The Life Insurance Corporation of India (LIC) has introduced the Smart Pension Plan (Plan No. 879), a non-participating, non-linked, individual/group savings, and immediate annuity plan designed to address various retirement needs.
Key Features:
- Single Premium, Immediate Annuity Plan: Policyholders make a one-time premium payment and begin receiving annuity payouts immediately.
- Annuity Options: The plan offers a range of annuity options, including Single Life Annuity and Joint Life Annuity, to suit individual preferences.
- Entry Age: The minimum entry age is 18 years, with the maximum age varying from 65 to 100 years, depending on the chosen annuity option.
LIC Smart Pension
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LIC
The Life Insurance Corporation of India (LIC) has introduced the Smart Pension Plan (Plan No. 879), a non-participating, non-linked, individual/group savings, and immediate annuity plan designed to address various retirement needs. citeturn0search2
LIC Key Features:
- Single Premium, Immediate Annuity Plan: Policyholders make a one-time premium payment and begin receiving annuity payouts immediately.
- Annuity Options: The plan offers a range of annuity options, including Single Life Annuity and Joint Life Annuity, to suit individual preferences.
- Entry Age: The minimum entry age is 18 years, with the maximum age varying from 65 to 100 years, depending on the chosen annuity option.
- Purchase Price: The minimum purchase price is ₹1,00,000, with incentives for higher purchase amounts.
- Annuity Payment Modes: Policyholders can choose from yearly, half-yearly, quarterly, or monthly annuity payments.
- Liquidity Options: The plan provides several liquidity options for partial or full withdrawal, subject to the terms of the policy.
- Special Provisions for NPS Subscribers: Subscribers of the National Pension System (NPS) have the option to opt for an immediate annuity under this plan.
LIC Eligibility Criteria:
- Age: Individuals aged between 18 and 100 years are eligible to purchase this plan, with specific age limits depending on the selected annuity option.
- Purchase Price: The minimum purchase price is ₹1,00,000, with no upper limit, though the maximum purchase price is subject to acceptance as per LIC’s underwriting policy.
LIC
LIC Annuity Payment Details:
- Minimum Annuity Amounts: Depending on the chosen mode of annuity payment, the minimum annuity amounts are:
- ₹1,000 per month
- ₹3,000 per quarter
- ₹6,000 per half-year
- ₹12,000 per annum
- Payment Frequency: Annuity payments can be received annually, semi-annually, quarterly, or monthly, based on the policyholder’s preference.
LIC Additional Benefits:
- Enhanced Annuity Rates: Existing LIC policyholders and nominees of deceased policyholders are eligible for enhanced annuity rates.
- Death Benefits: In the event of the annuitant’s death, the nominee can choose from various options, including lump sum death benefits, The Life Insurance Corporation of India (LIC) has introduced the Smart Pension Plan (Plan No. 879), a non-participating, non-linked, individual/group savings, and immediate annuity plan designed to address various retirement needs.
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- LIC Key Features:
- Single Premium, Immediate Annuity Plan: Policyholders make a one-time premium payment and begin receiving annuity payouts immediately.
- Annuity Options: The plan offers a range of annuity options, including Single Life Annuity and Joint Life Annuity, to suit individual preferences.
- Entry Age: The minimum entry age is 18 years, with the maximum age varying from 65 to 100 years, depending on the chosen annuity option.annuitization of death benefits, installment payments, liquidity options, advanced annuity options, or annuity accumulation options.
- Financial Security for Dependents with Disabilities: The plan includes provisions to secure financial benefits for dependents with disabilities.
LIC How to Purchase:
The LIC Smart Pension Plan can be purchased through multiple channels:
- Offline: Via LIC agents, intermediaries, Point of Sales Persons-Life Insurance (POSP-LI), and Common Public Service Centers (CPSC-SPV).
- Online: Directly through LIC’s official website.
LIC Conclusion:
LIC’s Smart Pension Plan offers a comprehensive solution for individuals seeking a secure and flexible retirement income. With its diverse annuity options, liquidity features, and special provisions for NPS subscribers, it caters to a wide range of retirement planning needs.
