The LIC Smart Pension Plan is a flexible annuity option that offers policyholders a range of payout frequencies to suit their needs. The plan allows for a minimum investment of Rs 1 lakh, with no upper limit, making it a suitable option for individuals with a significant sum to invest. One of the key features of this plan is the flexibility to choose the annuity amount and frequency, which can be tailored to the policyholder’s requirements.
Policyholders can choose from a range of minimum annuity amounts, including:
* Rs 1,000 per month
* Rs 3,000 per quarter
* Rs 6,000 per half-year
* Rs 12,000 per year
This flexibility allows policyholders to choose an annuity amount that meets their financial needs and goals. The plan also offers the option to invest the entire corpus or a portion of it in a fixed return annuity, providing a regular income stream.
The LIC Smart Pension Plan is designed to provide a financial security and guaranteed income for life, allowing policyholders to focus on their post-retirement goals and expenses. The plan is suitable for individuals who want to provide for their dependents, cover unexpected expenses, or achieve a stress-free post-retirement life.
The plan also offers a range of other benefits, including:
* Guaranteed returns: The plan provides a guaranteed rate of return on investment, ensuring that policyholders receive a stable income stream.
* Tax benefits: The plan offers tax benefits under Section 80C of the Income-tax Act, allowing policyholders to claim tax deductions on their premium payments.
* Loyalty additions: The plan offers loyalty additions, which increase the policy’s accumulated value over time.
* Riders: The plan offers optional riders, such as accident or critical illness riders, which provide additional protection and benefits.
Overall, the LIC Smart Pension Plan is a flexible and secure annuity option that provides policyholders with a range of choices to meet their financial needs and goals.