India’s biggest insurance company LIC makes a big decision. LIC has rolled out an awesome pension plan that ensures lifelong income for couples without needing to earn extra. The Smart Pension Scheme allows husbands and wives to enjoy a secure and comfortable retirement, providing financial peace of mind after they stop working.

By putting money into this plan, individuals can secure a steady pension for life, free from financial stress. It’s tailored for those looking to safeguard their future with guaranteed income. Plus, this LIC scheme is flexible and safe, offering great returns for policyholders.

So, what’s the LIC Smart Pension Plan all about?

This plan is a non-linked, individual or group savings and immediate annuity option, crafted to cater to various retirement needs. It features multiple choices for both single and joint life annuities, giving policyholders the flexibility and protection they need. It’s a non-participating plan, meaning there are no bonuses or dividends involved. The benefits for death or survival are set in advance and aren’t influenced by market fluctuations.

Key Features:

Age Eligibility

This plan caters to a broad age range:
– Minimum Entry Age: 18 Years
– Maximum Entry Age: 65 to 100 years (depending on selected options)

Flexible Annuity Options

There are two types of annuity options available:

– Single Life Annuity: Provides lifetime payments for one individual.
– Joint Life Annuity: Offers annuity payments to another person (like a spouse) alongside the main annuitant.

Special Benefits for Current Policyholders: Existing LIC policyholders and the beneficiaries of deceased policyholders can enjoy higher annuity rates.

Annuity Payment Options:

Monthly: At least Rs 1,000 each month
Quarterly: At least Rs 3,000 every three months
Half-Yearly: At least Rs 6,000 every six months
Annual: At least Rs 12,000 each year

Perks of LIC’s Smart Pension Plan:

Lifetime pension with a one-time premium payment
Flexible options for individual and joint pensions
Coverage for the nominee
Options for partial and full withdrawals
Minimum investment starts at Rs 1,00,000
Death and survival benefits included
If the annuitant is alive, the payout will follow the chosen annuity option from the start of the policy. If the annuitant passes away, the nominee will get the death benefit, which can be provided as a lump sum, through annuitization, in installments, as a liquidity option, an advanced annuity option, or an annuity accumulation option.