LIC’s Smart Pension is a Non-Par, Non-Linked, Individual/ Group, Savings, Immediate Annuity plan that offers a range of annuity options for Single Life as well as Joint Life type of annuities. The Joint Life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings or Parent-in-law.
This is a non-par product under which benefits payable on death or survival are guaranteed and fixed (as per the chosen Annuity Option) irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus.
LIC’s Smart Pension Plan Benefits
Death Benefit:
Benefits payable on survival or on death of the Annuitant(s)
under applicable Annuity.
Survival Benefits
Benefits payable on survival or on death of the Annuitant(s)
under applicable Annuity.
Maturity Benefits
There is no maturity benefit under this plan.
Key Features:
Single Premium Immediate Annuity Plan
• Wide range of annuity options to suit your needs
• Flexibility to choose from Single Life Annuity and Joint Life
Annuity Options
• Mode of Annuity payments – yearly, half-yearly, quarterly
and monthly
• Incentives for higher Purchase Price
Eligibility Conditions
| Minimum Purchase Price* | Rs.1,00,000/- | ||
| Note: The above mentioned minimum Pur- chase Price would be increased appropri- ately to meet minimum annuity criterion as specified in Para 3.c. | |||
| Maximum Purchase Price | No Limit (However, the maximum Purchase Price allowed shall be subject to accept- ance as per the Board Approved Underwrit- ing Policy) | ||
| Minimum Annuity* | Annuity Monthly Quarterly Half-yearly Yearly Mode | ||
| Minimum Rs.1,000, Rs.3,000 , Rs.6,000 , Rs. 12,000 | |||
| Annuity per per per per month quarter half year annum | |||
| Maximum Annuity | No Limit | ||
| Mode of Premium Payment | |||
| Single Premium | |||
| Minimum & Maxi- mum Age at Entry (in years) | |||
| The minimum/maximum ages at entry (last birthday) of Annuitant/Primary/Secondary Annuitant shall be as under: | |||
| Annuity Options | Minimum Age at Entry | Maximum Age at Entry | |
| Annuity Option- | 18 | 100 | |
| F | |||
| Annuity Op- tions-E1 and E2 | 18 | 65 | |
| Annuity Options- E3, E4 and E5 | 18 | 70 | |
| Annuity Options- A, B1, B2, B3, B4, C1, | 18 | 85 | |
| C2, D, G1, G2, | |||
| H1, H2, I1, I2, J | |||
| Note: | |||
| •In case of joint life, the minimum and maximum age limits specified above shall apply to both lives. | |||
| •However, the minimum age at entry re- striction as mentioned above shall not be applicable for the Divyangjan life, if the plan has been purchased under Option G2 or J for the benefit of dependant person with disability (Divyangjan) as specified in Para 8(f) | |||