Wed Feb 19 17:52:42 UTC 2025: ## LIC Launches New Smart Pension Plan Offering Flexible Retirement Income

**MUMBAI, INDIA –** Life Insurance Corporation of India (LIC) has unveiled its new Smart Pension Plan, a non-participating, non-linked annuity plan designed to provide a secure and flexible income stream for retirees. The plan caters to both individuals and groups, offering a range of options to suit diverse retirement needs.

The Smart Pension Plan offers two annuity options: Single Life Annuity (payments for the annuitant’s lifetime) and Joint Life Annuity (payments for both the primary and secondary annuitant). Policyholders can choose their preferred option and customize their plan accordingly. Guaranteed death and survival benefits provide financial protection regardless of the annuitant’s lifespan.

Eligibility is broad, with entry ages ranging from 18 to a maximum of 65-100 years depending on the chosen annuity option. Existing LIC policyholders and nominees of deceased policyholders benefit from enhanced annuity rates. The plan also allows for partial or full withdrawals, offering flexibility in accessing funds.

National Pension Scheme (NPS) subscribers can opt for an immediate annuity, ensuring a smooth transition to a regular income post-retirement. Furthermore, provisions are in place to provide financial support for dependents with disabilities.

The minimum purchase price is Rs 1 lakh, with no upper limit (subject to approval). Minimum monthly annuity payments start at Rs 1,000, payable via a single premium payment. Upon death of the annuitant, the nominee receives a payout, which may be a lump sum, installment payments, or a continued annuity.

LIC’s Smart Pension Plan offers a comprehensive solution for retirement planning, providing peace of mind and financial security for retirees and their families.

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