Life Insurance Corporation of India, LIC has launched the Smart Pension Plan scheme on 19 Feb. It is a non-linked, non-par, savings, individual/group and immediate annuity plan. This plan created to meet the retirement needs of consumers. The minimum age eligibility to apply for this plan is 18 years. It means it also allows youngsters to start their financial planning earlier. The maximum age to apply for this plan is 65 to 100 years old on the basis of the annuity option.
LLC Smart Pension Plan Annuity Options
The policyholders can apply for either a Single Life Annuity, where the annuity payments made for a lifetime of the annuitant. You can also apply for a Joint Life Annuity, wherein annuity payments made for both the primary annuitant and the secondary annuitant as partners.
This smart plan gives various benefits to death or survival. The benefits are fixed and guaranteed on the basis of the annuity option selected.
Minimum Price and Annuity Payments for Policyholders
The minimum purchase price for policyholders is 1 lakh, and the maximum price has no limit. On the basis of selected annuity payments, the minimum annuity amounts given to policyholders are Rs 1000 per month, Rs 3000 per quarter, Rs 6000 per half-year, and Rs 12000 per annum. No limits are applicable on maximum payouts.
Consumers can buy Smart Pension Plan through various channels. They can easily apply offline or buy this plan from LIC agents, point of sale persons- life insurance (POSP-LI), intermediaries, and common public service centres. Customers can also apply for it through the LIC website. As per the plan it states that if the annuitant passes away, then annuity payment will determined on the basis of the annuity options they select while purchase.
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