Single Premium immediate annuity plan. You can start getting pension as early as next month.
it would be difficult to comnmet on this issue without checking the status of the policy. BTW when was it bought?? I mean which year, for how long and what is the mode of payment.One thing is sure that you directly cannot convert it into Jeevan Nischay but you can stop this policy and invest the funds that you get into Jeevan Nischay.The best thing would be to visit your nearest L.I.C office and check the surrender value of that policy. But as per me stopping this policy is not a good idea. Jeevan Anand is one of the finest plan of L.I.C and which no other company can offer and mind me it serves the exact and complete need of insurance.