The Life Insurance Corporation of India (LIC) offers a special scheme called the Smart Pension Scheme, designed to provide financial stability to individuals through pensions. This single-premium policy allows individuals to invest once and enjoy a lifetime pension. The scheme is suitable for people of all ages and classes, providing a steady income after retirement. It can also be opened in a joint account, ensuring the surviving spouse continues to receive a pension for life.
To be eligible, individuals must be between 18 to 65-100 years old, and anyone, regardless of employment status, can invest. The scheme offers various annuity options, including monthly, quarterly, semi-annually, and annually, with the benefit of annuity payments to nominees after the policyholder’s death.
Applicants can apply online through LIC’s official website (www.licindia.in) or through an LIC agent, POSP-Life Insurance, or Common Public Service Center. The minimum pension ranges from Rs 1,000 to Rs 12,000, depending on the frequency of payments.
The Smart Pension Scheme is a valuable option for individuals seeking financial security after retirement. By investing in this scheme, individuals can look forward to a stable income stream, ensuring a comfortable post-retirement life.