LIC Smart Pension Plan: Earn Rs 85,000 Pension – Check Eligibility, Investment Details, And Nominee Benefits

LIC's Smart Pension Plan is a non-participating, non-linked, savings, and immediate annuity plan that ensures a steady income for retirees with multiple annuity options.  

Entry is open from age 18, with the maximum age limit ranging between 65 and 100 years  can invest in the LIC's Smart Pension Plan depending on the chosen annuity option. The maximum entry age varies based on the selected annuity option, ensuring flexibility for different age groups to secure a steady retirement income.  

The LIC Smart Pension Plan offers flexible annuity options with minimum payout amounts based on the chosen frequency. The minimum investment starts at Rs 1 lakh, with no upper limit. Policyholders can receive a minimum annuity of Rs 1,000 per month, Rs 3,000 per quarter, Rs 6,000 per half-year, or Rs 12,000 per year.  

Loans under the LIC Smart Pension Plan are available after 3 months from the policy issuance, providing financial flexibility to policyholders. In the event of the policyholder's demise, the annuity benefits are seamlessly transferred to the nominee, ensuring continued financial security for their family.  

Policyholders can opt for monthly, quarterly, half-yearly, or yearly pension payouts. The nominee continues to receive benefits after the policyholder’s demise.  

The LIC Smart Pension Plan can be purchased through LIC agents, intermediaries, Point of Sales Persons-Life Insurance (POSP-LI), Common Public Service Centers (CPSC-SPV), and LIC’s official website, offering multiple convenient channels for investment. 

A Rs 10 lakh investment at age 60 offers varying annuity payouts: Rs 85,000 per year for a life annuity, Rs 84,500 per year for a 5-year certain plan, Rs 83,200 for a 10-year certain plan, and Rs 81,400 for a 15-year certain plan.