The Life Insurance Corporation of India (LIC) has launched a new pension plan called Smart Pension, which offers a range of payout options to cater to different financial needs and retirement goals. The plan is a single-premium annuity plan, where customers pay a one-time premium and receive regular payments according to their chosen plan.
The Smart Pension Plan is suitable for individuals aged 18 to 100, with a minimum purchase value of Rs 1 lakh. The plan offers two annuity options: single life annuity, which provides annuity for the lifetime of the annuitant, and joint life annuity, which provides annuity payment for both the primary and secondary annuitant (such as a spouse).
Customers can choose their preferred payment mode, including monthly, quarterly, half-yearly, and annual installments. The scheme also allows for partial or full withdrawal, subject to certain conditions. The LIC Smart Pension Plan is available for purchase online at www.licindia.in or offline through LIC agents, intermediaries, point of sales persons, and common public service centers.
The plan aims to provide a lifetime of steady income and stress-free golden years, as stated by the LIC. With the Smart Pension Plan, individuals can enjoy financial freedom and security in their retirement years.