Wed Feb 19 19:58:09 UTC 2025: ## LIC Launches New Smart Pension Plan with Flexible Annuity Options
**Mumbai, India** – Life Insurance Corporation of India (LIC) has introduced its new Smart Pension Plan, a non-participating, non-linked, individual savings plan offering immediate annuities. The single-premium plan provides a wide range of annuity options to suit individual needs, including choices for single or joint lives (spouse, siblings, lineal descendants/ascendants).
Key features of the plan include guaranteed annuity rates upon policy inception, a minimum purchase price of ₹1 lakh with no upper limit, and a minimum monthly annuity of ₹1,000. Policyholders can choose from various annuity payment frequencies (monthly, quarterly, half-yearly, yearly) and death benefit options (lump sum, annuitization, installments). Fourteen annuity options are available for single lives, and seven for joint lives. Note that the chosen annuity option is irrevocable.
The plan offers flexibility with options including liquidity, advanced annuity, and annuity accumulation. LIC’s website provides further details.
First Piper 