STATE TIMES NEWS
NEW DELHI: LIC of India has introduced a new product called “LIC’s Smart Pension Plan (Plan No. 879)” on Tuesday.
The plan was launched by M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, in the presence of Dr. M.P. Tangirala, A.S., DFS, Parshant Kumar Goyal, JS, DFS, and Siddhartha Mohanty, CEO & MD of LIC, along with other MDs of LIC, in New Delhi.
LIC’s Smart Pension Plan is a non-participating, non-linked, individual and group savings plan that offers a variety of immediate annuity options for both single life and joint life annuities.
The plan offers flexibility, with a minimum entry age of 18 years and a maximum age at entry ranging from 65 to 100 years, depending on the chosen annuity option.
The plan requires a single premium payment and offers multiple modes of annuity payments, such as yearly, half-yearly, quarterly, or monthly.
The minimum purchase price is set at Rs. 1,00,000, with incentives for higher purchase amounts. Policyholders can also opt for a special feature that allows immediate annuity for National Pension System (NPS) subscribers, as well as for individuals with disabilities (Divyangjan).
Policyholders can choose from a range of annuity options that suit their needs, including options for enhanced annuity rates for existing policyholders and nominees/beneficiaries of deceased policyholders.
In addition, the plan allows flexibility for partial or full withdrawal as per the terms and conditions of the policy. The plan also offers the ability to take a policy loan after three months from issuance or after the expiry of the free look period, depending on the annuity option.
Benefits under the plan include varying options on survival benefits and death benefits. The death benefit can be paid as a lump sum, through annuitization, in installments, or as an advanced annuity option, depending on the choice made by the annuitant at the time of proposal.
The Smart Pension Plan can be purchased offline through LIC agents, Point of Sales Persons-Life Insurance (POSP-LI), Common Public Service Centers (CPSC-SPV), or online via LIC’s official website, www.licindia.in.