The Life Insurance Corporation of India (LIC) has launched its new Smart Pension Plan, a single premium pension scheme that provides various options for both single life and joint life annuities. The plan is designed to help individuals prepare for retirement and offers a one-time lump sum payment or installments over several years, with the benefit of receiving a pension upon retirement.
The LIC Smart Pension Plan features a single premium payment, multiple annuity options, liquidity options, and flexible payment schedules. The plan is available with a minimum purchase price of Rs 1,00,000, with special discounts for higher investments. The scheme also offers a unique feature for National Pension System (NPS) subscribers, allowing them to opt for an immediate annuity option.
The plan provides a lifetime annuity payment, with the beneficiaries receiving payments according to the plan after the policyholder’s death. The plan also offers cash options for partial or full withdrawals, with a cash Surrender Value (SV) and a death benefit.
The LIC Smart Pension Plan offers various benefits, including a minimum purchase price of Rs 1,00,000, with no upper limit on the maximum purchase price. Payments can be made on a yearly, half-yearly, quarterly, or monthly basis, and a cash option is available for partial or full withdrawals. The plan provides enhanced benefits based on the policyholder’s age, and higher investments can lead to premium discounts. Overall, the LIC Smart Pension Plan is a viable option for individuals looking to plan for a secure retirement.