The Life Insurance Corporation (LIC) has introduced its new pension plan, the Smart Pension Plan, designed to provide a comprehensive, adaptable, and secure retirement solution for individuals and groups. This non-participating, non-linked plan offers a range of options for single and joint life annuities, catering to different financial goals and aspirations.
The plan is available for individuals aged 18 to 100, with the option to select from single life annuity or joint life annuity, depending on their financial situation. Policyholders can also opt for partial or full withdrawals under certain conditions, choose their preferred payment frequency, and take a loan after the free-look period ends.
The plan also offers special perks for National Pension System (NPS) subscribers, who can opt for an immediate annuity, and provides support for disabled dependents. The Smart Pension Plan is available for purchase through offline channels, such as LIC agents, intermediaries, and public service centers, or online through the official website.
Some of the key features of the plan include:
* Flexibility to choose from various annuity options, including single and joint life annuities, and payment frequencies
* Option to withdraw partial or full payments under specific conditions
* Loan availability after the free-look period ends
* Support for disabled dependents
* Special perks for NPS subscribers
The plan offers a minimum purchase price of Rs. 1,00,000 and no maximum cap, with annuity options ranging from Rs. 1,000 to unlimited. The premium payment mode is single premium only, and the plan provides death and life benefits, including regular payments for life or specific perks, depending on the annuity option chosen.
Overall, the LIC Smart Pension Plan is designed to provide a secure and adaptable retirement solution for individuals and groups, offering a range of options to suit different financial goals and aspirations.