
This plan is crucial for financial independence and stability in your later years. LIC Smart Pension Plan is a well-being and annuity plan designed to provide a steady income stream to many people. Whether you are looking for a single-life annuity or a joint-life option, this plan ensures peace of mind by offering flexible payout options, liquidity benefits, and incentives for existing policyholders
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What is LIC Smart Pension Plan?
The LIC Smart Pension Plan is a non-participating, non-linked, single premium immediate annuity plan. This means you pay a lump sum amount once, and in return, LIC provides you with regular pension payments for life
It is designed to cater to different retirement needs by offering multiple annuity options, ensuring a lifelong income. Whether you are an individual, a couple, or a National Pension System (NPS) subscriber, this plan provides financial security for your post-retirement life

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Why Choose LIC Smart Pension Plan
- Reliable Income Post-Retirement – Enjoy financial security with guaranteed pension payments for life
- Flexibility – Choose your annuity option, payment frequency, and withdrawal benefits based on your needs.
- Tax Benefits – Enjoy tax benefits under prevailing tax laws for annuity income
- Peace of Mind – LIC, being a trusted insurer, ensures your hard-earned money is secure and provides financial stability to your family
Key Features
Annuity Options: Choose between Single Life Annuity, which provides regular payments for the annuitant’s lifetime, or Joint Life Annuity, ensuring continued payments for both primary and secondary annuitants.
Payment Frequencies: Annuity payments can be received monthly, quarterly, half-yearly, or annually, based on your preference
Eligibility: Individuals aged between 18 and 100 years can purchase this plan, with specific age limits varying depending on the chosen annuity option
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Purchase Price: The minimum purchase price is ₹1,00,000, with no upper limit, subject to underwriting approval
Incentives: Enhanced annuity rates are available for existing LIC policyholders and nominees of deceased policyholders
Liquidity Options: The plan offers provisions for partial or full withdrawals under specified conditions, providing financial flexibility
Loan Facility: Policyholders can avail loans after three months from the policy issuance date or after the free-look period, whichever is later.
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NPS Subscribers: National Pension System subscribers have the option to select an immediate annuity, facilitating a seamless transition to a regular retirement income.
Support for Dependents with Disabilities: The plan includes options to secure financial benefits for dependents with disabilities (Divyangjan