Best LIC Insurance Plans for People Age 61 to 70 Years

Best LIC Insurance Plans for Age 61 to 65 Years – Many individuals aged 61 years and above are often curious about the best insurance options tailored for their age group. LIC (Life Insurance Corporation of India) offers a variety of plans catering to the financial security, investment, and retirement needs of people aged 61 to 70 years. This article provides a detailed overview of these plans categorized into two age groups: 61–65 years and 66–70 years.

Insurance Plans for Age 61 to 65 Years

If you are between the ages of 61 and 65 and looking for suitable insurance options, LIC offers several plans designed to meet your financial and retirement needs. This section provides an overview of these plans, highlighting their key features and benefits. While we won’t dive into the detailed aspects of each plan here, you can explore comprehensive articles dedicated to each plan for a deeper understanding. Links to these detailed articles are available for further reading. Let’s take a closer look at the insurance plans available in this age category.

1. LIC Single Premium Endowment Plan 717

The LIC Single Premium Endowment Plan 717 is a one-time premium payment insurance plan designed for individuals seeking a blend of investment and life insurance. As the name suggests, it allows you to invest a lump sum amount similar to a fixed deposit (FD), offering the dual benefit of a secure investment and insurance coverage. This plan is ideal for individuals looking for a hassle-free, single-premium option that combines financial growth with life protection.

2. LIC Nivesh Plus (Plan 749)

LIC Nivesh Plus is a unit-linked, single-premium plan designed for individuals interested in stock market investments but lacking the expertise to navigate it. This plan offers the dual benefit of insurance coverage and market-linked returns, making it a suitable choice for those seeking growth and financial protection.

Key Features:

• Single Premium Payment: Investors need to pay the premium in a lump sum, similar to a fixed deposit.
• Market-Linked Returns: The premium is invested in the stock market by LIC, allowing policyholders to benefit from potential market growth.
• Insurance Coverage: The plan provides insurance along with investment benefits. Policyholders can opt for Option 1, which offers 1.2 times the insurance cover.
• Simplified Investment Approach: This plan eliminates the need for technical stock market knowledge, as LIC manages the investments on behalf of the policyholder.

Who Should Consider This Plan?

LIC Nivesh Plus is ideal for individuals who:

• Are looking for a single-premium, hassle-free investment option.
• Desire market-linked returns without active involvement.
• Seek financial security through insurance coverage alongside investment.

LIC’s Nivesh Plus combines simplicity, market exposure, and insurance protection in a single plan, making it a versatile choice for diverse financial needs.

3. LIC’s Jeevan Shanti (Plan 758)

LIC Jeevan Shanti Plan is a versatile and highly beneficial insurance plan designed for individuals who are planning for a secure and stable retirement. This plan requires a one-time investment and offers a variety of annuity options to cater to different financial needs.

Key Features:

• Provides both single life pension and joint life pension options, allowing flexibility in choosing how the benefits are distributed.
• Offers a deferred annuity option, enabling you to start receiving pension payments after a specified period as per your financial goals.
• Guarantees annuity or pension rates at the time of purchasing the policy, ensuring a predictable and reliable income stream throughout your retirement.

At the time of purchasing the plan, the exact pension amount you will receive is clearly communicated, giving you complete clarity and confidence in your financial planning. This plan is ideal for individuals looking for a hassle-free, guaranteed pension scheme tailored to their future needs.

4. LIC Jeevan Utsav (Plan 771)

LIC Jeevan Utsav (Plan 771) is a comprehensive whole-life insurance plan designed to provide both financial security and consistent returns. This plan is an excellent choice for individuals looking for a guaranteed income along with lifetime insurance coverage.

Key Features:

• Whole-Life Coverage: Ensures lifetime financial protection for the policyholder.
• Guaranteed Returns: Offers 10% of the sum assured as a guaranteed lifetime income.
• Dual Benefit: Combines the advantages of a pension-like income and whole-life insurance.

This plan is ideal for those who want a reliable source of income throughout their lifetime while maintaining robust insurance coverage for themselves or their loved ones. Whether for retirement planning or long-term financial security, Jeevan Utsav is a dependable option.

5. LIC Jeevan Akshay VII (Plan 857)

The Jeevan Akshay VII Plan is a highly flexible and reliable pension plan from LIC, designed to provide immediate annuity benefits. Unlike the Jeevan Shanti Plan, which offers deferred annuity options, Jeevan Akshay allows you to start receiving pension payments immediately after making a one-time lump sum deposit.

