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LIC Smart Pension Plan : Good news for retired people, LIC launched ‘Smart Pension’ scheme, you will get these benefits

LIC Smart Pension Plan: LIC’s new pension scheme is a non-participating plan, non-linked, individual or group, savings, intermediate annual plan.

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 money tension of the elderly. It offers a variety of annuity options for both single life and joint life annuities, giving flexibility and security to policyholders.

LIC of India introduced “LIC’s SMART PENSION PLAN (Plan No. 879)https://t.co/YU86iMOu9M#LIC #SmartPension #PensionPlans pic.twitter.com/MA2f14CDrH
— LIC India Forever (@LICIndiaForever) February 18, 2025

Key Features of 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 life.
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 provides the option of partial or full withdrawal under certain conditions, thereby providing financial flexibility to policyholders when needed.

LIC’s premium income decreased
Public sector LIC’s net premium income in the third quarter fell by 9 percent to Rs 1.07 lakh crore, due to a 24 percent decline in single premium collection and a 14 percent decline in first year premium collection.

Bhupendra Pratap
Bhupendra Pratap
Bhupendra Pratap has over 3 years of experience in writing finance content, entertainment news, cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @insuranceindiaain@gmail.com
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