LIC Launches Smart Pension Plan With Single, Joint Life Options

State-owned Life Insurance Corp. on Tuesday launched a single-premium smart pension plan that offers a range of annuity options for single life as well as joint life type of annuities.

The plan was launched by Financial Services Secretary M Nagaraju along with Siddhartha Mohanty, chief executive officer and managing director of LIC, in presence of senior officials of the finance ministry and LIC.

The non-par and non-linked plan has several liquidity options available for partial or full withdrawal according to the terms of policy, LIC said in a statement.

The minimum purchase price is Rs 1,00,000 with incentives for higher purchase price and modes of annuity payments allowable are yearly, half yearly, quarterly or monthly, it said.

An option to take immediate annuity by NPS subscriber is a special feature, it said.

The options available on survival of the annuitant varies according to the annuity option chosen at the time of inception.

The amount payable after death of annuitant will be as per the option chosen by the annuitant at the time of proposal, it said, adding, options chosen for payment of death benefit may be lump sum or annuitisation of death benefit or in instalments or liquidity option or advanced annuity option or annuity accumulation option.