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Life Insurance Corporation of India (LIC) has launched the Smart Pension Plan. It is a single-premium annuity plan, which means that customers pay a one-time premium and receive regular payouts as per their chosen plan.

The Smart Pension Plan offers a variety of payout options that meet the various financial needs and retirement goals of customers.

Eligibility:

The minimum age of entry is 18 years, which makes this plan suitable for young investors as well.

The maximum age of entry is between 65 and 100 years, depending on the payout option chosen.

Annuity Options:

Annuity refers to regular payments made in exchange for a lump-sum investment or periodic contributions. LIC Smart Pension Plan offers the following annuity options:

Single-Life Annuity: Under this, the plan provides an annuity for the lifetime of the annuitant or subscriber.

Joint Life Annuity: Provides annuity payouts for both the primary annuitant and the secondary annuitant (e.g. spouse).

Payout Options:

Subscribers can choose their preferred payment mode, i.e. monthly, quarterly, half-yearly, and yearly. The installment amount is calculated based on the amount invested and the payment mode chosen. The plan also offers options for partial or full withdrawal, subject to certain conditions, depending on the customer's requirements.

Other Plan Details

Minimum Purchase Price = Rs 1 lakh

Minimum Annuity Amount = Rs 1,000 if the payment mode is monthly, Rs 3,000 (quarterly), Rs 6,000 (half-yearly), and Rs 12,000 (yearly). LIC

How to Buy the Plan

You can buy the LIC Smart Pension Plan either online or offline.

Online: The plan can be purchased directly at www.licindia.in.

Offline: This plan can also be purchased through LIC agents, intermediaries, point of salespersons, and common public service centers.