Friends, LIC, i.e. Life Insurance Corporation of India, the country’s largest insurance company, has launched an amazing pension plan – LIC Smart Pension Plan! This plan is especially for those who want a fixed income without any tension even after retirement. This plan is especially beneficial for husband and wife, because it gives them financial security for life. Let’s know everything about this plan!
What is LIC Smart Pension Plan?
This is a non-linked, individual or group savings and immediate annuity option. Meaning, you can take it alone as well as in a group. It has many options for single and joint life annuity, so that you can choose the plan according to your need.
This is a non-participating plan, that is, no bonus or dividend is available in it. However, death or survival benefits are pre-determined and are not affected by market fluctuations.
What are the benefits?
Lifetime pension: Pay premium once and get pension for life!
Flexible options: Single and joint pension options are available.
Coverage to nominee: Nominee will get the benefit in your absence.
Partial and full withdrawal options: You can withdraw some or all the money if needed.
Minimum investment of ₹1,00,000: You can start with just ₹1 lakh.
Death and survival benefits: Both types of benefits are included.
Who can take this plan? (Who can take this plan?)
Age: 18 years to 65-100 years (as per options)
Annuity Options:
Single Life Annuity: For one person only.
Joint Life Annuity: For both husband and wife.
Special benefits for existing policyholders: Existing LIC policyholders and beneficiaries of deceased policyholders will get higher annuity rates.
Pension Payment Options:
Monthly: Minimum ₹1,000
Quarterly: Minimum ₹3,000
Half-yearly: Minimum ₹6,000
Annually: Minimum ₹12,000
Death Benefit: If the policyholder dies, the nominee will receive the death benefit, which can be in the form of Lump Sum, Annuitization, Installments, Liquidity Option, Advanced Annuity Option or Annuity Accumulation Option.