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LIC Smart Pension Plan: Secure Your Retirement with Guaranteed Income

Siddhi Jain | February 19, 2025 10:15 PM CST

Life Insurance Corporation of India (LIC) has introduced the Smart Pension Plan, offering a secure and fixed income post-retirement. This non-linked, non-participating immediate annuity plan comes with single and joint life annuity options, ensuring financial independence throughout life.

Key Features of LIC Smart Pension Plan

1. Eligibility Criteria

Minimum Entry Age: 18 years (Ideal for early investment)
Maximum Entry Age: 65 to 100 years (Varies based on the annuity option chosen)

2. Annuity Options

Single Life Annuity: Annuity continues for the policyholder’s lifetime.
Joint Life Annuity: Annuity is paid to the policyholder and spouse, ensuring financial security for both.

3. Special Benefits for LIC Policyholders & Beneficiaries

Existing LIC policyholders and their beneficiaries will receive better annuity rates for higher returns.

4. Liquidity & Withdrawal Facility

Allows partial or full withdrawal in case of financial emergencies.

5. Annuity Payment Frequency

Monthly: Minimum ₹1,000 per month
Quarterly: Minimum ₹3,000 per quarter
Half-yearly: Minimum ₹6,000 per six months
Yearly: Minimum ₹12,000 per year

6. Special Provisions

For NPS Subscribers: National Pension System (NPS) subscribers can opt for immediate annuity under this plan.
For Divyangjans (Persons with Disabilities): Special benefits are available to cater to their financial needs.

7. Loan Facility

Available after three months or once the free-look period ends.
Loan amount depends on the chosen annuity option.

Key Investment Details

Feature	Details
Minimum Purchase Price	₹1,00,000
Maximum Purchase Price	No limit (subject to LIC approval)
Minimum Annuity Amount	₹1,000 (monthly), ₹3,000 (quarterly), ₹6,000 (half-yearly), ₹12,000 (yearly)
Maximum Annuity	No limit
Premium Payment Mode	Single Premium (Lump Sum Investment)

How to Apply for LIC Smart Pension Plan?

You can buy this plan through:

Offline: LIC Agents, Intermediaries, Point of Sales Persons (POSP-LI), and Common Public Service Centers (CPSC-SPV).
Online: Directly from LIC’s official website.

Why Choose LIC Smart Pension Plan?

✅ Guaranteed lifetime income
✅ Flexible payout options
✅ Special benefits for LIC policyholders & NPS subscribers
✅ Financial security for retirees & their families

Secure your retirement today with LIC Smart Pension Plan! 🚀