LIC Annuity Plans in Ulwe, Navi Mumbai
An annuity turns a lump sum into a regular income — monthly, quarterly, half-yearly or yearly, depending on the option chosen. It's often used by people retiring with PF, gratuity or policy maturity money. Because the decision is usually for life, it's worth understanding every option before you invest.
Before buying an annuity, decide
- Immediate or deferred income
- Single-life or joint-life with your spouse
- Whether the purchase price should return to your nominee
- How often you want to be paid
Immediate Annuity and Deferred Annuity
With an immediate annuity, you pay a lump sum and the income starts soon after — at the next monthly, quarterly, half-yearly or yearly interval you choose. This suits people who have just retired and want income now.
With a deferred annuity, you invest now but income begins after a deferment period. This can suit someone a few years from retirement who has a lump sum today but doesn't need the income yet. Generally, the longer the deferment, the higher the income once it starts, as per the plan's annuity rates.
Common annuity options
- Life annuity: income for as long as you live; nothing is paid after
- Life annuity with return of purchase price: income for life, and the amount you invested goes to your nominee afterwards
- Joint-life annuity: income continues for your spouse after you, with or without return of purchase price
The exact options and rates differ by plan and can change over time. Options that return the purchase price or cover two lives usually pay a lower regular income than a plain life annuity for the same investment.
Points to check carefully
Annuity rates are generally fixed when you buy, so your income won't rise with inflation unless the option says otherwise. Exiting an annuity early is usually restricted or not possible. Annuity income is taxable as income under current law. For these reasons, many retirees put only part of their savings into an annuity and keep the rest accessible.
Explaining it to the whole family
In many Ulwe households, retired parents live with their children. When parents are considering an annuity, I'm happy to explain the options with both generations in the room, so everyone understands what the nominee and spouse will receive. If you're still working, the pension plans page explains how to build towards an annuity.
No guesswork on numbers: I'll work out the annuity for your amount and chosen option using LIC's current official rates, rather than quoting a generic figure.
Which Annuity Option Fits?
General guidance only. Actual options depend on the plan you choose.
| Your priority | Option usually discussed |
|---|---|
| Highest regular income for myself | Life annuity without return of purchase price |
| Income for life, and leave the capital to my children | Life annuity with return of purchase price |
| Income should continue for my spouse | Joint-life annuity |
| I'll retire in a few years but have money now | Deferred annuity |
Please note: LIC plan benefits, premiums, eligibility and applicable terms depend on the specific plan and prevailing LIC rules. Please verify the latest details and policy terms before making a decision.
Official LIC website →LIC Annuity – Questions From Ulwe Customers
What retirees and their families usually ask.
An immediate annuity starts paying soon after you invest. A deferred annuity starts paying after a waiting period you choose, which suits people who don't need the income yet.
Usually the annuity amount is fixed for the chosen option when you buy. Some plans may offer increasing options; check the specific plan's terms.
It depends on the option. With return of purchase price, your nominee receives the purchase price. With a plain life annuity, payments stop. Joint-life options continue income for the spouse.
Under current law, annuity income is generally taxable as income in the year received. Please confirm your specific position with a tax advisor.
Get Annuity Plan Details
Share your amount and your age, and I'll explain the options in plain words.