The Life Insurance Corporation of India – LIC has introduced the Smart Pension Plan, which offers various annuity options to ensure a stable income for retirees. Designed to provide financial security and adaptable retirement solutions, this plan also includes liquidity features, allowing partial or full withdrawals based on the policy’s terms and conditions.
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Discover the main feautures of LIC plan
The Smart Pension Plan allows policyholders to select between a single life annuity and a joint life annuity. It provides flexibility in payout frequency, offering options for yearly, half-yearly, quarterly, or monthly payments. The plan includes special benefits for both existing policyholders and the nominees or beneficiaries of deceased policyholders. Additionally, investors who contribute higher amounts are rewarded with greater incentives, boosting their overall returns. The minimum annuity amount is set at Rs 1,000 monthly, Rs 3,000 quarterly, Rs 6,000 half-yearly, and Rs 12,000 yearly. Once an annuity option is chosen, it cannot be altered. Hence, it is advised that policyholders choose the plan carefully.
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