The Life Insurance Corporation of India (LIC) has introduced the Smart Pension Plan, a single-premium, non-participating, and non-linked pension scheme. This plan offers flexible options for single-life and joint-life annuities, ensuring stable income for retirees.
Retirement is Not the End of Earnings, But the Beginning of Financial Freedom
While promoting this scheme on its X (formerly Twitter) account, LIC stated that retirement should not be the end of earnings but the start of financial freedom. With the Smart Pension Plan, policyholders can enjoy lifelong financial security and a stress-free golden retirement.
Eligibility & Key Features
Who Can Avail This Plan?
- Individuals aged 18 to 100 years can invest in this plan.
- Eligibility may vary based on the selected annuity option.
- Once chosen, the annuity option cannot be changed, so make an informed decision.
Minimum & Maximum Purchase Amount
- The minimum purchase amount for this plan is ₹1 lakh.
- There is no upper limit on the purchase amount, but it is subject to LIC’s underwriting policies.
Annuity Payment Options
- The minimum annuity amount under this scheme is ₹1,000.
- Payment modes available: Yearly, Half-yearly, Quarterly, or Monthly.
Special Facility for NPS Subscribers
- National Pension System (NPS) subscribers can receive immediate annuity under the LIC Smart Pension Plan.
Additional Benefits & Features
✅ Multiple annuity options to suit financial needs
✅ Choice between single-life and joint-life annuities
✅ Special incentives for higher purchase amounts
✅ Exclusive discounts for existing policyholders and beneficiaries of deceased policyholders
✅ Flexible death benefit options – Lump sum payment, annuitization, or installment payments
LIC’s Goal: A Secure Financial Solution for Retirement
The LIC Smart Pension Plan is designed for individuals seeking financial stability and guaranteed income post-retirement. It stands as an excellent retirement planning option, ensuring a secure and worry-free future.
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