LIC Amazing Scheme, Invest Just Once, Earn Rs 10,000 Every Month Afterwards

Amidst rising inflation and an uncertain future, a regular income after retirement has become a primary need for everyone. In such a scenario, investors look for options where the risk is low and the income is completely assured. Life Insurance Corporation of India (LIC), the country’s largest insurance company, is known for its reliable pension plans. One such plan is the LIC Smart Pension Scheme, designed to provide financial stability after retirement.

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What is the LIC Smart Pension Scheme?

The LIC Smart Pension Scheme is an immediate annuity plan in which the policyholder has to make a one-time lump-sum investment. The pension starts immediately after the investment and continues for life. This scheme is neither linked to the stock market nor does it involve any investment risk. Therefore, it is considered a zero-risk pension plan.

Investment Terms and Eligibility

The minimum annuity purchase amount in this pension plan is ₹1 lakh, while there is no limit on the maximum investment. This means that investors can invest as much as they want according to their capacity and needs. This plan is available for both single life and joint life (husband and wife).

Pension Amount Fixed at the Time of Policy Purchase

The biggest advantage of the LIC Smart Pension Scheme is that the pension amount is fixed at the time of purchasing the policy. Once the annuity rate is locked in, it does not change for the entire lifetime. Investors can choose monthly, quarterly, half-yearly, or annual pension payment options according to their convenience, making it easier to plan household expenses.

Options for Increasing Pension and Return of Purchase Price

This plan also offers additional benefits to policyholders. Investors can choose to increase their pension by 3 percent or 6 percent every year. Additionally, there is an option to return the original invested amount to the nominee after death, ensuring the financial security of the family.

How is the monthly pension of ₹10,880 calculated?

If an investor invests a lump sum of ₹20 lakh under the LIC Smart Pension Scheme, according to LIC’s calculator, they can receive an annual pension of approximately ₹1,36,000. Every month, this amounts to approximately ₹10,880 per month. However, the actual pension amount depends on the investor’s age, the chosen annuity option, and the payment mode.

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Who would benefit most from this scheme?

This pension plan is considered particularly useful for those who want a regular income after retirement and wish to avoid market fluctuations. Retired employees from government or private sectors, self-employed individuals, and senior citizens can strengthen their financial planning through this scheme.