In February 2025, the Life Insurance Corporation of India (LIC) introduced its latest insurance product known as the LIC Smart Pension Plan. The product functions as a non-linkage non-participation savings plan available for individual and group participants with savings and immediate annuity functions. Pursuers of the LIC Smart Pension Plan can select from different annuity choices while benefiting from lump-sum death payouts that can be received through periodic installments.
What Is A Smart Pension Plan?
This savings plan operates as a non-participating non-linked solution that provides annuity programs for individual and group clients.
Who Are Eligible For This Plan?
The LIC Smart Pension Plan provides coverage options to all individuals between 18 years old and 100 years old.
Users of the plan have access to multiple annuity distribution choices.
The Smart Pension Plan subscribers have two annuity choices Single Life Annuity and Joint Life Annuity.
Which annuity payments do customers need to obtain?
Rs 1,000 monthly
Rs 3,000 quarterly
Rs 6,000 semi-annually
Rs 12,000 annually
Can You Take Loan Against LIC Smart Pension Plant?
Loans can be obtained after 3 months from the policy’s issue or once the free-lock period is over. The loan amount is capped such that the annual interest payable does not exceed 50% of the annual annuity amount, with a maximum loan of 80% of the Surrender Value, according to the company.
Provision For NPS Subscribers?
NPS subscribers can access an immediate annuity, ensuring a seamless transition to a retirement income.
Benefits From Plan For ‘Divyangjan’?
This Plan can be bought for the benefit of Divyangjan as an annuitant. In case of the annuitant’s death, the death benefit will be used to purchase an immediate annuity for the Divyangjan nominee.
How Can You Apply For This Plan?
You can buy this plan both offline and online. People can get it from the official site of LIC and they can also buy this from LIC agents, and Common Public Service Centers.
Also Read: Unified Pension Scheme: Get Your Enrolment And Claim Forms Online – Find Direct Link Here
