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LIC Smart Pension Plan: If you are retired or planning for retirement, then this is special news for you. Life Insurance Corporation of India (LIC) has launched its new pension scheme Smart Pension Plan. This scheme can be useful for those who are retired or planning to retire.

This scheme is a non-participating plan, non-linked, individual or group, savings, intermediate annual plan. This scheme can relieve the tension of money for the elderly. It offers a variety of annuity options for both single-life and joint-life annuities, giving flexibility and security to policyholders.

Special features of the LIC Smart Pension Plan

Age Eligibility:
The minimum entry age is 18 years, allowing young investors to plan early. The maximum entry age ranges from 65 to 100 years, depending on the annuity option chosen.

Flexible Annuity Options:
Single-Life Annuity: It provides annuity payments for a lifetime.
Joint Life Annuity: It ensures that the annuity payments continue for both the primary annuitant and the secondary annuitant (e.g. spouse).

Incentives for Existing Policyholders and Beneficiaries: Existing LIC policyholders and nominees/beneficiaries of deceased policyholders are offered higher annuity rates, making this plan more beneficial for loyal customers.

Liquidity Options for Withdrawal:
This policy offers partial or full withdrawal options under certain conditions, giving policyholders financial flexibility when needed.

LIC's premium income falls
Public sector LIC's net premium income fell 9 percent to Rs 1.07 lakh crore in the third quarter, due to a 24 percent drop in the single premium collection and a 14 percent drop in first-year premium collection.

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