The Life Insurance Corporation of India (LIC) has introduced a new pension plan called the Smart Pension Scheme, designed to provide a lifetime of income for couples without the need to earn extra. The plan is tailored for individuals looking to secure their future with a guaranteed income, and it offers flexibility and protection. The Smart Pension Scheme is a non-linked, individual or group savings and immediate annuity option that provides various annuity options for single and joint life annuities. The plan caters to a broad age range, from 18 to 100 years, depending on the selected option.
Key features of the LIC Smart Pension Plan include:
* Flexible annuity options, including single life annuity and joint life annuity
* Special benefits for current policyholders and their beneficiaries
* Annuity payment options, including monthly, quarterly, half-yearly, and annually
* Coverage for nominees in case of death
* Options for partial and full withdrawals
* Minimum investment of Rs 1,00,000
* Death and survival benefits included
The plan offers a range of benefits, including a lifetime pension, flexible options for individual and joint pensions, and coverage for nominees. The plan also provides options for partial and full withdrawals, making it a secure and reliable option for those looking to plan their retirement. With the LIC Smart Pension Plan, individuals can enjoy a lifetime of steady income and financial freedom, making it an ideal option for those nearing retirement.