LIC Unveils Cutting-Edge Pension Plan with Multiple Annuity Options

LIC introduced a single-premium smart pension plan offering a variety of annuity options for single and joint lives. Launched by financial officials, the plan provides liquidity options, incentives for higher investments, and flexible annuity payment modes, with special features for NPS subscribers.

The Life Insurance Corporation of India (LIC) has introduced an innovative single-premium smart pension plan, catering to both single and joint life annuitants with a range of annuity options.

The launch event, graced by Financial Services Secretary M Nagaraju and LIC CEO & MD Siddhartha Mohanty, highlighted the plan's flexible liquidity options, including partial and full withdrawals.

With a minimum purchase price of Rs 1,00,000, the plan offers incentives for higher investment and allows annuity payments on a yearly, half-yearly, quarterly, or monthly basis, with special provisions for NPS subscribers.

(With inputs from agencies.)