LIC’s net profit jumped by 14% by May 27, 2024. This shows their dedication to creating new products, like the Smart Pension Plan 879. This plan is a non-par, non-linked, individual/group, savings, and immediate annuity plan. It has caught the eye of many investors.
The plan offers different annuity options for single and joint life types. The minimum age to start is 18, and the maximum age varies from 65 to 100, depending on the annuity option chosen.
Vartha Bharati reported that LIC launched the Smart Pension Plan on February 18th, 2025. Mr. M. Nagaraju, Secretary, DFS, Ministry of Finance, was there to start it. It lets you pick between single and joint life annuities. It also has perks for those with existing policies or nominees of deceased policyholders.
The plan starts at a minimum purchase price of Rs. 1,00,000. You can get annuity payments in yearly, half-yearly, quarterly, or monthly installments. It also gives higher annuity rates to existing policyholders and nominees of deceased policyholders.
Key Takeaways
- The minimum age at entry for the LIC Smart Pension Plan is 18 years.
- The plan offers a range of annuity options for single life and joint life type of annuities.
- Policy loans are allowed after three months from the completion of the policy or after the expiry of the free look period.
- The plan includes provisions for the benefit of dependent persons with disabilities (Divyangjan).
- The plan can be purchased online through the LIC website, making it easily accessible to those interested in the smart pension plan 879.
- Death benefit payment options may include lumpsum, annuitisation, instalments, liquidity options, advanced annuity options, or annuity accumulation options, providing flexibility to the policyholder.
Introducing LIC’s New Pension Plan (Smart Pension Plan 879)
The Smart Pension Plan 879 was launched by LIC on February 18, 2025. It offers a wide range of options for retirement savings. You can buy it online at www.licindia.in for your convenience.
Policyholders can get a loan after three months of policy completion. This ensures you have access to funds when needed.
This plan comes with many annuity options. You can choose from single life annuity or joint life annuity. It also offers benefits for those with existing policies or nominees of deceased policyholders.
It provides flexibility for withdrawals, either partial or full, based on your policy terms. Use the lic pension calculator to figure out your pension amount. This helps in planning your retirement savings.
- Minimum purchase price: ₹1,00,000
- Entry age range: 18 to 100 years
- Annuity payment frequency options: monthly, quarterly, half-yearly, or yearly installments
- Policy loan availability: after 3 months from policy issuance
The Smart Pension Plan 879 aims to give retirees financial stability and security. It meets the growing need for dependable pension plans due to longer life expectancy.
Core Features and Benefits of Smart Pension Plan 879
The Smart Pension Plan 879 has many benefits. It starts at a minimum of ₹1,00,000, with more incentives for bigger investments. It’s made to help people plan a secure and comfortable retirement.
This plan offers single and joint life annuity options. It also gives extra benefits to those who already have policies or to nominees of deceased policyholders. You can get your pension in monthly, quarterly, half-yearly, or yearly payments.
It’s flexible, allowing for partial or full withdrawals under certain conditions. You can also borrow against your policy after three months. And, it’s great for NPS subscribers who want immediate annuity options.
The plan’s features and benefits aim to ensure a secure retirement. With its variety of annuity options and flexible payment terms, the Smart Pension Plan 879 is a good choice for retirement planning.
Investment Options and Returns Structure
The Smart Pension Plan 879 is part of lic’s new pension plan. It offers a variety of investment options. These options cater to different risk levels and financial goals. Policyholders can choose how to invest their premiums.
Policyholders can pick from debt and equity funds to get the best returns. The plan also lets you withdraw part or all of your money when needed. This ensures you have access to your funds when required.
- Multiple investment strategies to choose from, including debt and equity funds
- Liquidity options for partial or full withdrawal as per the terms of the policy
- Flexibility in allocating premiums across various assets
- Competitive returns on investment, making it an attractive lic’s new pension plan
The Smart Pension Plan 879 offers a solid investment framework. It aligns with the lic pension scheme. This allows policyholders to make smart choices for their retirement planning.
Eligibility Criteria and Documentation Requirements
To join the Smart Pension Plan 879, you must be at least 18 years old. The maximum age to enter varies from 65 to 100, based on the annuity option you choose. This plan is made for a broad range of people, giving flexibility in age and investment choices.
