• Source:JND
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LIC Smart Pension Plan: LIC, the state-owned and India's largest insurance provider, has launched a new pension scheme- 'Smart Pension Plan'. It is a single-premium annuity product designed for individual and joint policyholders. It was launched on Tuesday by Financial Services Secretary M. Nagaraju and LIC's CEO and Managing Director Siddharth Mohanty. The eve was attended by senior officials from the finance ministry and LIC.

Features of the LIC Smart Pension Plan

Flexible entry age: The scheme is open to individuals starting from the age of 18. However, depending on the annuity option chosen, the maximum age to enter the scheme is between 65 and 100 years.

Ease of investment and withdrawal: A minimum purchase price of Rs. 1 lakh is required. Policyholders can avail partial or full withdrawals as per the terms of the policy.

Incentives: Additional annuity benefits are provided to existing LIC policyholders and nominees of deceased policyholders.

Support for NPS subscribers: National Pension System subscribers can opt for an immediate annuity, which allows for a smooth transition to a regular income stream in retirement.

Support for dependents: This plan aims to provide full financial benefits to disabled dependents throughout life.

Loan facility: The policyholder can take a loan after three months from the date of policy issuance or after the end of the free-look period, subject to various annuity terms.

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How to buy the LIC Smart Pension Plan

Citizens willing to invest in the newly launched pension plan can purchase through any of the following methods:

Offline — from LIC agents, intermediaries, POSP-LI, as well as Common Public Service Centres (CPSC-SPV).

Online — through LIC’s official website www.licindia.in.

LIC Smart Pension Plan is a good option for individuals who want something that offers flexibility in choice with additional safety net benefits to secure their retirement.

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