Pension Plan in LIC, A Case Study on Chamarajanagara Taluk

Abstract

India is a second largest populated country with rich human resource, which spread over in organized and unorganized sector. The financial security and stability is necessary for everybody’s life. In organized sector employer providing various monetary as well non monetary benefits to employees even after retirement. On the other hand in unorganized sector employers are providing only basic facilities till retirement without job security. Therefore, the un organized sector workforce are struggling to lead life and it will become more difficulty for them in their old age. Pension plans provides financial security during old age. LIC is one of the leading public sector companies in India which provides golden year plans for retirement especially for unorganized sector workers. The company is offering four different pension schemes i.e, LIC Jeevan Shanti, LIC Jeevan Akshay IV, LIC Pradhan Mantri Vayo Vandana Yojana and saral pension. The present study is going to concentrate on analyzing the awareness level as well as perception of unorganized sector workers towards Akshay IV and LIC Jeevan Shanti plans of LIC Chamarajanagara taluk.