Insurance Blog

LIC pension plan with return of lumpsum on death

This is one of the best options available under the LIC pension plan in which, the policy holder will receive a continuous fixed amount of pension till the end of their life. After the policyholder expires, his nominee would receive the entire amount deposited as single premium. Below is the sample pension that the policy holder will receive for 1 Lakh deposit.

Comments (20) -

  • Harish

    6/14/2016 5:56:08 PM | Reply

    I am planning to invest 10 lakh rupees in this plan. But, i am a little confused what will be the monthly pension that I would receive.

    • Prashanth

      6/15/2016 10:19:32 PM | Reply

      Hi Mr.Harish,
      The exact pension can be calculated only if we have your age because the pension varies with the age of the policy holder at the time of purchasing this pension plan.
      For example, Lets consider you are 50 years old, then you would get pension of Rs.70,000 per year. If you want to receive the pension monthly, then you will receive Rs.5,833 per month for your entire lifetime. After you expire, your nominee would receive back this 10 lakh rupees.

  • Shekar

    6/16/2016 9:51:12 PM | Reply

    Will my nominee receive pension from this plan ?

    • Rajasekaran

      6/17/2016 11:20:21 PM | Reply

      NO. You nominee will not be provided with pension in this pension option. Rather, the lumpsum which you have paid as purchase price would be returned to your nominee on your demise.

  • Sandhiya

    6/20/2016 10:12:40 PM | Reply

    Where shall I purchase this policy. Is it possible to purchase this policy online. I heard from my friends that this policy can be purchased online. If i purchase this policy online, who will assist me in further processes like pension details ?

    • Rajasekaran

      6/22/2016 12:22:17 AM | Reply

      You shall either purchase this policy from your nearby LIC agent or you shall also purchase this policy on LIC's official website directly online. When you purchase this policy online, you shall either reach out to the customer care of your respective division or you shall contact your nearest branch office for any service.

  • Amit

    6/24/2016 11:18:11 PM | Reply

    what is the minimum amount that i can deposit in this policy. Can i deposit 50,000 ?

    • Rajasekaran

      6/29/2016 11:08:54 PM | Reply

      The minimum purchase price for this policy is INR 1,00,000 in case of offline purchase and 1,50,000 in case of online purchase. You will not be able to purchase it for INR 50,000.

  • Eshaan

    8/1/2016 10:06:02 PM | Reply

    My age is 25(Single), and I want to invest in a pension plan.
    Am I eligible to invest in this plan?
    Is the income received as a part of this plan taxable?


    • Rajasekaran

      8/2/2016 11:07:23 AM | Reply

      You should be atleast 30 years old to invest in this plan. Yes, the pension received from this plan is taxable.

  • ankush

    10/1/2016 4:54:38 PM | Reply

    I am  confuse  about this police because,
    When we are investing 1,00,000/- in this police then lic will get pension  6890/- per year.
    Same we have investing (fix deposit)  1,00,000/- in bank then bank will retain 8600/-  per year.
    So how it’s help full for us ?

  • Vidya Nadh

    10/1/2016 6:00:57 PM | Reply

    SBI  FD rate  7%
    KOTAK FD rate 7.5%
    No bank is offering more than these to non-senior citizen.
    LIC will pay exactly  Rs.6890 till your 100th birthday or death.
    But, Bank FD rates will change every year.
    Consider you have taken Jeevan Laksya for 1lac  and FD with SBI for 1lac for 5years.
    After 5 years bank rates will surely  go down considering the historic data of base rate in developing economies(China-1%,US-0.5%).So they will decrease it to 5%(Gradually reduced from 7% to 5% in 5 years,Which is very less ,needs to be minimum 4%).Now , you will get 5000 per month through FD whereas in Jeevan Akshay you will receive Rs.6890 till your 100th or death. For next 65 years you gain minimum Rs.1890  if you take Jeevan AKSHAY rather FD.


    10/21/2016 1:50:06 PM | Reply

    I have applied for Jeevan Akshay plan . I have invested 10 Lakh , as per infarmation  raceived i belive  i will  get 7.5% intrest  which can be taken on quartely , six monthly or Yearly .I belive that  when I will be  no  More,  My wife will get same intrest   that  amount, after  expiery of my wife my nominee will get invested amount . Kindly confirm  whatever i belive is True

    • PolicyTray

      10/21/2016 2:05:04 PM | Reply

      Dear Sir,
      Jeevan Akshay has 7 different options to choose from. Please let us know which is the option you have choosen. Because each option is different in terms of the amount of pension you receive and whether your spouse would get the pension or not and whether your nominee would get the entire lumpsum back or not.

  • poonam

    1/25/2017 8:50:01 PM | Reply

    Whether the policy taken under option Jeevan Akshay-VI (under option 189) can be surrender or discontinue any time if i need money in lumpsum for any emergency. Pl clarify

    • PolicyTray

      1/25/2017 10:06:22 PM | Reply

      Jeevan Akshay DOES NOT have the option to surrender. Only annuity can be received.

  • Kamlesh Jariwala

    5/4/2017 2:00:01 AM | Reply

    We wish to take this policy for one of our relative who is widow and would like to invest about 12 lacs. How much amount life time pension will she get every month if we take quarterly pension? Also which Jeevan  Akshay policy option to be chosen so that the nominee gets the invested 12 lacs on the death of the policy holder. Is the nominee still entitled in case of an early death say after 10 years of taking the policy?
    Thanks and best regards

    • Policytray

      5/4/2017 11:01:40 AM | Reply

      Pension amount depends on Age of the policy holder, as specified above.Please do call us,for complete information.

  • Jenitta jaffrine

    12/15/2017 11:53:11 AM | Reply

    Can the nominee be my minor daughter

  • Suman S Pillai

    9/5/2018 4:50:23 PM | Reply


    I would like to invest 10 lakhs on this scheme and my age is 55 years old.
    How much amount can I receive on monthly basis, as pension.