plans Chandigarh provide retirees with a guaranteed source of income, ensuring they have financial stability even after they stop working. The regular payouts serve as a steady stream of income to cover living expenses, medical costs, and more.

Flexibility in Annuity Options

LIC offers various annuity options that cater to different retirement needs. Whether retirees prefer immediate annuity to start receiving payments right away or deferred annuity to build a corpus before payouts begin, these plans are adaptable to individual preferences.

Pension for Spouse

Many LIC pension plans offer the option to provide a pension for the spouse after the policyholder’s demise. This ensures that even after the policyholder’s passing, the spouse continues to receive financial support.

Tax Benefits

LIC pension plans offer tax benefits under Section 80CCC of the Income Tax Act. The premiums paid towards the plan are eligible for deductions, providing retirees with an additional incentive to invest in their retirement.

How to Choose the Right LIC Pension Plan

  1. Assess Your Retirement Needs: Consider your lifestyle, expected expenses, and financial goals during retirement. This evaluation will help you choose a plan that aligns with your requirements.
  2. Annuity Option: Decide whether you prefer immediate annuity or deferred annuity. Immediate annuity begins payouts immediately, while deferred annuity allows you to accumulate a corpus before payouts start.
  3. Payout Frequency: Choose the frequency of payouts that suits your needs. LIC pension plans often offer monthly, quarterly, half-yearly, and yearly payout options.
  4. Joint Life Option: If applicable, consider opting for a joint life option that provides a pension for your spouse after your demise.


1. Can I surrender my LIC pension plan before the policy term ends?

Yes, most LIC pension plans offer a surrender option, but surrendering the plan may lead to a reduction in benefits. Consult with LIC representatives before making a decision.

2. Can I change the annuity option after purchasing the plan?

LIC pension plans typically allow changes to the annuity option within a specified period. However, changes might lead to adjustments in payouts.

3. What happens if I outlive my annuity plan’s term?

In most cases, LIC pension plans continue to provide payouts as long as the policyholder is alive. However, the plan’s terms and conditions may vary.

4. Can I avail of a loan against my LIC pension plan?

LIC pension plans do not generally offer loan facilities. They are primarily designed to provide regular income during retirement.

5. Is there a medical examination required to purchase an LIC pension plan?

In most cases, LIC pension plans do not require a medical examination. The plans focus on providing regular income rather than medical coverage.


Chandigarh’s retirees embark on a journey of exploration, relaxation, and fulfillment. The LIC pension plans available in the city serve as a reliable foundation for this journey, ensuring retirees have a regular income stream to meet their financial needs. By evaluating your retirement goals, considering annuity options, and understanding the features of different plans, you can choose an LIC pension plan that aligns with your aspirations. These plans empower retirees to embrace their golden years with confidence and financial security.

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