LIC Pension Plans are designed to convert your savings into a reliable income stream in retirement, through a mix of accumulation and annuity options. They suit both people who are still building their retirement corpus and those ready to start a lifelong pension.
What are LIC Pension Plans?
Pension plans aim to provide “pension during your old age” by first accumulating a corpus and then converting it into regular income. Some LIC plans focus on building the fund, while others are immediate or deferred annuity plans that pay a fixed pension for life in return for a lump sum.
List of LIC Pension Plans
According to LIC’s official Pension Plans page, the current products are:
| Sr. No. | Product Name | Plan No. | UIN No. | Broad type |
|---|---|---|---|---|
| 1 | LIC’s New Pension Plus | 867 | 512L347V01 | Unit‑linked pension (accumulation ULIP) |
| 2 | LIC’s Jeevan Akshay‑VII | 857 | 512N337V07 | Single‑premium immediate annuity |
| 3 | LIC’s New Jeevan Shanti | 758 | 512N338V08 | Single‑premium deferred / immediate annuity |
| 4 | LIC’s Saral Pension | 862 | 512N342V05 | Standardised immediate annuity |
| 5 | LIC’s Smart Pension | 879 | 512N386V01 | Non‑linked deferred pension plan |
LIC’s New Pension Plus (Plan 867)
LIC New Pension Plus is a unit‑linked pension plan where you pay premiums (regular or single, as per plan options) and build a retirement corpus through market‑linked funds. At vesting, you can commute a part of the corpus and must use the balance to buy an annuity such as Jeevan Akshay‑VII or New Jeevan Shanti, as per prevailing regulations.
LIC’s Jeevan Akshay‑VII (Plan 857)
LIC Jeevan Akshay‑VII is a non‑linked, non‑participating single‑premium immediate annuity plan. You pay a lump sum once and start receiving pension immediately (monthly, quarterly, half‑yearly or yearly) under various options like life‑only, life with guaranteed period, joint‑life, and return‑of‑purchase‑price variants.
LIC’s New Jeevan Shanti (Plan 758)
LIC New Jeevan Shanti is a single‑premium, non‑linked, non‑par annuity plan offering both deferred and immediate annuity options. It allows you to lock in annuity rates today for future income, with choices such as single‑life or joint‑life, guaranteed periods and return‑of‑purchase‑price features.
LIC’s Saral Pension (Plan 862)
LIC Saral Pension is a standardised immediate annuity plan aligned with IRDAI’s “Saral” guidelines. It offers simple, easy‑to‑understand options such as life annuity with or without return of purchase price, ensuring transparency and comparability across insurers.
LIC’s Smart Pension (Plan 879)
LIC Smart Pension is a non‑linked, non‑participating pension plan aimed at helping individuals systematically build a retirement corpus with guaranteed benefits. At vesting, it can provide a combination of commutation and annuity purchase so that you receive regular income in retirement.