LIC Shares Up 1%; Insurer Launches Smart Pension Plan

Shares of Life Insurance Corporation of India (LIC) went up by 1% to ₹765 apiece on the BSE on February 19. The surge can be attributed to the launch of a single premium smart pension plan that aims to offer a range of annuity options for single life as well as joint life types of annuities.

Under the new joint life insurance policy two individuals can be covered under one plan while an individual policy covers just one person.

As per the state-owned life insurance company, Joint Life annuity can be taken by two lineal descendants/ascendants of a family (i.e., grandparent, parent, children, grandchildren) or spouse or siblings or parent-in-law.

The Smart Pension Plan was unveiled by Financial Services Secretary M. Nagaraju along with Siddhartha Mohanty, CEO & MD of LIC, in the presence of senior officials of the finance ministry and LIC.