New Delhi: LIC has launched Smart Pension plan, a Non-Par, Non-Linked, Individual/ Group, Savings, Immediate Annuity plan that offers a range of annuity options for Single Life as well as Joint Life type of annuities.
The Joint Life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings or Parent-in-law.
The annuity rates under all annuity options are guaranteed at the inception of the policy. This is a non-par product under which benefits payable on death or survival are guaranteed and fixed (as per the chosen Annuity Option) irrespective of actual experience.
Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus. This Plan can be purchased Offline through Agents /Other Intermediaries including Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.licindia.in.
LIC Smart Pension Plan:KEY FEATURES:
• Single Premium Immediate Annuity Plan
• Wide range of annuity options to suit your needs
• Flexibility to choose from Single Life Annuity and Joint Life
Annuity Options
• Mode of Annuity payments – yearly, half-yearly, quarterly and monthly
• Incentives for higher Purchase Price
• Incentive for existing Policyholder and Nominee/
Beneficiary of the deceased Policyholder
• Options Available:
o Liquidity Option
o Advanced Annuity Option
o Annuity Accumulation Option
• Options available for payment of Death Benefit (if any):
o Lumpsum Death Benefit
o Annuitisation of Death Benefit
o In installments
LIC Smart Pension Plan: Minimum Purchase Price
Rs 1,00,000
LIC Smart Pension Plan: Maximum Purchase Price
No Limit (However, the maximum Purchase Price allowed shall be subject to accept- ance as per the Board Approved Underwriting Policy).
Minimum Annuity
Rs 1,000 Monthly
Rs 3,000 Quarterly
Rs 6,000 Half-yearly
Rs 12,000 Yearly Mode
Maximum Annuity: No Limit
Mode of Premium Payment: Single Premium
