Life Insurance Corporation of India (LIC) has recently introduced a single-premium immediate annuity life plan called the Smart Pension Plan 2025 to provide financial security after the retirement. This plan is attractive to individuals who would like to get a stable stream of revenue without market risks and pay out at a flexible rate with no uncertainty.
What Is the LIC Smart Pension Plan?
LIC Smart Pension Plan is a non-linked non-participating savings plan which offers lifetime annuity benefits. It can be given as an individual or group purchase and comes in various types of annuities based on various retirement requirements. The annuity payments are received immediately the premium is paid and there is no waiting period to receive income.
Key Features and Benefits
This scheme provides guaranteed rates of annuity on the purchase date and are never altered during the policy period. Subscribers have the option of single-life and joint-life annuity. The scheme encourages monthly, quarterly, six-month or yearly payments. It has also enjoyed the luxury of liquidity such as partial or full withdrawal under specified circumstances and access to loans after three months.
Eligibility and Purchase Details
The age of entry is no less than 18 years, and no more than 65 -100 years depending on the type of annuity chosen. The purchase price is 100,000, but there is no maximum limit as long as it is approved by underwriting. There are special deals regarding NPS subscribers, Divyangjan (persons with disabilities) and existing LIC policyholders.
LIC Smart Pension Plan 2025 Overview
| Feature | Details |
|---|---|
| Plan Type | Single-premium, immediate annuity |
| Minimum Purchase Price | ₹1,00,000 (₹50,000 for select categories) |
| Annuity Options | Single-life and joint-life |
| Payout Frequency | Monthly, quarterly, half-yearly, annually |
| Loan Facility | Available after 3 months |
| Withdrawal Option | Partial or full, based on plan terms |
| Tax Benefits | Eligible under applicable sections |
| Purchase Mode | Online and offline |
Final Thoughts
The LIC Smarts Pension Plan 2025 is a safe plan used by the retirees that do not wish to be exposed to changes in the market but they are guaranteed of their income. It provides you with confidence and financial security during your golden years with flexible annuity plans, tax advantages, and lifetime payments.
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