LIC Pension Plans

Build a retirement corpus, or convert savings into a guaranteed lifelong income.

Explore all 5 LIC pension plans with premium estimates, benefits, eligibility, policy terms and side-by-side comparisons — explained by a licensed advisor serving Mumbai, Navi Mumbai and Thane.

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LIC Pension Plans — advisory guidance for Indian families

All LIC pension plans

Plan 867

LIC's New Pension Plus

Build a retirement corpus in market-linked funds

Four fund options with switching allowed
Guaranteed additions credited from year six
Partial withdrawals allowed for defined needs
Corpus used to buy an annuity at vesting

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Plan 857

LIC's Jeevan Akshay-VII

Immediate annuity, income starts now

Ten annuity options including return of purchase price
Rates guaranteed for life at purchase
Joint life options for spouse
Higher rates for larger purchase prices

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Plan 858

LIC's New Jeevan Shanti

Deferred annuity with locked-in rates

Annuity rate guaranteed at purchase
Single life and joint life options
Death benefit during deferment
Loan and surrender facilities available

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Plan 862

LIC's Saral Pension

The standardised immediate annuity

Only two annuity options — single life and joint life
Return of 100% of purchase price on death
Loan available after six months
Surrender allowed in defined critical illness cases

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Plan 879

LIC's Smart Pension

Flexible immediate annuity with liquidity

Wide choice of annuity options
Top-up facility to increase the annuity later
Liquidity option for part withdrawal
Higher rates for existing policyholders and nominees

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Compare pension plans at a glance

Plan	Entry age	Policy term	Key benefit	Ideal for	Tools
LIC's New Pension Plus	25 to 75 years	10 to 42 years	Four fund options with switching allowed	People still 10 years or more away from retirement.	Calculate · Compare
LIC's Jeevan Akshay-VII	25 to 100 years	Lifetime annuity	Ten annuity options including return of purchase price	Retirees converting a provident fund or gratuity into monthly income.	Calculate · Compare
LIC's New Jeevan Shanti	30 to 79 years	Deferment of 1 to 12 years	Annuity rate guaranteed at purchase	People retiring in a few years who want to lock today's rates.	Calculate · Compare
LIC's Saral Pension	40 to 80 years	Lifetime annuity	Only two annuity options — single life and joint life	Retirees who want a simple, comparable pension product.	Calculate · Compare
LIC's Smart Pension	18 to 100 years	Lifetime annuity	Wide choice of annuity options	Retirees who want income but also want access to part of the corpus.	Calculate · Compare

Not sure which pension plan fits?

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