LIC Launches New Pension Plan

Hyderabad: Life Insurance Corporation of India has introduced a new investment plan called, ‘Smart Pension plan,’ a non-par, non-linked, individual or group, savings and immediate annuity plan, that offers annuity options for Single Life as well as Joint Life type of annuities.

The new plan was launched by M Nagaraju, Secretary, DFS, Ministry of Finance, in the presence of Dr M P Tangirala, and Parshant Kumar Goyal, from DFS alongwith Siddhartha Mohanty, CEO and Managing Director, LIC, and other Managing Directors of LIC, at New Delhi.

The single premium and immediate annuity plan provides a range of annuity options to suit the customers needs, along with liquidity options for partial or full withdrawal as per terms of the policy. The minimum age at entry to purchase the new plan is 18 years, while the maximum age at entry is between 65 to 100 years, depending upon the annuity option. The minimum purchase price is Rs1 lakh with incentives for higher purchase price, an official LIC of India press release mentioned. Listing other features, LIC said that the customers will be given flexibility to choose between single Life Annuity and joint Life Annuity options. LIC has also announced incentives for existing policyholders and nominee/beneficiary of the deceased policyholder by way of enhanced annuity rate.