Stories
LIC's Jackpot Scheme: Invest Once, Get Rs. 25,000 Pension for Life!
- •LIC Smart Pension Scheme offers a lifetime pension of Rs. 25,000 with a single, one-time investment.
- •Individuals aged 18 to 100 can invest; the plan is not linked to the stock market, ensuring no market risk.
- •Minimum investment is Rs. 1 lakh with no maximum limit; higher investment yields higher pension.
- •Both spouses can open a joint account; loan facility available after three months of policy start.
- •An investment of Rs. 32 lakh at age 60 can secure a monthly pension of Rs. 25,088 for life.
Key Questions Answered
The LIC Smart Pension Plan is a single-premium immediate annuity scheme where a one-time lump sum investment guarantees a lifetime regular pension. Individuals aged 18 to 100 can invest either individually or jointly with a spouse. The scheme requires a minimum investment of Rs. 1 lakh with no upper limit, and it is entirely unconnected to market fluctuations.
For example, if a 60-year-old person invests Rs. 32 lakh in a single life annuity plan, their fixed annual pension will be Rs. 3,01,056, translating to roughly Rs. 25,088 per month for life. Higher investments yield larger pension amounts.
If the policyholder passes away, the initial principal purchase price or invested amount will be given to their designated nominee according to the policy rules.
