LIC Smart Pension Plan: Invest Rs 1 lakh and get Rs... every month on maturity, here's how

The Life Insurance Corporation of India (LIC) has launched Smart Pension Plan – a comprehensive and flexible pension scheme that can be tailored for different financial needs. It is a single-premium annuity plan, meaning customers pay a one-time premium and receive regular payments according to their chosen plan.

“Retirement isn’t the end of earning—it’s the beginning of financial freedom! With LIC of India’s Smart Pension, enjoy a lifetime of steady income and stress-free golden years,” the state-owned insurer said in a post on X.

Retirement isn’t the end of earning—it’s the beginning of financial freedom! With LIC of India’s Smart Pension, enjoy a lifetime of steady income and stress-free golden years.https://t.co/YU86iMOu9M#LIC #SmartPension #PensionPlan pic.twitter.com/4bXUXbz90g

— LIC India Forever (@LICIndiaForever) February 19, 2025

The Smart Pension Plan offers a range of payout options that cater to different financial needs and retirement goals of the customers.

Eligibility:
The minimum age at entry is 18 years, making the scheme suitable for even young investors.
The maximum age at entry is between 65 and 100 years, depending on the payout option chosen.

Annuity options:
Annuity refers to regular payments made in exchange for a lump-sum investment or periodic contributions. The LIC Smart Pension Plan offers the following annuity options:
Single Life Annuity: Under this, the scheme provides annuity for the lifetime of the annuitant or customer.
Joint Life Annuity: Provides annuity payment for both the primary annuitant and the secondary annuitant (such as a spouse).

Payment options:
Customers can choose their preferred payment mode, i.e., monthly, quarterly, half-yearly, and annual. The installment amount is calculated based on the invested amount and the payment mode chosen. The scheme also offers options for partial or full withdrawal subject to certain conditions, depending upon the customer's requirements.

Other plan details
Minimum purchase value = Rs 1 lakh
Minimum annuity amounts = Rs 1,000 if the payout mode is monthly, Rs 3,000 (quarterly), Rs 6,000 (half-yearly), and Rs 12,000 (yearly).

How to buy the LIC scheme
You can purchase the LIC Smart Pension Plan either online or offline.
Online: The scheme can be bought directly at www.licindia.in.
Offline: The plan can also be purchased via LIC agents, intermediaries, Point of Sales Persons, and Common Public Service Centers.