Wed Feb 19 17:02:35 UTC 2025: ## LIC Launches New Smart Pension Plan Offering Lifetime Income

**Mumbai, India** – Life Insurance Corporation of India (LIC) has unveiled its new Smart Pension Plan, a single-premium plan designed to provide retirees with a steady stream of income. The plan, announced via X (formerly Twitter), offers a range of annuity options for both single and joint lives.

The non-participating, non-linked plan boasts several key features including flexibility in annuity options and choices for death benefit payouts (lump sum, annuitization, or installments). Eligibility extends to individuals aged 18 to 100, though age limits may vary depending on the chosen annuity option. The minimum purchase amount is ₹1 lakh (approximately $12,000 USD), with no upper limit subject to LIC’s underwriting policy. A minimum annuity of ₹1,000 is guaranteed.

A notable feature allows National Pension System (NPS) subscribers to opt for an immediate annuity. LIC emphasizes that annuity choices are irreversible, urging careful consideration before selection. The plan offers both advanced annuity and annuity accumulation options.

This new offering from LIC aims to provide financial security and peace of mind during retirement, promoting financial freedom for policyholders.

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