The Life Insurance Corporation of India (LIC) has introduced a new insurance product, the LIC Smart Pension Plan, which is a non-linkage, non-participating savings plan for individuals and group participants. This plan offers savings and immediate annuity functions, allowing policyholders to choose from various annuity options and receive lump-sum death benefits through periodic installments.
The plan is open to individuals between 18 and 100 years old, and provides two annuity options: Single Life Annuity and Joint Life Annuity. Policyholders can choose from monthly, quarterly, semi-annually, or annually payment frequencies.
Loans can be obtained against the policy after three months of issue or after the free-look period is over. The loan amount is capped at 80% of the surrender value, with an annual interest payment not exceeding 50% of the annual annuity.
The plan offers benefits for NPS (National Pension Scheme) subscribers, allowing for a seamless transition to a retirement income. Additionally, the plan can be purchased for the benefit of Divyangjan (persons with disabilities) as an annuitant, with the death benefit used to purchase an immediate annuity for the nominee.
The LIC Smart Pension Plan can be bought online or offline through LIC agents, common public service centers, or the official LIC website. The plan’s features and benefits offer a reliable source of income for individuals and groups, providing peace of mind and financial security in retirement. With its flexible annuity options, loan facility, and coverage for Divyangjan, this plan provides a comprehensive retirement solution.