Key Features:

• Immediate Annuity: Begin receiving a steady income or pension right after investing.
• Lifetime Guaranteed Income: The annuity rates are fixed at the time of purchase, ensuring a stable and predictable income for life.

Seven Annuity Options: Customize your pension plan based on your financial needs, with options such as:

LIC Jeevan Akshay VII is an excellent choice for individuals seeking immediate and lifelong financial security through regular pension income. Whether for single or joint life arrangements, this plan offers a range of flexible options to meet diverse retirement needs.

6. LIC Pension Plus (Plan 867)

LIC Pension Plus (Plan 867) is an ideal choice for individuals looking to secure a pension while gaining exposure to the share market. This plan is designed for those who want to grow their money through market-linked investments and enjoy financial security during their retirement years.

Key Features:

• Market-Linked Returns: All invested funds are directed toward the stock market, ensuring potential growth based on market performance.
• Pension Benefits: The returns generated from the stock market investments are utilized to provide a pension amount.
• Flexible Premium Payment Options: Single Premium: Pay the entire premium amount upfront for hassle-free management.
• Regular Premium: Opt for periodic premium payments based on your convenience.

Who Should Consider This Plan?

LIC Pension Plus is perfect for individuals who:

• Are comfortable with stock market-linked returns.
• Seek a combination of investment growth and retirement security.
• Prefer flexibility in premium payment modes.

This plan ensures that your money works for you in the stock market while guaranteeing a steady pension after retirement, making it a well-rounded choice for long-term financial planning.

7. LIC Jeevan Amar (Plan 955)

LIC Jeevan Amar is a comprehensive term insurance plan designed to provide financial security to your loved ones. While it is available to individuals across various age groups, it remains a popular option for those aged up to 65 years. However, it’s important to note that as you age, particularly around 65, medical conditions may affect eligibility, and premiums tend to increase significantly.

This plan is ideal for individuals looking for pure risk coverage without any investment component. Jeevan Amar offers substantial life coverage at competitive rates, ensuring peace of mind for policyholders and their families. It serves as an excellent option for those planning a term insurance policy to safeguard their family’s financial future, even in their later years.

By focusing on providing a robust safety net, Jeevan Amar stands out as a reliable choice for life insurance protection.

Insurance Plans for Ages 66 to 70 Years

For individuals aged 66 to 70 years, LIC offers four robust plans catering to their financial and retirement needs:

1. LIC Nivesh Plus (Plan 749)

LIC Nivesh Plus (Plan 749) is a unit-linked, non-participating, single premium individual life insurance plan that combines insurance coverage with investment opportunities. Upon a single premium payment, policyholders receive both insurance and investment benefits throughout the policy term. The plan offers flexibility in choosing the sum assured and provides four types of investment funds to cater to varying risk appetites: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.

Key Features:

• Single Premium Payment: Policyholders make a one-time lump sum payment, eliminating the need for recurring premiums.

Investment Options: Choose from four fund types based on risk tolerance:

• Bond Fund
• Secured Fund
• Balanced Fund
• Growth Fund

Death Benefit: In the unfortunate event of the policyholder’s death after the commencement of risk, the nominee receives the higher of:

• Basic Sum Assured minus any partial withdrawals made in the two years preceding death, or
• Unit Fund Value.

Maturity Benefit: Upon surviving the policy term, the policyholder receives the Unit Fund Value.

Guaranteed Additions: Additional percentages of the single premium are added to the Unit Fund at specified policy durations:

• 3% at the end of 6 years
• 4% at the end of 10 years
• 5% at the end of 15 years
• 6% at the end of 20 years
• 7% at the end of 25 years

Rider Benefit: Option to enhance protection with LIC Linked Accidental Death Benefit Rider, available if the policy term is at least 5 years.

LIC Nivesh Plus Plan 749 is suitable for individuals seeking a combination of life insurance and investment growth through a single premium payment, with the flexibility to choose investment funds aligned with their financial goals and risk preferences.

2. LIC’s New Jeevan Shanti (Plan 758)

LIC New Jeevan Shanti (Plan 758) is a non-linked, non-participating, single premium deferred annuity plan that offers policyholders the flexibility to choose between single life and joint life annuity options. The plan provides guaranteed annuity rates determined at the inception of the policy, ensuring a steady income stream after the deferment period.

