The new “Smart Pension” product was introduced in the city on Wednesday by the Life Insurance Corporation of India’s (LIC) South Central Zonal Office. Anyone who is at least eighteen years old may purchase this coverage by paying a minimum premium of one lakh rupees.
“LIC is focused on continuously developing and expanding the product portfolio to satisfy the growing needs of the population,” said Puneet Kumar, Zonal Manager, LIC. The Smart Pension Plan from LIC was created especially for the local market because of the rising demand for pension plans in this country. This plan offers a straightforward and secure way to save for retirement, which is a solution for a pleasant retirement.
The new pension plan’s characteristics include the ability to take out an annuity for oneself, one’s spouse, or any two lineal descendants or descendants of a family, such as siblings or parents-in-law. Another option is to get a portion of the purchase price back when you turn 75 or at any point after that. According to a news release from LIC, group consumers may also purchase this product via employer-sponsored group superannuation plans.
Senior authorities in attendance at the launch were Saraswathi Gopakumar, RLN Swamy, GBV Ramaiah, K Arun, V Chandrasekhara Rao, Prasad Rao, and KV Satyavani.
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