LIC Vs SBI: You Will Get Financial Security In Old Age, You Will Not Have To Worry About Money, Know Which Pension Plan Is Better For Investment.

Pension Plan: Senior citizens desire a comfortable and peaceful life after retirement. Want to fulfill your dreams. This is a time when a person wants to live away from the worries of job and busy life. But if retirement planning is not done properly then even the “Golden Years” become full of difficulties. There are many plans available in the market that guarantee you financial security in old age. LIC and SBI plans are included in the count of best pension plans ( LIC Pension Plans vs SBI Pension Plans ). Let us know LIC Pension Plan or SBI Pension Plan, which one is the best option for you?

LIC pension plans

LIC Jeevan Akshay VI, Jeevan Shanti and Jeevan Nidhi policies are the best pension plans of Life Insurance Corporation of India. Jeevan Akshay VI is an immediate annuity plan. A lump sum investment has to be made in this. Even a 30 year old person can invest in this. The minimum investment limit is Rs 1 lakh and maximum Rs 15 lakh. However, different annuity options are available in it. The second plan is Jeevan Nidhi Policy. In this plan, along with pension, the benefit of death cover is also available. Investors can also choose the option of immediate annuity. Jeevan Shanti policy provides guaranteed monthly income. If you want lifetime income, then this plan can be a better option. There is no limit on investment. 10 options are available for investment.

SBI Life has three famous pension plans – Saral Pension, Retire Smart and Annuity Plus Plan. Saral Pension Plan is a simple traditional plan. It also provides the benefit of death coverage and bonus. A person between 18 to 60 years of age can invest in it. Retire Smart's returns are quite good. Gets 101% return of premium paid. 105% return is available under death benefit. Annuity Plus Pension Plan is also a traditional plan like Simple Pension Plan. Some of its features are similar to Jeevan Akshay Plan. This is an immediate annuity plan, which comes with multiple annuity options. A 40 year old person can invest in it.

Which plan is better between LIC or SBI?

There is very little difference between the pension plans of SBI and LIC. Saral Pension and Annuity Plus Plan is like LIC's Jeevan Akshay. The features of Saral Pension Pension and Jeevan Shanti are somewhat similar. Both the insurance companies are offering better returns on their respective pensions. Investors can choose the plan as per their convenience. Before choosing any plan, keep in mind the expenses and needs.

(Disclaimer: The purpose of this article is to share general information only. Cricketadda does not recommend investing in any scheme/plan/share market)