LIC Pension Plan: Investors are currently making large investments through pension plans. In light of this, LIC has recently unveiled its new “Smart” pension plan. Let’s discuss the specifics:

Smart Pension Scheme: Life Insurance Corporation of India (LIC), a public sector insurance provider, has introduced the Smart Pension Plan, a new pension plan. This plan offers a complete, adaptable, and safe pension option. It provides a steady income for retirees and their families, catering to a variety of financial circumstances. The Smart Pension Plan from LIC is a personal/group, immediate annuity, non-linked, non-participating plan that is intended to satisfy certain retirement requirements.

Policy benefits are guaranteed and assured

Benefits payable upon death or survival are guaranteed and fixed under this non-participating product. This plan offers a variety of annuity choices to accommodate various budgetary requirements and retirement objectives. For their long-term financial planning, customers can select the option that best suits their needs. The LIC statement states that, in accordance with the policy’s provisions, a number of payment choices are available for partial or whole withdrawal. Under the pension plan, a purchase must cost at least Rs 1 lakh. 

Let us tell you about the features of the new pension policy: –

Age Limit

To enroll in this plan, you must be at least 18 years old. Young investors might begin planning early based on this. Depending on the annuity option selected, the maximum age to enter this ranges from 65 to 100. As a result, this program is accessible to individuals of all ages.

Flexible Annuity Option:

Selecting the annuity option under this coverage is simple. The policyholder might choose to receive annuity payments for the rest of their life with a single-life annuity. In addition, the annuity payment for a combined life annuity continues for both the primary policyholder and the secondary policyholder (spouse, for example).

Incentive facility: 

Existing policyholders have access to an incentive facility under this arrangement. Both the nominee or beneficiary of the dead policyholder and current LIC policyholders receive competitive annual rates. For devoted clients, this makes the plan even more advantageous.

Some other benefits related to the policy are as follows-

• Both partial and complete withdrawal are options provided by the policy. This provides the policyholder with monetary assistance when required.
• The policyholder is free to select the payment method of his choice under the flexible annuity payment option. You can pay for this on a monthly, quarterly, semi-annual, or annual basis. The technique selected determines the amount of the annuity installment.
• Members of the National Pension Scheme (NPS) have the opportunity to choose an annuity right away. A seamless transition to retirement income may result from this.
• This provides a choice for those who are reliant on Divyangjan. For those who are reliant on Divyangjan, this plan offers the opportunity to obtain cash rewards, guaranteeing their long-term financial security.
• After three months from the day the insurance was issued or after the free-look period, whichever comes first, policyholders are eligible to apply for a loan. The availability of loans is subject to specific annuity options and conditions.

The lowest coverage you may purchase under this is Rs 1 lakh. On the other hand, the maximum purchase has no upper limit. However, in accordance with the board-approved underwriting policy, the maximum purchase price is subject to acceptance. Depending on the kind of annuity payment selected, the minimum annuity amount is Rs 1,000 per month, Rs 3,000 quarterly, Rs 6,000 half-yearly, and Rs 12,000 annually. The maximum annuity has no upper limit.

Death and Survival Benefits of the Policy Holder

The annuity choice selected at the beginning of the insurance will determine the benefits and payments upon the policyholder’s survival. Depending on the plan’s provisions, various annuity choices provide varying survival benefits, such as consistent payments for the duration of one’s life or other particular advantages.

The option selected at the time of purchase will decide the payout to the nominee or beneficiary in the event of the policyholder’s death. Lump amount, annuitization of death benefit, installment payment, liquidity option, advanced annuity option, and annuity accumulation option are the alternatives selected for death benefit payout.

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