LIC – Life Insurance Products

Retirement Plans

Planning to build savings and an income that can support you after you stop working.

How we help

Retirement planning starts with how much monthly income you will need and for how many years. We then estimate how much your existing savings, provident fund and other sources will provide, and where the gap is.

Insurance-based options such as pension and annuity plans can cover part of that gap with a predictable income. We show how they sit alongside your other savings, rather than treating them as the whole plan.

We also look at inflation, because income that feels sufficient at retirement buys less ten or twenty years later.

What it covers

Retirement corpus and income planning
Options across plan types
Terms vary by policy

Policy benefits, eligibility, premiums, and terms vary by insurance product.

Before you decide

Points to check

01The monthly income you will need and for how many years
02How much your existing savings and provident fund are likely to provide
03Whether you need income from the first year or can wait
04The effect of inflation on a fixed income
05Cover for your spouse if you die first

Common questions

What people ask us about Retirement Plans

When should I start planning?

The earlier the better, because a longer saving period means smaller regular contributions. It is still worth reviewing the position if you are close to retirement.

Is a retirement plan the same as a pension plan?

A pension plan is one product within retirement planning. A retirement plan looks at all your sources of income, of which a pension may be one.

How do I know how much I need?

We work from your expected expenses, existing savings and years of retirement, rather than a fixed rule.