LIC Launches Smart Pension Plan with Multiple Annuity Options
The Life Insurance Corporation of India (LIC) has unveiled a single-premium Smart Pension Plan designed to provide financial security post-retirement. The new non-participating, non-linked annuity plan offers multiple annuity options for both single-life and joint-life annuities, catering to the diverse needs of policyholders.
The plan was officially launched by Financial Services Secretary M Nagaraju and LIC Chairman and MD Siddhartha Mohanty in the presence of senior finance ministry officials.
Key Highlights:
Understanding LIC Smart Pension Plan’s Features:
1. Multiple Annuity Options for Financial Security:
The LIC Smart Pension Plan allows policyholders to choose from various annuity options at the time of policy initiation. The annuity payouts and survival benefits will depend on the selected option.
2. Death Benefit Payment Flexibility:
In case of the annuitant’s demise, the nominee can receive the death benefit through different payout methods:
- Lump Sum Payment
- Annuity for Nominee
- Installment-Based Payment
- Liquidity Option for Immediate Access
- Advanced Annuity Payouts
- Annuity Accumulation for Future Use
The amount payable after the annuitant’s death depends on the option chosen at the time of policy purchase.
3. Liquidity & Withdrawal Benefits:
Unlike traditional pension plans, the LIC Smart Pension Plan provides partial and full withdrawal options, offering financial flexibility in case of emergencies.
4. Higher Investment Incentives:
Policyholders who opt for a higher purchase price receive additional benefits, making this plan attractive for individuals looking for long-term financial security post-retirement.
5. Special Benefit for NPS Subscribers:
A unique feature of the LIC Smart Pension Plan is its instant annuity option for National Pension System (NPS) subscribers, ensuring seamless retirement benefits without delays.
Why Choose LIC Smart Pension Plan?
With its single-premium structure, flexible annuity options, liquidity benefits, and death benefit customization, the LIC Smart Pension Plan stands out as a reliable retirement investment option. Whether you seek guaranteed lifelong income or a customized payout strategy, this plan provides a comprehensive solution for financial security.
Would you consider investing in LIC’s Smart Pension Plan for your retirement? Share your thoughts below!
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