The Life Insurance Corporation of India (LIC) has introduced a Smart Pension Plan with a single premium annuity.
This plan offers multiple pension options for both individuals and joint policyholders.
The launch event was attended by Financial Services Secretary M Nagaraju, LIC CEO and MD Siddharth Mohanty, along with senior officials from the Finance Ministry and LIC.
LIC stated that, according to the policy terms, there are various cash options available for both partial and full withdrawals.
The minimum investment required for the pension scheme is Rs 1 lakh. LIC’s Smart Pension Plan is a great option to secure your future. With a one-time investment, you can receive a lifetime pension benefit.
The plan offers both single life and joint life annuity options. It is available for individuals aged between 18 and 100 years.
Existing LIC customers and nominees can benefit from higher returns in this plan.
You can start investing with a minimum amount of Rs 1,00,000, and the benefits increase with a larger investment.
“Retirement is not the end of earning. It is the beginning of financial freedom! With LIC of India’s Smart Pension, enjoy a lifetime of stable income and stress-free golden years,” the public sector insurance company shared on X.
In case of the policyholder’s death, the payout will be based on the chosen option.
The family can choose to receive a lump sum payment, continue with a monthly pension, or opt for installments.
Multiple Payment Options
The Smart Pension Plan offers flexible payment options, allowing pension payments to be made monthly, quarterly, half-yearly, or annually.
You can also withdraw part or the full amount if needed. This plan is particularly beneficial for NPS subscribers and includes special provisions for Divyangjan.
Additionally, it allows the option to take a loan after 3 months, making it a well-suited retirement plan.
How to Get Insurance?
You can purchase the LIC Smart Pension Plan both online and offline. To buy online, simply visit www.licindia.in.
For offline purchases, the plan is available through LIC agents, intermediaries, point of sales persons, and common public service centers.
