LIC: The largest insurance provider in the country, LIC, has introduced its latest pension offering, the Smart Pension Plan. This plan delivers a comprehensive, adaptable, and secure pension solution tailored to various financial circumstances. It aims to guarantee a steady income for retirees and their families. The Smart Pension Plan from LIC is a non-participating, non-linked product available for individuals or groups, encompassing both savings and immediate annuity features. It is structured to address diverse retirement requirements and presents multiple options for both single and joint life annuities, ensuring flexibility and security for policyholders.

Key Features of LIC Smart Pension Plan:

– Minimum Purchase Price: Rs. 1,00,000

– Maximum Purchase Price: No limit (subject to approval in accordance with the Board’s underwriting policy)

– Minimum Annuity: The minimum annuity amounts are Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half-year, and Rs. 12,000 per year, depending on the selected payment mode.

– Maximum Annuity: No limit

– Premium Payment Mode: Single premium

Advantages of this Scheme:

– Fixed Monthly Pension: Beneficiaries will receive a fixed pension based on their age.

– Lifetime Income: Pension payments will continue for the entirety of the policyholder’s life.

– Tax Benefits: Exemptions are available under the Income Tax Act.

– Flexibility: Policyholders can opt for either a lump sum or a monthly pension.

– Risk-Free Investment: This government-backed insurance scheme guarantees the safety of capital.

Eligibility Criteria for the Scheme:

To qualify for the benefits of this scheme, the following conditions must be met:

– Minimum Age: 30 years

– Maximum Age: 70 years

– Investment Period:10 to 40 years

– Pension starting age: Between 40 to 80 years

– Minimum premium: Varies as per plan

Disclaimer

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