LIC Smart Pension Plan 2025: All You Need To Know About Benefits, Eligibility, How to Buy?

The LIC Financial Services Secretary M. Nagaraju and LIC CEO & MD Siddhartha Mohanty announces New Smart Pension Plan Scheme 2025. The Life Insurance Corporation of India (LIC) has roll out a Smart Pension Plan with various annuity options. Not only this, the LIC Smart Pension Plan is open for both single and joint annuities to purchase. From the post below, check the eligibility, benefits, annuity options, application online & offline process, and other details of LIC Policy.

LIC Smart Pension Plan 2025

The LIC Smart Pension Plan 2025 is a single-premium, non-participating annuity scheme that offers a stable income post-retirement. With a range of flexible annuity options, including life annuity, annuity certain, and joint life annuity, it attracts both individual and joint annuitants. Those who are looking to buy this plan are hereby inform that a minimum purchase price is Rs. 1,00,000 with no maximum limit. Not only this and annuity payouts starting from Rs. 1,000 per month with adjustable based monthly, quarterly, half-yearly, and yearly frequency. It is available to annuitants age between 18 to 100 years with certain exceptions for people with disabilities and NPS subscribers is also given. This plan ensures financial stability and flexibility in retirement as per income limits. Check when and how to apply for Smart Pension Plan 2025 of LIC from here.

What is LIC Smart Pension Plan?

The LIC Smart Pension is a Single Premium Immediate Annuity Plan that provides a variety of annuity options for individuals or groups with both Single Life and Joint Life options. The LIC Smart Pension plan is well-suited for individuals looking for a guaranteed stream of income during retirement with flexibility for both individual and joint life annuity structures.

Benefits of LIC Smart Pension Plan

The LIC Smart Pension Plan offers comprehensive benefits to the annuitant’s. On survival, the annuitant enjoys ongoing annuity payments for life depending on the selected option at the time of purchase. In case of death, the benefits vary base on the chosen annuity option. For most options, there is no death benefit but for options like D, E, and F, a death benefit is provided, which is sum or the return of the remaining purchase price. Additionally, the plan offers flexibility in how the death benefit is paid such as in installments or through annuitization, allowing for tailor financial support.

LIC Smart Pension Annuity Options 2025

As per the need and preferences, the policyholder can choose from a variety of flexible annuity options available for both Single Life and Joint Life LIC Smart Pension Scheme.

Single Life Annuity Options

Joint Life Annuity Options

Option A – A classic life annuity ensuring regular payments for the lifetime of the annuitant. Option B1 – Guaranteed annuity payments for 5 years, with continued payments for life thereafter. Ideal for those seeking short-term security with long-term stability. Option B2 – Guaranteed payments for 10 years, then continuing for life, combining guaranteed income with lifelong coverage. Option B3 – Similar to Options B1 and B2, but this option guarantees payments for 15 years, extending the certainty even further. Option B4 – Offering the longest guarantee period, this option ensures payments for 20 years, and then continues for life. Option C1 – A life annuity that increases annually by 3%, designed for those who expect living costs to rise over time. Option C2 – This annuity rises by 6% annually, providing enhance growth to counteract inflation and provide greater purchasing power in the future. Option D: Life Annuity with Return of Balance Purchase Price Option E1 – This option provides a 50% return of the purchase price after the annuitant reaches age 75, combining income security with a provision for the future. Option E2 – Offering a 100% return of the purchase price upon reaching age 75, this option offers more security for older annuitants. Option E3 – For those seeking additional financial stability, this option returns 50% of the purchase price once the annuitant reaches age 80. Option E4 – This option returns the full purchase price after age 80, allowing for peace of mind as the annuitant enters later years. Option E5 – Offering a return of 5% of the purchase price each year between ages 76 and 95, providing ongoing benefits to annuitants in their senior years. Option F – A life annuity that ensures the purchase price is fully return to the beneficiary upon death, offering extra protection.

Option G1 – A joint life annuity where 50% of the annuity continues to the secondary annuitant after the death of the primary annuitant. Option G2 – Similar to Option G1, but this option ensures that the secondary annuitant receives 100% of the annuity if the primary annuitant passes away. Option H1 – A joint life annuity that increases by 3% per year, with the secondary annuitant receiving 50% of the payment after the primary annuitant’s death Option H2 – Similar to Option H1 but with a higher 6% annual increase, ensuring greater growth in the annuity over time. Option I1 – Annuity payments increase by 3% annually, with 100% of the annuity payable to the secondary annuitant upon the primary annuitant’s death. Option I2 –  For a higher increase, this annuity grows at 6% annually and the full annuity continues to the secondary annuitant after the primary annuitant passes away. Option J –  This option guarantees 100% of the annuity is paid to the surviving annuitant, plus the return of the purchase price upon the death of the last survivor.

Note – Once the annuity option is select by individual, one can cannot change this.

Eligibility For LIC Smart Pension Plan

The criteria ensure flexibility and access to a wide range of annuitants while keeping the focus on securing financial stability for the future.

Purchase Price Limit

• Minimum Purchase Price –  Rs. 1,00,000 may increase base on minimum annuity requirements.
• Maximum Purchase Price – No Limit

Minimum Annuity Amount

• Monthly – Rs. 1,000
• Quarterly – Rs. 3,000
• Half-Yearly – Rs. 6,000
• Annually – Rs. 12,000

Maximum Annuity Amount –

• No Limit

Mode of Premium Payment –

• Single Premium only.

Minimum and Maximum Age at Entry

• Annuity Option F – Minimum 18, Maximum 100 years.
• Annuity Options E1 & E2 – Minimum 18, Maximum 65 years.
• Annuity Options E3, E4 & E5 – Minimum 18, Maximum 70 years.
• Annuity Options A, B1, B2, B3, B4, C1, C2, D, G1, G2, H1, H2, I1, I2, J – Minimum 18 & Maximum 85 years.

Joint Life Consideration –

• The minimum and maximum age limits apply to both primary and secondary annuitants.

Age Restrictions for Divyangjan (Disabled Persons) –

• No age restriction if purchase for the benefit of a dependent Divyangjan (person with disability) under Options G2 or J.

Exceptional Cases (Relaxations on Minimum Purchase Price and Annuity) –

• If purchased for a Divyangjan, the minimum purchase price is reduced to Rs. 50,000, and the annuity limits do not apply.

Note – For National Pension System (NPS) subscribers, the plan follows PFRDA Rules, with the minimum purchase price of Rs. 50,000.

How to Purchase & Buy LIC Smart Pension Plan 2025?

As we all know that for LIC Policy and Plans are available online on ww.licindia.in website and offline purchase is available through LIC agents, intermediaries, POSP-LI, or CPSC-SPV. First of all check the details of pensions policy, benefits, annuity options, and other updates. After that, visit LIC official website and hit on “Buy Online” option. Here click on “Annuity/Pension Plan” option and select “Know More” . One get complete updates of LIC Smart Pension Plan 2025 and fill application to get benefits of scheme.

Note –  To know complete details of LIC Smart Pension Plan, one must visit https://licindia.in/ Official Website. One can call on +91-22-68276827 or whats app on +91-8976862090.