LIC’s Smart Pension Plan: Public sector Life Insurance Corporation of India (LIC) has launched a Smart Pension Plan with a single premium annuity. This plan provides various options for pension for an individual as well as jointly.
Financial Services Secretary M Nagaraju and LIC CEO and MD Siddharth Mohanty introduced this plan. Senior officials of the Finance Ministry and LIC were present on this occasion.
LIC said in a statement that as per the terms of the policy, several cash options are available for partial or full withdrawal. The minimum purchase price investment under the pension scheme is Rs 1 lakh. LIC’s Smart Pension Plan is an excellent way to secure people’s future. By investing once in this plan, you can avail the benefit of pension for life.
Single life and joint life annuity options are available in the plan. Anyone between the age of 18 to 100 years can buy this plan. The big thing is that existing LIC customers and nominees will get the benefit of higher returns in this. You can start investing from Rs 1,00,000. You will get more benefits in this plan if you invest more money.
“Retirement is not the end of earning. It is the beginning of financial freedom! With LIC of India’s Smart Pension, enjoy a lifetime of stable income and stress-free golden years,” the state-owned insurance company said in a post on social media platform X.
If the policyholder dies, the money will be given as per his/her chosen option. The family can either take a lump sum payment or continue with monthly pension. Apart from this, the option of getting money in installments is also available.
Multiple payment options
Smart Pension Plan offers various payment options. Pension can be paid monthly, quarterly, half-yearly or annually. There is a facility to withdraw partial or full amount if needed. This plan is very beneficial for NPS subscribers. It also has special provisions for Divyangjan. The plan also provides the facility of taking a loan after 3 months, which makes it a perfect retirement plan.
How to get insurance?
You can buy LIC Smart Pension Plan online or offline. This plan can be purchased directly online by visiting www.licindia.in. Apart from this, this plan can also be purchased offline through LIC agents, intermediaries, point of sales persons and common public service centers.
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