LIC's Smart Pension
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LIC’s Smart Pension Plan (Plan No. 879) is a non-participating, non-linked, individual/group, savings, and immediate annuity plan introduced by the Life Insurance Corporation of India (LIC) on February 18, 2025. This plan is designed to provide financial security during retirement by offering a steady income stream.
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ingle Premium Immediate Annuity Plan: Requires a one-time premium payment, after which the annuity payments commence immediately.
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Annuity Options:
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Single Life Annuity: Provides regular payments throughout the annuitant's lifetime.
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Joint Life Annuity: Ensures continuous payments for two individuals, which can include spouses, parents, children, grandchildren, siblings, or parents-in-law.
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Annuity Payment Modes: Policyholders can choose from monthly, quarterly, half-yearly, or yearly installments, allowing for personalized financial planning.
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Minimum Purchase Price: ₹1,00,000, with no upper limit, subject to underwriting approval.