In this, you get a monthly, quarterly, half-yearly or annual pension. This plan also has a death benefit, various pension options and the facility to take a loan if needed. If you want a regular income after retirement, then LIC’s Smart Pension Plan can be a good option. It is a safe, reliable and easy plan, which offers multiple pension options. Some important questions related to this plan and their answers

1. What is LIC Smart Pension Plan?

It is a pension scheme in which you have to deposit money once. In return, you get pension every month or throughout the year.

2. Who can take this plan?

Any person between the age of 18 and 100 years can take up this scheme, provided he/she fulfills the rules of the scheme.

3. How many pension options are available in this plan?

• There are two types of pension options available in this plan.
• Single Life Annuity – In this, only the policyholder gets pension as long as he is alive.
• Joint Life Annuity – In this, along with the policyholder, his spouse also gets pension.

4. What is the minimum pension that can be received?

Per month – Rs. 1,000
Every three months – Rs. 3,000
Every six months – Rs. 6,000
Per year – Rs. 12,000

5. Can a loan be taken under this scheme?

Yes, the loan can be taken after three months from the date of policy issuance or after the free-look period ends. The maximum loan limit will depend on the surrender value of the policy.

6. Can people with NPS (National Pension System) take it?

If you are affiliated with NPS, you can improve your retirement pension by taking this scheme. With this, you will continue to get regular income.

7. What are the special facilities for Persons with Disabilities (PwD)?

If a person takes this scheme in the name of a disabled person and the policyholder dies, then a pension will be issued in the name of that disabled person from the death benefit.

8. How can this plan be purchased?

Online – By visiting the official website of LIC.
Offline – You can contact the LIC agent, broker or the nearest service center.

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The option of immediate pension is also given under this plan. Under Financial Security, this plan gives you financial security after retirement.

Any citizen can avail the benefits under this pension scheme. Under the Smart Pension Scheme, policy holders can choose to take monthly, quarterly, half-yearly and yearly pension. The benefit of annuity will also be given under this scheme. After the policyholders, the nominee is given the benefit of this scheme. This scheme can be purchased online from LIC’s website (Online Purchase) or can also be purchased offline through LIC agents, POSP-Life Insurance and Common Public Service Centers.

The specialty of LIC Smart Pension Yojana is that

Life Insurance Corporation of India has started this scheme to ensure that people get regular income after retirement. Under LIC Smart Pension Yojana, a lump sum premium has to be paid. After which you keep getting pension for life. Under this scheme, both single and joint annuity options can be chosen. In this, you can also choose the option of partial or full withdrawal.

How much can you invest?

Under this pension scheme of LIC, accounts can be opened in single and joint. Husband and wife can open a joint account and avail the benefits of the pension scheme. To get pension, the entire premium has to be deposited in one go. You can invest at least Rs 1 lakh in it. There is no maximum limit.

Who can invest?

Loan facility is also provided under LIC Smart Pension Plan. Loan facility is provided 3 months after the start of the policy. People between the age of 18 years to 100 years can invest under this scheme. If the policy holder dies, the pension money will be given to the nominee.

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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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