LIC Smart Pension Plan: If you are retired or planning for retirement then this is special news for you. Life Insurance Corporation of India (LIC) has launched its new pension scheme Smart Pension Plan. This scheme can be useful for those who are retired or planning to retire.
This scheme is a non-participating plan, non-linked, individual or group, savings, intermediate annual plan. This scheme can relieve the financial tension of the elderly. It offers a variety of annuity options for both single life and joint life annuities, providing flexibility and protection to policyholders.
Special Features of LIC Smart Pension Plan
Age Eligibility:
The minimum entry age is 18 years, allowing young investors to plan early. The maximum entry age ranges from 65 to 100 years, depending on the annuity option chosen.
Flexible annuity options:
- Single Life Annuity: This provides annuity payouts for life.
- Joint Life Annuity: This ensures that the annuity payouts continue for both the primary annuitant and the secondary annuitant (e.g. spouse).
Incentives for existing policyholders and beneficiaries: Existing LIC policyholders and nominees/beneficiaries of deceased policyholders are offered higher annuity rates, making this plan more beneficial for loyal customers.
Liquidity Options for Withdrawal:
This policy offers the option of partial or full withdrawal under certain conditions, thereby providing financial flexibility to policyholders when needed.
LIC’s premium income declined
Public sector LIC’s net premium income in the third quarter fell by 9 per cent to Rs 1.07 lakh crore due to a 24 per cent decline in single premium collection and a 14 per cent decline in first year premium collection.
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