M.P. Tangirala, additional secretary, M. Nagaraju, secretary, financial services, Ministry of Finance, M Jagannath, managing director, LIC at launching ceremony of LIC’s new Pension plan
LIC’s smart pension plan is a non-par, non linked, Individual/Group, savings, and Immediate annuity plan that offers a range of annuity options for single life as well as joint life type of annuities
New Delhi: M. Nagaraju, secretary, financial services, Ministry of Finance, on Tuesday, launched smart pension plan of Life Insurance Corporation(LIC).
LIC’s smart pension plan is a non-par, non linked, Individual/Group, savings, and Immediate annuity plan that offers a range of annuity options for single life as well as joint life type of annuities.
Some key features of the plan are :
– Minimum purchase price is Rs. 1,00,000/- with incentives for higher purchase price,
-Single Premium, Immediate Annuity Plan,
– Wide range of annuity options available to suit customers needs,
– Minimum age at entry is 18 years and maximum age at entry varies from 65 to 100
years depending upon the annuity option,
-Annuity instalment as per chosen mode of annuity payment shall be calculated.
-There is an option to take immediate annuity by NPS subscriber is a special feature
– The policy loan will be allowed at any time after three months from the completion of
policy (i.e. 3 months from the date of issuance of policy) or after expiry of the free look
period whichever is later under specified annuity options,
-Th plan can be purchased offline through agent / other Intermediaries including point of sales persons-life Insurance (POSP-LI)/ common public service Centers (CPSC-SPV) as
well as online directly through website www.licindia.in.