LIC launches lifelong pension scheme for investors

LIC has introduced a new scheme named 'LIC Smart Pension Plan', through which investors can receive regular lifelong pension by depositing a lump sum amount. This is an immediate annuity plan, which means the investor does not need to pay monthly premiums, but must deposit the entire amount in a single installment. Immediately after this amount is deposited, the investor can receive a pension according to their chosen option.

According to a report by Aaj Tak, since every individual requires a regular income after retirement, planning at the right time becomes very important. While many government schemes are currently being run for regular income in old age, LIC's scheme can also be an important option in such circumstances. Various options have been provided to investors in this scheme to receive pension. Depending on their needs, an investor can choose to receive pension on a monthly, quarterly, half-yearly, or annual basis. In this way, investors can plan their income according to their financial requirements.

To understand the benefits of the scheme, if an investment of ₹10 lakh is made by a person aged 60 years, a lifelong pension can be obtained under 'Option A'. Under this option, an annual pension of ₹85,000 will be received, which means the investor will receive a regular monthly income of approximately ₹7,083.

If the investor chooses the option with a 5-year guarantee (B1), an annual pension of ₹84,500 will be received, i.e., ₹7,042 per month. Whereas, upon choosing the 10-year guarantee (B2) option, an annual pension of ₹83,200 and a monthly pension of ₹6,933 can be obtained.

For a longer period, if the 15-year guarantee (B3) option is chosen, an annual pension of ₹81,400, i.e., a monthly pension of ₹6,783, can be received. Similarly, under the 20-year guarantee (B4) option, provisions for an annual pension of ₹79,200 and a monthly pension of ₹6,600 have been made.

The minimum amount for investing in this scheme has been fixed at ₹1 lakh. Any Indian citizen can invest in this scheme. Regarding the age limit, any person aged 18 years or above can invest in this scheme. However, the maximum age limit may vary based on the different pension options.