LIC Smart Pension Plan: Know Eligibility Criteria, Features, and More

LIC Smart Pension Plan: The Life Insurance Corporation of India (LIC) has recently launched, the 'Smart Pension Plan,' designed to provide a secure and flexible retirement solution. This plan aims to cater to various financial needs, ensuring a reliable income stream for retirees and their families.

LIC Smart Pension Plan Key Features
Non-Participating, Non-Linked Plan: The Smart Pension Plan is a non-par, non-linked individual/group savings and immediate annuity plan. This means it does not have market-linked returns, providing guaranteed benefits irrespective of market fluctuations. 

Range of Flexible Annuity Options Policyholders can choose From:

Single Life Annuity: Provides annuity payments for the lifetime of the annuitant.

Joint Life Annuity: Ensures annuity payments continue for both the primary annuitant and the secondary annuitant (such as a spouse).

Higher Annuity Rates for Loyal Customers: Existing LIC policyholders and nominees/beneficiaries of deceased policyholders are offered higher annuity rates, making the plan more rewarding for loyal customers.

Liquidity Options: The policy provides partial or full withdrawal options under certain conditions, offering financial flexibility to policyholders when needed.

Flexible Annuity Payment Modes: Policyholders can choose their preferred payment mode: Monthly, Quarterly, Half-Yearly, or Yearly.

Special Benefits for NPS Subscribers: Subscribers of the National Pension System (NPS) can opt for an immediate annuity, ensuring a seamless transition to a retirement income stream.

Support for Dependents with Disabilities: The plan includes an option to secure financial benefits for dependents with disabilities, ensuring their long-term financial well-being.

LIC Smart Pension Plan Eligibility Criteria
Minimum Entry Age: 18 years, allowing young investors to start planning early.

Maximum Entry Age: Ranges from 65 to 100 years, depending on the annuity option selected, making the plan accessible to a wide range of individuals.

LIC's Smart Pension Plan is a comprehensive and flexible solution for retirement planning. With its range of annuity options, higher rates for loyal customers, and special benefits for NPS subscribers and dependents with disabilities, the plan aims to provide financial security and peace of mind for retirees and their families.