LIC launches smart pension plan for secure retirement, check eligibility and other details

The Life Insurance Corporation of India (LIC) has launched the Smart Pension Plan – a comprehensive and flexible pension scheme designed mainly for after-retirement benefits. The plan offers liquidity options for partial or full withdrawal, as per the terms and conditions of the policy.

Policyholders can select from a wide array of annuity options designed to meet their needs for both single life and joint life under the LIC Smart Pension plan. Family members such as spouses, parents, siblings, children, grandkids, and even parents-in-law can choose to purchase joint life annuities. Because of its adaptability, the plan can be used by families that want to ensure their loved ones have financial security.

Depending on the annuity option selected, the maximum entry age can range from 65 to 100 years old, with a minimum entry age of 18.

With incentives for higher investments, the Smart Pension Plan requires a minimum investment of Rs 1,00,000. However, there is no cap on the maximum purchase limit.

Policyholders in the LIC Smart Pension Plan have the option of either a single life annuity or a joint life annuity.  Payout frequency options under the plan include quarterly, monthly, half-yearly, and annual.  Both current policyholders and the nominees or beneficiaries of dead policyholders are eligible for special advantages.  Additionally, higher contributions will result in higher incentives for investors, increasing their profits.

Rs 1,000 per month, Rs 3,000 per quarter, Rs 6,000 per half-year, and Rs 12,000 per year are the minimum annuity amounts.

Annuity options cannot be changed after they are selected. Therefore, it is recommended that policyholders carefully consider their options.

Through LIC's official website, agents, intermediaries, and other channels, the aforementioned plan is accessible both online and offline.