Life Insurance Corporation of India (LIC) has launched a great scheme for retiring people—LIC Smart Pension Plan. If you want a fixed income every month after retirement, then this plan is for you. LIC says that retirement should not be the end of earning, but the beginning of ‘financial freedom.’ With this plan, you can enjoy your golden years tension-free.
What is Smart Pension Plan?
This is a single premium plan, meaning you have to deposit money only once. This plan is not linked to the stock market, so your money is completely safe in it. In this, you get many pension options, like single and joint life.
Who can take this plan?
Any Indian citizen from 18 years to 100 years can take this plan. But the age limit may vary according to different pension options. Once you choose a pension option, you cannot change it. Therefore, choose the option wisely while taking the plan.
How much money will have to be deposited?
In this plan, you will have to deposit at least Rs 1 lakh. The maximum deposit amount is unlimited, subject to LIC’s policy. At least you will get a ₹ 1,000 pension every month. You can choose the method of pension payment according to your need—every year, every 6 months, every 3 months, or every month.
Special benefit for NPS customers
For those who are in the National Pension System (NPS), there is also an option to start a pension immediately in the LIC Smart Pension Plan.
What are the other benefits?
Plenty of Pension Options: You can choose the pension option according to your needs.
Single and joint life option: You can take a pension plan for yourself alone or with your spouse.
Benefits of depositing more money: If you deposit more money, you will get more benefits.
Benefits to old policyholders: Old customers of LIC or those with an active policy will also receive special benefits.
Death Benefit Options: On the death of the policyholder, the nominee can get the money together, in the form of a pension, or in installments.
This new plan of LIC is excellent for those who want to be tension-free about their income after retirement.
Fact Check:
LIC Smart Pension Plan is a genuine plan launched by LIC. You can find information about this plan on the official website of LIC (https://licindia.in/) and on reliable financial news sources.
The eligibility, key features, and benefits given in the article are in line with the plan mentioned by LIC.
