LIC Smart Pension Plan: The Life Insurance Corporation of India (LIC) has introduced the Smart Pension Plan this year. It is a savings and pension plan designed for both individual and group customers.
With this plan, you can receive a pension monthly, quarterly, semi-annually, or annually. It also includes a death benefit, multiple pension options, and a loan facility.
If you’re looking for regular income after retirement, LIC’s Smart Pension Plan is a great option. It is a secure, dependable, and easy-to-understand plan with various pension choices.
Key Details about the Plan
1. What is the LIC Smart Pension Plan?
It’s a pension scheme where you make a lump sum payment. In return, you will receive a pension monthly or annually.
2. Who can avail of this plan?
Anyone aged between 18 and 100 years can apply, as long as they meet the scheme’s criteria.
3. What pension options are available?
There are two pension options:
Single Life Annuity: The policyholder receives a pension for their lifetime.
Joint Life Annuity: Both the policyholder and their spouse receive a pension.
4. What is the minimum pension amount?
Monthly: Rs 1,000
Quarterly: Rs 3,000
Semi-Annually: Rs 6,000
Annually: Rs 12,000
5. Can a loan be taken under this plan?
Yes, you can take a loan after three months from the policy issuance or after the free-look period. The maximum loan amount depends on the policy’s surrender value.
6. Can someone with an NPS (National Pension System) take this plan?
Yes, individuals enrolled in NPS can boost their retirement pension with this plan, ensuring continuous regular income.
7. What benefits are available for Persons with Disabilities (PwD)?
If a disabled person is the nominee and the policyholder passes away, the pension will be paid to the disabled person from the death benefit.
8. How can this plan be purchased?
Online: Visit LIC’s official website.
Offline: Contact an LIC agent, broker, or the nearest LIC service center.
