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LIC Smart Pension Plan: It is non-par, non-linked, annuit plan that offers a range of annuity options for single life as well as joint life type of annuities. Annuity option once chosen cannot be altered.
LIC’s Smart Pension Plan: Insurer’s new scheme for a secure retirement.
LIC Smart Pension Plan: Insurance behemoth Life Insurance Corporation of India (LIC) has launched a ‘Smart Pension Plan’ for a individual or group looking a guaranteed income post retirement.
It is non-par, non-linked, annuit plan that offers a range of annuity options for single life as well as joint life type of annuities. Annuity option once chosen cannot be altered.
LIC’s Smart Pension Plan: Key Features
- Single Premium Immediate Annuity PlanWide range of annuity options to suit your needsFlexibility to choose from Single Life Annuity and Joint Life
- Annuity OptionsMode of Annuity payments – yearly, half-yearly, quarterly and monthly• Incentives for higher Purchase Price• Incentive for existing Policyholder and Nominee/
- Beneficiary of the deceased Policyholder• Options Available:
- Liquidity Optiono Advanced Annuity Optiono Annuity Accumulation Option
- Options available for payment of Death Benefit (if any):o Lumpsum Death Benefito Annuitisation of Death Benefito In installments
LIC’s Smart Pension Plan: Eligibility
The minimum amount of purchase under the plan is Rs 1 lakh with a no ceiling. There is a single premium option in mode of premium payment.
The minimum and maximum entry age for LIC Smart Pension Plan is 18 years and 100 years for some options, respectively.
LIC’s Smart Pension Plan: Benefits
1. Death Benefit Options:
LIC Smart Pension Plan allows lump sum payment to nominee after the death of the subscriber. Moreover, it can be converted the benefit into another annuity or received in installments over 5,10, or 15 years.
2. Liquidity Option:
Subscribers can withdraw part of the amount after 5 years, up to 60 per cent of the purchase price.
3. Loan Facility
Subscribers can avail the loan facility after 3 months from the commencement of the policy.
How To Buy LIC Smart Pension Plan
This Plan can be purchased Offline through Agents /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.
