LIC has launched a new Smart Pension Plan. The scheme was launched at the hands of Mr. M. Nagaraju, Secretary, DFS, Ministry of Finance, in the presence of Dr. M.P. Tangirala A.S., DFS, and Shri Parshant Kumar Goyal, JS, DFS, along with Shri Siddhartha Mohanty, CEO & MD of LIC, and other MDs of LIC at New Delhi on 18.02.2025.
The LIC’s Smart Pension Plan is a Non-Par, Non-Linked, Individual/Group, Savings, and Immediate Annuity Plan that offers a range of annuity options for Single Life as well as Joint Life annuities.
Key Features of LIC Smart Pension Plan
- Single Premium, Immediate Annuity Plan
- Wide range of annuity options available to suit customers’ needs
- Minimum age at entry is 18 years, and maximum age at entry varies from 65 to 100 years, depending on the annuity option
- Flexibility to choose from Single Life Annuity and Joint Life Annuity Options
- Incentives for existing policyholders and nominees/beneficiaries of deceased policyholders through enhanced annuity rates
- Several liquidity options available for partial/full withdrawal as per policy terms
- Minimum purchase price is ₹1,00,000, with incentives for higher purchase amounts
- Modes of annuity payments: Yearly, half-yearly, quarterly, or monthly
- Special feature: NPS subscribers have the option to take immediate annuity
- Option for dependent persons with disabilities (Divyangjan) under this plan
- Available for online purchase at www.licindia.in
- Policy loan option is available after three months from the date of issuance or after the expiry of the free look period, whichever is later
Benefits of LIC Smart Pension Plan
On Survival of the Annuitant: The benefits vary depending on the annuity option chosen at inception.
On Death of the Annuitant (Primary/Secondary): The amount payable after the annuitant’s death will depend on the chosen option. The death benefit can be paid as a lump sum, annuitized, in installments, through a liquidity option, or as an advanced annuity or annuity accumulation option.
This plan can be purchased offline through LIC Agents, Other Intermediaries, Point of Sales Persons-Life Insurance (POSP-LI), Common Public Service Centers (CPSC-SPV), and online at www.licindia.in.
LIC’s Smart Pension Plan PDF
- Sales Brochure English (Content is in English)
- Sales Brochure Hindi (Content is in English)
- Policy Document (Content is in English)
- CIS LIC’s Smart Pension (Content is in English)
