Wed Feb 19 17:27:34 UTC 2025: ## LIC Launches New Smart Pension Plan with Flexible Options
**Mumbai, [Date]** – Life Insurance Corporation of India (LIC) has launched its new Smart Pension Plan, a non-participating, non-linked, individual savings plan offering immediate annuities. This single-premium plan provides a range of options to suit individual needs, according to the LIC website.
The plan allows for both single and joint life annuities. Joint life annuities can be taken out between spouses, siblings, parents, children, grandparents, or parents-in-law. Annuities rates are guaranteed upon policy inception.
Policyholders can choose from several options, including liquidity, advanced annuity, and annuity accumulation options. Death benefit options include a lump-sum payout, annuitization, or installment payments. A total of 14 annuity options are available for single life policies, with variations such as life annuity, annuity certain for five or ten years, and life thereafter. Seven options are available for joint life policies. Once chosen, the annuity option cannot be changed.
The minimum purchase price is ₹100,000, with no upper limit. Minimum monthly annuity payments are ₹1,000, with quarterly, half-yearly, and annual options available accordingly. The premium must be paid as a single lump sum. Further details are available on the LIC website.
First Piper 