How to Get a Guaranteed Income in Retirement with LIC’s Smart Pension Plan

LIC smart pension plan

LIC launches new plan ‘LIC SMART PENSION PLAN’

LIC smart pension plan

This plan is really flexible. You can take out some or all of your money if you need it, under certain circumstances. You also get to choose how often you receive your pension payments – every year, every six months, every three months, or every month. Plus, if you’re already contributing to the National Pension System (NPS), you can use that money to buy an immediate pension with this plan.

A Closer Look at LIC Smart Pension Plan

LIC Smart Pension Plan is a simple savings plan that gives you a regular monthly income after you retire. It’s not tied to the stock market, so your money is safe. You can choose different ways to receive your pension, either for yourself alone or for you and your spouse together.

Eligibility Criteria For This Plan?

  • Aged between 18 and 100 years (depending on the annuity option) can purchase this plan.

Is it tied to the stock market?

  • No, it’s not. Your pension payments are guaranteed and won’t change based on how the market is doing.

What kind of pension options are there?

  • Single Life Annuity: You get regular payments for your whole life.
  • Joint Life Annuity: (The rest of the explanation would go here, explaining how this option works for couples)

What is the minimum annuity amount?

  • Rs 1,000 per month
  • Rs 3,000 per quarter
  • Rs 6,000 per half-year
  • Rs 12,000 per year


What are the annuity payment frequency options?

Policyholders can choose to receive annuity payments:

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

Any Benefits For Existing LIC Policy Holders?

Yes, existing LIC policyholders and nominees of deceased LIC policyholders are eligible for higher annuity rates.

Minimum or Maximum Premium Amount For This Plan?

  • Minimum Purchase Price: Rs 1,00,000
  • Maximum Purchase Price: No limit (subject to underwriting approval)

Is Loan Facility Available In This Plan?

Yes, loans can be availed after three months from the issuance date or after the free-look period.

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