Wed Feb 19 17:27:34 UTC 2025: ## LIC Launches Smart Pension Plan with Flexible Options

**Mumbai, India –** The Life Insurance Corporation of India (LIC) has unveiled its new Smart Pension Plan, a non-linked, non-participating immediate annuity plan designed to provide retirees with a guaranteed income stream. The plan offers a range of flexible options catering to individual and group needs, further solidifying LIC’s position in retirement planning.

The plan, available for single premium payments starting at ₹1 lakh with no upper limit, provides several key features:

* **Flexible Annuity Options:** Policyholders can choose from single or joint life annuities, with payments available monthly, quarterly, half-yearly, or annually. Joint life annuities can extend to spouses, parents, children, and other family members. Minimum annuity payments start at ₹1,000 per month.
* **Withdrawal Options:** Partial or full withdrawals are permitted under specific conditions after a certain period. Policyholders can withdraw up to 60% of the purchase price after 5 years.
* **Loan Facility:** Policy loans are available after three months from the policy commencement date.
* **Death Benefits:** Nominees can receive death benefits as a lump sum payment, in installments over 5, 10, or 15 years, or as another annuity.
* **Eligibility:** The plan is open to individuals aged 18 to 100 (depending on the chosen option). Existing LIC policyholders and nominees of deceased policyholders are eligible for enhanced annuity rates.

The LIC Smart Pension Plan can be purchased both online through the LIC website (www.licindia.in) and offline via agents, POSP-LIs, and CPSCs. This new offering underscores LIC’s commitment to providing comprehensive and adaptable retirement solutions for its customers.

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