LIC Smart Pension Plan: The Smart Pension Plan is offered by LIC. This is a non-participating and non-linked annuity scheme designed for both individual and group policy holders. This LIC Smart Pension Plan provides a variety of flexible annuity options along with accommodating single-life and joint-life arrangements both. This enables policyholders to meet their retirement plans to align with their specific financial goals. This LIC Smart Pension Plan focuses to deliver a secure and adaptable solution for retirement. It also ensures a constant income stream for retirees and their families to promote financial stability in their post-retirement life.
Also the LIC Smart Pension Plan includes guaranteed benefits in the event of death or survival by offering comprehensive financial protection under various circumstances. LIC has actively promoted this initiative by highlighting the perspective that retirement signifies the onset of financial independence rather than of income generation. The LIC Smart Pension Plan encourages retirement process as a starting of financial freedom by promising a lifetime of security and enjoyable retirement years.
Features of this LIC Smart Pension Plan
- This LIC Smart Pension Plan offers a single premium of immediate annuity for financial stability.
- Also it provides various annuity choices to meet personal requirements.
- It allows the policy holder to select between single life and joint life annuity options.
- It also offers different payment schedules. That means a policy holder can do payment annually, semi-annually, quarterly, or monthly.
- This includes incentives for large invested amounts and special perks for current policyholders and their beneficiaries.
- Under this scheme NPS policy holders can avail immediate annuity.
LIC Smart Pension Plan Eligibility Requirements
Age
This plan designed to serve different age group of people. This allows entry from ages between 18 to 100 depending on the choice of annuity.
Annuity
- Policy holders can chose two types of annuities i.e. single life annuity plan for life time payments or Joint Life annuity for payments to both the primary and secondary annuitants.
- Current LIC policyholders and beneficiaries of deceased policyholders can receive better annuity rates by rewarding their loyalty.
- The policy allows for both partial and full withdrawals by giving users the flexibility to access their funds when needed.
- National Pension Scheme subscribers can avail for immediate annuity by providing a smooth transition to regular income after retirement.
- The plan includes options for financial support for those who are dependents with disabilities. This ensures their future with economic security.
- It provides a wide age range for entry by making it accessible to many individuals.
- Enhanced rates for loyal customers encourage long-term commitment to the policy.
- Flexibility in withdrawals helps policyholders manage their finances effectively.
Details of annuity and payment
The minimum amount is to be invested of Rs.100000.00 and there is no maximum limit how much you can invest.
The approval can be done by giving an underwriting.
The minimum amount of annuity is Rs.1000.00 depending upon the annuity set up.
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Mode of LIC Smart Pension Plan payment
It can be done as onetime payment by the customers.
LIC Smart Pension Plan Duration
People with this policy will get regular income based on their annuities.
It will give them a steady income.
On the cause of Death
If the policy holder dies then the beneficiary will be the sole person who will get the regular income.
About LIC Pension Plans
LIC pension Plans are insurance products that offer a steady income to people after the retirement. These plans allow individuals to build savings while they work and which can then be used to ensure a regular income in retirement. LIC of India provides different pension plans to meet various financial needs as per the individual’s the risk level and on the basis of their personal choices. These plans are specially designed to meet the retirement benefits of the senior citizens. There are various options from which you can chose which is best for you. These plans are hassle free and comes under tax savings under sec 80 C.
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FAQ’s: LIC Smart Pension Plan
Can someone buy this along with someone else?
The answer is yes. The joint life annuity is there.
Is the annuity is guaranteed?
Yes. The annuity options are fully guaranteed.
What are the options available for policy holders?
There are different options are available. The first one is liquidity option. Then advanced annuity option and then annuity accumulation option is also available. It is up on the policy holder that what will he/she chose.
On the basis of death benefit what are the options can a policy holder chose?                 Â
There are several ways to receive the death benefit. One can avail by lump sum or through annuitization or in installments.
What are the annuity options available to policy holders?
There are total of 14 annuity options available. These are life annuity, five-year certain annuity, ten-year certain annuity followed by life, and more. For joint life annuity there are seven different annuity options.
If someone wants to change the annuity option, then can he/she?
No. it cannot be changed or altered.
What is the maximum and minimum investment?
The minimum amount is Rs. 1, 00,000.00
There is no such maximum limit.
What will be the minimum annuity?
Lowest is Rs. 1000 monthly and Rs. 3000.00 quarterly then Rs. 6000 half yearly and Rs. 12000 yearly.
