Under LIC’s Smart Pension Plan, an account can be opened either singly or jointly. In a joint account, after the death of one person, the other person will continue to receive the pension benefits for life.
Life Insurance Corporation of India (LIC) offers plans for every class. Similarly, it has also started a plan to provide pension benefits, which provides financial security to the people. This scheme is for every class, which gives the benefit of pension for life. This is a single premium plan, which means that money has to be deposited once in it.
In LIC’s Smart Pension Plan, an account can be opened in single and joint. In joint, after the death of one person, the other person will continue to get the benefit of pension for life. This scheme gives the benefit of pension after retirement. Apart from this, there is also a provision for immediate pension.
When can you take pension?
Any citizen can take advantage under this pension scheme. Under the Smart Pension Scheme, policy holders can take pension on monthly, quarterly, half-yearly and yearly basis. The benefit of annuity is also given under this scheme. After the policy holders, the nominee will be given the benefit of this scheme.
Where can I buy it from?
LIC’s Smart Pension Plan can be purchased online from LIC’s website (Online Purchase) or offline through LIC agents, POSP-Life Insurance and Common Public Service Centers.
Features of LIC Smart Pension Scheme
Life Insurance Corporation of India has launched this scheme to ensure that people get regular income after retirement. Under LIC Smart Pension Scheme, a lump sum premium has to be paid. After which you keep getting pension throughout life. Under this scheme, both single and joint annuity options can be chosen. In this, you can also choose the option of partial or full withdrawal.
How much investment will have to be made?
Talking about investment, at least Rs 1 lakh will have to be invested under this scheme. Husband and wife can open an account jointly and take advantage of the pension scheme. To get pension, the entire premium has to be deposited in one go. There is no maximum investment limit. You are given the benefit of pension only on the basis of your investment.
Who will get the benefit
Loan facility is given 3 months after the start of the policy. People between the ages of 18 and 100 can invest under this scheme. If the policy holder dies, the pension money will be given to the nominee.
How much minimum pension will you get?
If you want to get pension every month then you can get a minimum pension of Rs. 1000, if you want to get pension every three months then you can get a pension of Rs. 3000, if you want to get pension every six months then you can get a pension of Rs. 6000 and if you want to get pension every year then you can get a minimum pension of Rs. 12000.
