A pension plan presented by LIC (Life Insurance Corporation of India) is a monetary item intended to give people a standard pay or annuity during their retirement years. These plans are otherwise called LIC benefits plans or retirement designs and are a critical piece of monetary making arrangements for one's post-retirement life. Here are a few critical elements and advantages of LIC benefits plans:

Accumulation Phase: During the accumulation phase, individuals pay regular premiums into the pension plan. These premiums are invested by LIC in various financial instruments to generate returns and build a corpus for the policyholder's retirement.

Vesting Age: The vesting age is the age at which the policyholder starts receiving the pension or retirement income. LIC pension plans typically offer a range of vesting ages, allowing policyholders to choose when they want to start receiving their pension, often between 40 and 80 years.

Pension Options: LIC pension plans offer various pension options, such as a lump-sum payout at vesting along with a regular pension or a pure pension option where the entire corpus is converted into periodic payments.

Death Benefit: In the unfortunate event of the policyholder's demise during the accumulation phase, LIC pension plans offer a death benefit to the nominee. The nominee can receive a lump sum or a regular pension, depending on the policy terms.

Tax Benefits: Premiums paid towards LIC pension plans are eligible for tax benefits under Section 80CCC of the Income Tax Act. Additionally, the commutation amount (if any) and periodic pension income may also have tax benefits, depending on prevailing tax laws.

Riders and Add-ons: LIC often allows policyholders to enhance their pension plans with riders or add-ons for additional coverage. These can include riders for critical illness, accidental death, and more, providing extra financial protection.

Flexibility: LIC pension plans offer flexibility in terms of premium payment frequencies, policy terms, and pension options. Policyholders can tailor their plans to suit their specific retirement needs and preferences.

Guaranteed Returns: Some LIC pension plans offer guaranteed returns, ensuring that the policyholder's retirement corpus is protected from market fluctuations.

Long-Term Savings: LIC pension plans encourage disciplined savings for retirement, ensuring that individuals have a source of income to maintain their standard of living during their non-earning years.

Lifetime Annuity: LIC pension plans often provide the option of a lifetime annuity, guaranteeing income for the policyholder's entire life, regardless of how long they live.

It's critical to painstakingly peruse the strategy records, grasp the agreements, and pick a benefits plan that lines up with your retirement objectives and monetary circumstance. Anticipating retirement with LIC's benefits plans can assist people with getting their monetary future and partake in an agreeable retirement with genuine serenity.

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