The LIC’s Smart Pension plan is a Non Linked, Savings, Annuity Plan offering a range of annuity options for Single Life as well as Joint Life type of annuities
FinTech BizNews Service
Mumbai, February 18, 2025: LIC’s Smart Pension Plan was launched today 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. 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 type of annuities.
Key Features:
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 upon the Annuity Option
Flexibility to choose from Single Life Annuity and Joint Life Annuity Options
Incentive for existing Policyholder and Nominee/Beneficiary of the deceased
Policyholder by way of enhanced annuity rate
Several liquidity options available for partial / full withdrawal as per terms of policy
Minimum Purchase Price is Rs. 1,00,000/- with incentives for higher purchase price
Modes of Annuity Payments allowable are yearly, half yearly, quarterly or monthly.
Annuity instalment as per chosen mode of annuity payment shall be calculated.
There is an option to take immediate annuity by NPS subscriber is a special feature
The option to take the plan for the benefit of dependant person with disability
(Divyangjan) life is available under this plan
The Plan can be purchased online at www.licindia.in
The Policy loan shall be allowed at any time after three months from the completion of
policy (i.e. 3 months from the date of issuance of policy) or after expiry of the free look
period whichever is later under specified annuity options.
Benefits
On Survival of the annuitant: - The options available on Survival of the annuitant varies as
per the Annuity option chosen by him at inception.
On death of annuitant (Primary /Secondary- as the case may be):- The amount payable after
death of annuitant will be as per Option chosen by the Annuitant at the time of proposal.
Options chosen for payment of death benefit may be Lumpsum or Annuitisation of Death
Benefit or In Instalments or Liquidity option or Advanced Annuity option or Annuity
Accumulation option.
This Plan can be purchased Offline through Agent / Other Intermediaries including Point of
Sales Persons-Life Insurance (POSP-LI)/ Common Public Service Centers (CPSC-SPV) as
well as Online directly through website www.licindia.in.
