The Life Insurance Corporation (LIC) of India recently revised the annual pension on its immediate annuity plan, Jeevan Akshay VII, upward. A person aged 60 will now get a return of 8.49 per cent in the without-return of purchase price (RoPP) variant and 5.99 per cent in the with-RoPP variant.
A change of rate by the industry’s largest player assumes significance. LIC’s assets under management in the pension, general annuity, and group fund category stood at Rs 9.12 trillion, compared with Rs 1.3 trillion for all private players (Source: Insurance Regulatory and Development Authority of India's annual report, 2020-21).
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