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The Life Insurance Corporation of India (LIC) has introduced its latest offering the Smart Pension Plan designed mainly for after retirement benefits. This plan looks into various financial needs and is suitable for both individuals and groups who want a certain amount after retirement. LIC Smart Pension Plan The Smart Pension Plan is a non-participating non-linked immediate annuity plan that guarantees fixed benefits upon survival or death irrespective of market conditions. With its diverse annuity options and unique features the plan is made to meet a wide range of retirement goals and financial situations. Features of LIC Smart Pension Plan 1. Age Eligibility Minimum Entry Age: 18 years enabling young investors to start early retirement planning. Maximum Entry Age: 65 to 100 years depending on the annuity option selected making the plan accessible to a broad audience. 2. Flexible Annuity Options Policyholders can choose between: Single Life Annuity: Lifetime annuity payments for the policyholder. Joint Life Annuity: Continued annuity payments for both the primary and secondary annuitant (e.g. spouse). 3. Loyalty Incentives Existing LIC policyholders and beneficiaries of deceased policyholders are eligible for higher annuity rates rewarding customer loyalty. 4. Liquidity and Withdrawal Options Partial or full withdrawals are allowed under certain conditions providing policyholders with financial flexibility during emergencies. 5. Flexible Annuity Payment Modes Policyholders can select from multiple payment modes monthly quarterly half-Yearly yearly. The installment amount is calculated based on the chosen mode. 6. Special Benefits for NPS Subscribers National Pension System (NPS) subscribers can opt for an immediate annuity ensuring a smooth transition to a steady retirement income. 7. Support for Dependents with Disabilities The plan includes provisions for securing long-term financial benefits for dependents with disabilities ensuring their well-being. 8. Policy Loan Facility Loans can be availed after three months from the policy issuance date or after the free-look period subject to the selected annuity options. Plan Details Minimum Purchase Price: Rs 100000 Maximum Purchase Price: No limit (subject to underwriting policies). Minimum Annuity Amount: Rs 1000 per month Rs 3000 per quarter Rs 6000 per half-year Rs 12000 per year Maximum Annuity: No limit Premium Payment Mode: Single Premium Death and Survival Benefits On Survival of the Annuitant The survival benefits depend on the annuity option chosen at the policy’s inception. These options include regular payouts for life or other benefits specified under the plan’s terms. On Death Of Annuitant (Primary/Secondary) In the event of the annuitant’s death the nominee or beneficiary will receive payouts based on the selected option: Lump sum payment Annuity installments Liquidity or advanced annuity options Annuity accumulation options How to Buy LIC Smart Pension Plan The plan is available through multiple channels for ease of access: Offline: Via LIC agents intermediaries Point of Sales Persons-Life Insurance (POSP-LI) and Common Public Service Centers (CPSC-SPV). Online: Directly through LIC’s official website www.licindia.in.