If you are planning to invest in something then this article is for you. Life Insurance Corporation of India (LIC) has rolled out a new pension plan called the Smart Pension Plan. The launch was officiated by Financial Services Secretary M. Nagaraju and LIC CEO Siddharth Mohanty. This plan operates on a single premium basis, allowing for either single or joint pensions, and it also offers the option for an immediate pension.

Key highlights of the Smart Pension Scheme:

Financial Security: This plan ensures you have financial stability post-retirement.

One-Time Premium: You make a one-time investment, and then you’ll receive a pension without any further payments.

Diverse Pension Options: There are various annuity options available, including single life and joint life, so you can choose what fits your needs best.

Liquidity Options: You can make partial or full withdrawals if needed.

Minimum Investment: The starting investment for this scheme is Rs 1 lakh.

Loan Facility: You can access a loan after three months from the start of the policy.

Who can purchase this policy?

Anyone aged between 18 and 100 years can invest in this scheme.

Pension payment options:

Policyholders can choose to receive their pension monthly, quarterly, semi-annually, or annually.

Special benefit for LIC policyholders:

If you’re already a LIC policyholder or a nominee of a deceased policyholder, you’ll enjoy a higher annuity rate.

You can buy this plan online directly from LIC’s website or opt for an offline purchase through LIC agents, POSP-Life Insurance representatives, or Common Public Service Centers.