LIC Smart Pension Plan: Invest in this scheme of LIC, you will get a strong pension for life
LIC Smart Pension Plan: Every class may find policies from the Life Insurance Corporation of India. Likewise, it has begun a scheme to provide pension benefits, therefore giving the people financial stability. Every class qualifies for this program, therefore benefiting lifetime pension. Being a single premium plan, money must be put once into this account.
The Smart Pension Plan program of LIC allows the opening of accounts both individually and jointly. In joint, upon the death of one person, the other person will keep benefiting from pension for life. The advantage of this program is a pension upon retirement. Apart from this, there is a clause covering quick pension.
When may one start receiving a pension?
Any member of the country may benefit from this pension program. Policyholders of the Smart Pension Scheme may get pensions monthly, quarterly, half-yearly, or annually. Under this arrangement, the advantage of an annuity is also evident. The nominee will get the advantage of this strategy after the policyholders.
You may purchase it where?
Either offline via LIC agents, POSP-Life Insurance and Common Service Center, or online via LIC’s website.
Elements of the LIC Smart Pension Scheme
Starting this program, the Life Insurance Corporation of India aims to provide consistent income for retirees. Under the LIC Smart Pension Scheme, one needs to pay a lump sum premium. You then maintain receiving a pension for a lifetime. This program lets one choose both single and joint annuity choices. You may therefore also decide on either partial or total withdrawal.
How much will be required?
Regarding investments, a minimum of Rs 1 lakh would have to be put under this plan. Jointly opening an account and using the pension system allows husband and wife. One must deposit the whole amount at once to get a pension. No maximum investment restriction exists. Pension depending on your investment will be yours.
Who stands to gain?
Three months after policy commencement, a loan facility is offered. Under this plan, anyone between the ages of eighteen and one hundred years may invest. The pension money will go to the nominee should the policyholder pass away.
Minimum pension amount: how much?
Should you wish for a pension every month, you can get at least Rs 1000; should you wish for a pension every three months, you can get Rs 3000; should you wish for a pension every six months, you can get Rs 6000; should you wish for a pension every year, you can get a minimum pension of Rs 12000.
