Page 35 - The Insurance Times March 2025

Salaried professionals - Searching a A secure post-re- Get credit Against one's policy after three months of
tirement income project. purchase. It ensures liquidity during financial crises.

Business owners and the self-employed - Without 6. Surrender value for unforeseen circumstances
employer-provided pension. Policyholders can submit their plan below Special Cir-

NPS subscribers - Those seeking additional retirement cumstances, such as a terminal illness or critical health
income security. condition. Surrender benefit ensures that one get finan-

Dependents of Persons with Disabilities (Divyanjan) cial help during emergency situations.
- Special options are available to protect the financial
7. Tax benefits
future of dependents.
While premiums paid Not eligible for tax deductions,
Individuals seeking death benefits for family - Certain annuity payments are taxable as applicable Income tax
options ensure that nominees receive the purchase bracket of the giver of alms. However, it provides Stable
price. and predictable earnings, making it a safe investment.

8. Higher annuity for existing LIC policyholders
Facts to Know about LIC Smart Pension
LIC provides Preferred annual rates For existing policy-
Scheme 2025 holders, incl Nominees of deceased policyholders. If one
1. Multiple annuity options for flexibility already have an LIC policy, this plan is even more ben-
LIC offers two primary annuity options under this eficial.
scheme: 9. Seamless integration with NPS
Single Life Annuity: The policyholder receives an
If one is an NPS (National Pension System) subscriber,
annuity for life. After their demise, the policy ceases
one can opt for LIC Smart Pension Scheme 2025 to con-
and no payments are made.
vert one's accumulated corpus into a fixed retirement
Joint life year: The annuity continues for the life- income.
time of both the primary and secondary annuitant
10. Easy purchase options
(eg spouse). After the death of both, the policy is
One can purchase LIC Smart Pension Plan 2025 through
terminated.
several channels:
2. Minimum and Maximum Entry Age LIC Agents and Branch Offices
Minimum Entry Age: 18 years
Sellers Point-of-Life Insurance (POSP-LI)
Maximum Entry Age: varies from 65 to 100 years,
depending on the annuity option selected. Public Service Centers (CPSC-SPV)

3. Flexible annual payment intervals Direct online purchase through official website of
One can choose how often one want to receive one's LIC
annuity payments:
Monthly: Minimum payout is Rs. 1,000 Conclusion
Quarter: Minimum Payout Rs. 3,000 While the LIC Smart Pension Plan 2025 offers a fixed income,
Half year: Minimum payout is Rs. 6,000 it does not include inflation-adjusted payments. To ensure
adequate financial security, policyholders can consider ad-
Annually: Minimum Payout Rs. 12,000
ditional investments against inflation. Comparing LIC Smart
4. Minimum purchase price Pension Plan 2025 with other pension products like Atal
To invest in this scheme, one has to do a Onetime pre- Pension Yojana, NPS and PPF will help one decide which plan
mium payment. Minimum purchase price Rs. 1,00,000, is best suited for one's financial goals. Each plan has differ-
and has no upper limit, making it suitable for various ent benefits, tax benefits and payout structures. LIC has a
income groups.
heritage of trust and reliability. Many pensioners prefer LIC
5. Loan facility for urgent needs over private insurance companies High security and govern-
One of the unique features of this program is efficiency ment support.

32 March 2025 The Insurance Times