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Press Release LIC'S Smart Pension Plan 879 - 18.02.2025

LIC of India launched the 'LIC’s SMART PENSION PLAN (Plan No. 879)' on February 18, 2025, offering a Non-Par, Non Linked, Individual/Group Savings and Immediate Annuity Plan with various annuity options. Key features include a single premium structure, flexible annuity choices, and options for partial/full withdrawals, with a minimum purchase price of Rs. 1,00,000. The plan is available for purchase online and offline, catering to a wide range of customer needs including those with disabilities.

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111 views2 pages

Press Release LIC'S Smart Pension Plan 879 - 18.02.2025

LIC of India launched the 'LIC’s SMART PENSION PLAN (Plan No. 879)' on February 18, 2025, offering a Non-Par, Non Linked, Individual/Group Savings and Immediate Annuity Plan with various annuity options. Key features include a single premium structure, flexible annuity choices, and options for partial/full withdrawals, with a minimum purchase price of Rs. 1,00,000. The plan is available for purchase online and offline, catering to a wide range of customer needs including those with disabilities.

Uploaded by

pgnordce3
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PRESS RELEASE

18.02.2025 – PAN INDIA

LIC of India introduced “LIC’s SMART PENSION PLAN (Plan No. 879)”
LIC’s Smart Pension Plan was launched at the hands of Mr. M. Nagaraju, Secretary, DFS,
Ministry of Finance in the presence of Dr. M.P. Tangirala A.S.,DFS and Shri Parshant Kumar
Goyal, JS, DFS alongwith Shri Siddhartha Mohanty, CEO&MD of LIC and other MDs of LIC at
New Delhi on 18.02.2025. The 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.

Key Features:
 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
 Flexibility to choose from Single Life Annuity and Joint Life Annuity Options
 Incentive for existing Policyholder and Nominee/Beneficiary of the deceased
Policyholder by way of enhanced annuity rate
 Several liquidity options available for partial / full withdrawal as per terms of policy
 Minimum Purchase Price is Rs. 1,00,000/- with incentives for higher purchase price
 Modes of Annuity Payments allowable are yearly, half yearly, quarterly or monthly.
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 option to take the plan for the benefit of dependant person with disability
(Divyangjan) life is available under this plan
 The Plan can be purchased online at www.licindia.in
 The Policy loan shall 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.

Benefits
On Survival of the annuitant: - The options available on Survival of the annuitant varies as
per the Annuity option chosen by him at inception.

On death of annuitant (Primary /Secondary- as the case may be):- The amount payable after
death of annuitant will be as per Option chosen by the Annuitant at the time of proposal.
Options chosen for payment of death benefit may be Lumpsum or Annuitisation of Death
Benefit or In Instalments or Liquidity option or Advanced Annuity option or Annuity
Accumulation option.

This 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.

Dated at Mumbai on February 18th, 2025.

For Further Information please contact: Executive Director (CC), LIC of India, Central Office,
Mumbai. Email id: [email protected]
Visit us at www.licindia.in
_________________________________________________________________________

We believe that the news contained in this release is of value to your readers. While we would
thank you to publish it as soon as possible, we also readily recognize that the decision to do
so rests entirely with you.

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