LIC Smart Pension Policy: Benefits,Featues, Eligibility and How to Apply Online

LIC’s Smart Pension Plan is a non-participating, non-linked, individual/group savings and immediate annuity plan designed to meet various retirement needs. With a wide range of annuity options for both single and joint life, this plan provides flexibility and financial security to policyholders.

Key Features of LIC Smart Pension Plan

Age Eligibility

• Minimum Entry Age: 18 years (allowing early retirement planning)
• Maximum Entry Age: Ranges from 65 to 100 years, depending on the selected annuity option.

Flexible Annuity Options

• Single Life Annuity: Provides annuity payments throughout the annuitant’s lifetime.
• Joint Life Annuity: Ensures continuous annuity payments for both the primary annuitant and the secondary annuitant (e.g., spouse).

Exclusive Benefits for Existing LIC Customers

• Higher annuity rates fo`r existing LIC policyholders.
• Additional benefits for nominees/beneficiaries of deceased policyholders.

Liquidity and Withdrawal Options

• Partial or full withdrawals are allowed under specific conditions to provide financial flexibility.
• Flexible Annuity Payment Modes

Policyholders can select their preferred payment frequency:

• Monthly
• Quarterly
• Half-Yearly
• Yearly

The annuity installment amount is calculated based on the chosen payment mode.

Special Features for NPS Subscribers

• National Pension System (NPS) subscribers can opt for an immediate annuity, ensuring a smooth transition to a retirement income stream.

Financial Security for Dependent Persons with Disabilities (Divyangjan)

• The plan includes provisions to secure financial benefits for dependents with disabilities.

Policy Loan Facility

• Loans can be availed after three months from the date of policy issuance or post the free-look period, whichever is later.

LIC Smart Pension Plan: Key Details

• Minimum Purchase Price: ₹1,00,000
• Maximum Purchase Price: No limit (subject to underwriting policy approval)

Minimum Annuity Amounts:

• ₹1,000 per month
• ₹3,000 per quarter
• ₹6,000 per half-year
• ₹12,000 per annum
• Maximum Annuity: No limit
• Mode of Premium Payment: Single Premium

Death and Survival Benefits

Survival Benefits

• Annuity payouts continue as per the chosen annuity option, ensuring a steady income stream for the annuitant.

Death Benefits

• Upon the annuitant’s passing, the nominee/beneficiary will receive payouts based on the selected option. Payment modes include:
• Lump Sum
• Annuitization of Death Benefit
• Installments
• Liquidity Option
• Advanced Annuity Option
• Annuity Accumulation Option

How to Buy LIC Smart Pension Plan

LIC Smart Pension Plan is easily accessible through multiple channels:

Offline: Available via LIC agents, intermediaries, Point of Sales Persons-Life Insurance (POSP-LI), and Common Public Service Centers (CPSC-SPV).

Online: Can be purchased directly at www.licindia.in.

How to Submit a Digital Life Certificate for LIC Pension Policyholders

LIC pension policyholders can submit their Digital Life Certificate (DLC) through the Jeevan Pramaan platform, ensuring hassle-free pension disbursement. The process is as follows:

1. Visit the official Jeevan Pramaan website (https://jeevanpramaan.gov.in).
2. Download and install the Jeevan Pramaan app on your smartphone or visit the nearest Citizen Service Centre (CSC) for assistance.
3. Register using Aadhaar and biometric authentication.
4. Generate and submit the DLC online.
5. Confirmation will be sent via SMS and email.

By submitting a digital life certificate, pensioners can ensure uninterrupted annuity payments without needing to visit an LIC branch.

LIC’s Smart Pension Plan is a well-structured financial product offering guaranteed retirement income with multiple annuity options. Whether you are an NPS subscriber, an existing LIC policyholder, or planning for a secure retirement, this plan provides flexible and reliable solutions. With online and offline purchase options, easy loan accessibility, and financial security for dependents, LIC Smart Pension Plan is a comprehensive choice for a worry-free retirement.