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LIC Smart Pension Scheme: It is a non-disconnected, non-linked, ante plan that offers a series of annuity options for single life as well as joint life types. Once chosen annuity options cannot be changed.
LIC’s Smart Pension Scheme: New plan of insurer for a safe retirement.
License Smart Pension Scheme: Insurance Beamoth Life Insurance Corporation of India (LIC) has launched a ‘Smart Pension Plan’ for a person or group, which is looking after a guaranteed income post retirement.
It is a series of annuity options for single life, non-linked, anti-plans that offer single life as well as joint life type annuities. Once chosen annuity options cannot be changed.
LIC’s Smart Pension Scheme: Major features
- Single life annuity and a range of single premium Tatkal annuity annuity options to suit your needs to choose from joint life
- Annuity payment annuity option-annual, semi-annual, quarterly and monthly • Incentives for high procurement price • Encouragement for existing policyholders and nominee //
- Beneficiaries of deceased policyholder • Options available:
- Liquidity Options Advanced Annuity Options
- Available options for payment of death benefits (if any): O Lumpmus Death Benefito Institution of Death Benefito Anitoization
LIC’s Smart Pension Scheme: Eligibility
The minimum amount of procurement under the scheme is Rs 1 lakh with no roof. Premium payment mode is a single premium option.
The minimum and maximum entry age for LIC Smart Pension Scheme is 18 years and 100 years for some options respectively.
LIC’s Smart Pension Scheme: Benefits
1. Death Benefits Options:
The LIC Smart Pension Scheme allows a lump sum payment to the nominee after the death of the subscriber. In addition, it can be converted into another annuity or obtained in installments in 5,10, or 15 years.
2. Liquidity Options:
Customers can withdraw share of the amount after 5 years, up to 60 percent of the purchase price.
3. loan facility
Subscribers can avail the loan facility after 3 months from the start of the policy.
How to buy license smart pension scheme
The scheme can be purchased offline through agents / other middlemen, in which Point of Sales Personus-Life Insurance (POP-LI) / Common Public Service Center (CPSC-SPV) as well as online website www.licindia.in Can be purchased directly online through medium.