Key Features:

• Single Premium Payment: Policyholders make a one-time lump sum payment.
• Deferred Annuity Options: Choose between single life and joint life annuity options.
• Guaranteed Annuity Rates: Annuity rates are fixed at policy inception, providing financial security.
• Flexible Annuity Modes: Annuity payments can be received yearly, half-yearly, quarterly, or monthly.
• Death Benefit Options: Nominees can opt to receive the death benefit as a lump sum, annuitization, or in installments.

This plan is suitable for individuals seeking a secure and regular income post-retirement, with the added flexibility of choosing between single and joint life annuity options. It can be purchased both online and offline through LIC official channels.

3. LIC Jeevan Akshay VII (Plan 857)

LIC Jeevan Akshay VII (Plan No. 857) is a single premium, non-linked, non-participating immediate annuity plan designed to provide policyholders with a steady income stream throughout their lifetime. Upon payment of a lump sum amount, the plan offers immediate annuity payments, with annuity rates guaranteed at the inception of the policy.

Key Features:

• Immediate Annuity: Annuity payments commence immediately after the purchase of the policy, providing a prompt income stream.

• Single Premium Payment: The plan requires a one-time lump sum payment, eliminating the need for recurring premiums.

• Multiple Annuity Options: Policyholders can choose from 10 different annuity options to suit their financial needs, including:
  1. Immediate annuity for life.
  2. Immediate annuity with a guaranteed period of 5, 10, 15, or 20 years, and life thereafter.
  3. Immediate annuity for life with a return of purchase price on death.
  4. Immediate annuity for life increasing at a simple rate of 3% per annum.
  5. Joint life annuity options, providing benefits for both primary and secondary annuitants.

• Flexible Annuity Modes: Annuity payments can be received monthly, quarterly, half-yearly, or annually, based on the policyholder’s preference.

• Incentives for Higher Purchase Price: The plan offers incentives for purchase prices of ₹5,00,000 and above, enhancing the annuity rates for larger investments.

• Loan Facility: Policyholders can avail of a loan against the policy after three months from the date of issuance or after the expiry of the free-look period, whichever is later.

• Purchase Options: The plan is available for purchase both online and offline, providing convenience and accessibility to policyholders.

LIC Jeevan Akshay VII is an ideal solution for individuals seeking a secure and immediate income stream post-retirement, with the flexibility to choose an annuity option that best aligns with their financial goals.

4. LIC New Pension Plus (Plan 867)

LIC New Pension Plus (Plan No. 867) is a unit-linked, non-participating individual pension plan introduced by the Life Insurance Corporation of India (LIC) on September 5, 2022. This plan is designed to help policyholders systematically build a retirement corpus through disciplined savings, which can later be converted into regular income by purchasing an annuity plan upon policy maturity.

Key Features:

• Flexible Premium Payment Options: Policyholders can choose between single premium payments or regular premium payments throughout the policy term. The minimum premium amounts vary based on the payment mode:
  • Single Premium: ₹1,00,000
  • Regular Premium:
    • Yearly: ₹30,000
    • Half-yearly: ₹16,000
    • Quarterly: ₹9,000
    • Monthly: ₹3,000

• Policy Term: The plan offers policy terms ranging from a minimum of 10 years to a maximum of 42 years, providing flexibility to align with the policyholder’s retirement planning horizon.

• Investment Fund Options: Policyholders have the option to invest premiums in one of four types of investment funds, each catering to different risk appetites:
  • Pension Bond Fund (Low Risk)
  • Pension Secured Fund (Low to Medium Risk)
  • Pension Balanced Fund (Medium Risk)
  • Pension Growth Fund (High Risk)

Conclusion

For individuals aged 61 to 70 years, LIC offers a diverse range of insurance and investment plans designed to meet various financial goals, including retirement planning, market-linked investments, and life insurance coverage. Whether you are looking for immediate annuities, guaranteed pensions, or long-term investment options, LIC has thoughtfully curated plans to cater to your needs. Plans like Jeevan Shanti and Jeevan Akshay provide reliable pension options, while Nivesh Plus and Pension Plus offer opportunities for market-linked growth. By carefully assessing your financial priorities and future aspirations, you can select a plan that not only safeguards your financial well-being but also ensures peace of mind for you and your family.

For more information, visit the LIC website or consult with a licensed LIC agent.

FAQs

Disclaimer: The information provided in this article is for educational purposes only. Please consult a licensed financial advisor or refer to the official LIC website for accurate and updated plan details. Investments are subject to market risks; read all policy documents carefully before purchasing.