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LIC’s Smart Pension Scheme: Answers to all questions from retirement plan to savings

Rahul Tiwari | February 20, 2025 8:21 PM CST

Life Insurance Corporation of India (LIC) has started a new smart pension plan. It is a non-participation, non-linked, personal, savings, immediate annuity scheme. Let us know that according to the official website of the state insurer, the new single premium provides a wide range of the Tatkal annuity scheme annuity option, from which policyholders can select the option to suit their requirements. If you as an investor you can Considering investing in retirement scheme, here we have brought some details for you. In which all your questions will be answered.Smart Pension Scheme: Answers to major questions
Can you buy it together with someone?
Yes, you can be taken between any two descendants/ancestors (grandparents, parents, children, grandchildren) or spouse or siblings or mother-in-law or mother-in-law or mother-in-law.
Is there a guarantee of annuity?
Yes, the annual rates are guaranteed at the start of the policy under all annuity options.
What are different options available?
Various options available are liquidity, advanced annuity options and annuity accumulation options.
What options are available regarding payment of death benefits?
Various options are available for payment of death benefits, such as the lampsam death benefit, annual action of death benefits and payment in installments.
What are the options of annuity available?
Various annuities options under single life - 14 - total 14 - available, including life annuity, fixed annuity for five years and even then life, fixed annuity for 10 years and even then life, etc.
Seven different annuities options are available under Joint Life Insurance.
Can you change annuity options?
No, once the annuity option is chosen, it cannot be changed.
What is the minimum and maximum purchase price?
The minimum purchase price is Rs 1 lakh and there is no maximum limit.
What is the minimum annuity?
The minimum annuity is Rs 1,000 per month, Rs 3,000 per quarter is Rs 6,000 per half and Rs 12,000 per year.
What is the method of paying premium?
Insurance premium should be paid as single premium.