Envision the comfort of no longer having to worry about money in retirement; just the knowledge that you have an income stream that you can count on every month. The Smart Pension Plan (Plan No. 879) was introduced by the Life Insurance Corporation of India (LIC) on February 18, 2025, and it provides an ideal solution to those who are retired as well as young planners. This immediate annuity plan is not subject to market risks since this is the non-participating, non-linked plan. Able to be played by individuals and groups, this is a life-changer when it comes to financial security.
A Plan To Each Dream
The LIC Smart Pension Plan is unique in its one-premium set-up. You pay once and pension starts immediately and tailored to your requirements. The flexibility of the plan allows retirees who may want to plan their future and young professionals who will be saved on the cap and still be able to invest as their needs is required. It also contains both single-life and joint-life annuity options that guarantee the coverage of your spouse or dependents. This is affordable, as the entry is at a low figure of 1 lakh, with no upper limit, as long as LIC approves it underwriting.[] fusion denim
Your flexibility, Your Payout
This scheme permits you to decide the frequency of your payment of pension. A minimum of 1000 rupees is distributed monthly; 3000 rupees every quarter; 6000 rupees every half year and 12000 rupees a year. This tailoring is in line with your working capital requirements either on day-to-day needs or annual plans. The plan has an option of increasing the annuity by 3 or 6 percent annually to give you a bigger income as time progresses.
All Special Benefits
Current LIC policy holders as well as nominees of the deceased policy holders are at a benefit of getting higher annuity rates so as to make the most of it. The NPS subscribers will be able to smoothly shift to this plan to get instant payouts. The plan is also commendable to those who support dependents who have disabilities, as special arrangements are made to make them financially secure under the plan. An incentive of 3 percent of the NPS subscribers adds increased value.
Loan Options And Liquidity
Life is unpredictable and LIC knows that. The Smart Pension Plan offers liquidity by way of partial withdrawals or the full withdrawal under certain circumstances Take out short- Question short A loan facility becomes available after three months of policy purchase or after free-look or according to the annuity option purchased. This flexibility makes sure that you are not short of funds.
Tax Benefits And Safety
This plan could be eligible with tax goodness under Section 80C of the Income Tax Act, but it is better to seek the advice of a tax professional. With the government back guarantee of LIC, your money would be safe and hence you can rest assured in a dynamic world. Unlike the market linked schemes, there is no financial risk of earning returns due to the fixed returns option.
Online And Offline Easy Accessibility
It is simple to buy the plan As part of the request application, one can go online to www.licindia.in and load copies of Aadhaar and PAN; pay through net banking or UPI. Would you like the in-person help? Citizens who want to know more or find an answer to a question are welcome to apply to LIC agents, intermediaries, or Common Public Service Centers. The application is a fast process and your pension begins as fast as possible.
What can I get with using LIC Smart Pension Plan?
This is a perfect plan in the hands of retirees, NPS subscribers or those planning the future of their loved ones. Since there are no market risks, guaranteed yield; this is a risk-free option to the risk averse investors. All the types of annuity and unique provisions make it an attractive option to everybody.
| Feature | Details |
|---|---|
| Launch Date | February 18, 2025 |
| Minimum Investment | 1 lakh ( 50,000 in case of disabled dependants ) |
| Annuity Choices | Single-life, Joint-life, Increasing at 3%, Increasing at 6% per annum, Return of Purchase price |
| Payout Frequency | Monthly, Quarterly, Half-Yearly, Yearly |
| Age restrictions | 18 to 100 years (depends on the option) |
| Tax Benefits | It can be claimed under section 80C (please consult Tax professional) |
| Sale Channels | Through the online (www.licindia.in) or offline channel through agents, intermediaries |
Also Read: PPF Withdrawal Rules 2025: New Guidelines For Partial And Full Withdrawals