LIC new Smart Pension Plan Scheme: Pay premium only once, get pension for life! LIC launches new 'Smart Pension' scheme..

LIC New Smart Pension Plan Scheme: Life Insurance Corporation of India (LIC), the country's largest insurance company, has launched a new "Smart Pension Plan" for its customers. It is a single premium, immediate annuity plan, which provides individual and joint life annuity options. The plan was launched in the presence of Finance Ministry Secretary Shri M. Nagaraju and other dignitaries.

What are the features of a Smart Pension Plan?

Immediate pension: Option to start annuity immediately with a single premium.

Variety of options: Many annuity options are available as per different needs.

Age limit: Minimum entry age 18 years and maximum up to 100 years (depending on annuity option).

Personalized options: Option to choose between single life and joint-life annuity.

Benefits for old policyholders: Additional annuity rate to existing policyholders and their nominees.

Liquidity facility: Partial or full withdrawal options are available.

Digital purchase: This plan is available online at www.licindia.in.

Benefits of a Smart Pension Plan

Minimum investment ₹1,00,000, additional incentives on higher investments.

Special annuity facility for NPS subscribers.

Ancillary options are available for PwD.

Monthly, quarterly, half-yearly, and yearly options for annuity payouts.

Policy loan facility (available after 3 months).

Payment options for nominee

Lumpsum

Payment in installments

Advance annuity or annuity accumulation option

Where to buy this plan?

You can buy this plan online (www.licindia.in) and offline through LIC agents, POSP-LIs, and Lok Seva Kendras (CPSC-SPV).

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.