LIC Smart Pension Plan Launched 2025 : India’s largest insurer, the Life Insurance Corporation of India (LIC), has officially launched the LIC Smart Pension Plan, a flexible retirement scheme aimed at securing post-retirement income. The plan is available for both individuals and groups and is structured as a Non-Participating, Non-Linked, Immediate Annuity Plan.
🔹 Key Features of LIC Smart Pension Plan
- Single Premium Immediate Annuity: Requires a one-time premium payment to start receiving annuity payouts.
- Flexible Annuity Options: Policyholders can choose between Single Life Annuity (payouts for one person) or Joint Life Annuity (payouts continue for the spouse after the primary annuitant’s death).
- Multiple Payout Modes: Annuity can be received monthly, quarterly, half-yearly, or yearly as per preference.
- Higher Rates for LIC Policyholders: Existing LIC customers and nominees of deceased policyholders get better annuity rates.
- Liquidity and Loan Facilities:
- Partial withdrawals allowed after five years, up to 60% of the purchase price.
- Loan facility available after three months of purchase.
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🔹 Eligibility Criteria
- Minimum Entry Age: 18 years
- Maximum Entry Age: 100 years (for some options)
- Minimum Purchase Price: ₹1 lakh (no upper limit)
🔹 Death Benefit Payouts
In case of the annuitant’s demise, nominees can receive:
✔ Lump Sum Payment
✔ Annuity Conversion (to continue receiving payouts)
✔ Installments Over 5, 10, or 15 Years
🔹 How to Buy LIC Smart Pension Plan
LIC Smart Pension Plan can be purchased both online and offline through:
- LIC agents and intermediaries
- Common Public Service Centers (CPSC)
- LIC’s official website: www.licindia.in
With guaranteed income, flexible payout options, and added benefits for existing LIC customers, this pension plan provides a secure financial future for retirees.