The plan needs only a little paperwork, making it simple for those wanting to invest in a good pension plan. You can buy the plan online at www.lic website or through approved agents. This makes the process easy and stress-free.
Some key features of the plan include:
- Minimum purchase price of ₹1,00,000
- Option to receive annuity payments in various frequencies: monthly, quarterly, half-yearly, or yearly
- Partial or full withdrawals permitted based on defined terms of the policy
- Option to borrow against the policy after three months from issuance
The Smart Pension Plan 879 meets the need for solid pension plans. This is because people are living longer and retirement plans are changing. With its flexible investment options and easy purchase process, it’s a great choice for securing your retirement savings.
Premium Payment Options and Flexibility
The Smart Pension Plan 879 lets you pay premiums in different ways. You can choose to pay yearly, half-yearly, quarterly, or monthly. This makes it easier to fit your retirement savings into your budget. It also offers extra benefits for those who already have a policy or for the loved ones of those who have passed away.
Using a lic pension calculator can help you find the best payment plan for you. The plan’s calculations consider your age, the cost of the policy, and the type of annuity you want. This ensures everything is fair and clear.
Payment Frequencies
- Yearly payment frequency
- Half-yearly payment frequency
- Quarterly payment frequency
- Monthly payment frequency
The plan also offers various annuity options, like single life and joint life annuities. You can pick the one that fits your needs best. And, there are higher annuity rates for those who already have a policy or for the loved ones of those who have passed away.
| Payment Frequency | Minimum Purchase Price | Maximum Age at Entry |
|---|---|---|
| Yearly | Rs 1,00,000 | 65-100 years |
| Half-yearly | Rs 1,00,000 | 65-100 years |
| Quarterly | Rs 1,00,000 | 65-100 years |
| Monthly | Rs 1,00,000 | 65-100 years |
The Smart Pension Plan 879 is a complete and flexible way to save for retirement. It offers many payment and annuity options. By using a lic pension calculator and understanding the plan’s benefits, you can make a smart choice for your retirement.
Maturity Benefits and Pension Payout Structure
The Smart Pension Plan 879 offers many benefits. It starts with a minimum purchase price of Rs. 1,00,000/- and gives more for higher prices. It aims to give policyholders flexibility and security, focusing on managing pension funds well.
It provides various annuity options. These include single life annuity and joint life annuity. There are also benefits for those who already have policies and their nominees or beneficiaries.
Some key features of the plan include:
- Minimum purchase price of Rs. 1,00,000/-
- Incentives for higher purchase prices
- Range of annuity options, including single life annuity and joint life annuity
- Liquidity options for partial or full withdrawal as per the terms of the policy
Managing pension funds well is key to the plan’s success. The Smart Pension Plan 879 aims to give policyholders a steady income in retirement. It focuses on benefits that meet their needs.
Tax Benefits and Financial Implications
The Smart Pension Plan 879 is part of lic’s new pension plan. It offers tax benefits to help lower your taxes. You can get tax deductions on premiums paid, making it a smart way to save for retirement.
This plan is designed for long-term financial security. The tax benefits add to its value.
Some key features of the tax benefits include:
- Tax deductions on premiums paid under Section 80C of the Income Tax Act
- Exemption from tax on maturity benefits under Section 10(10D) of the Income Tax Act
- Option to claim tax deductions on annuity payments
The Smart Pension Plan 879 is a complete retirement planning solution. It offers tax benefits and financial advantages. By understanding these, you can make smart choices for your retirement. This ensures a secure financial future with lic’s new pension plan and smart pension plan 879.
| Tax Benefit | Description |
|---|---|
| Tax Deductions on Premiums | Claim tax deductions on premiums paid under Section 80C of the Income Tax Act |
| Exemption on Maturity Benefits | Exemption from tax on maturity benefits under Section 10(10D) of the Income Tax Act |
| Tax Deductions on Annuity Payments | Option to claim tax deductions on annuity payments |
Comparison with Other LIC Pension Plans
Planning for retirement means having a solid retirement savings plan. LIC’s Smart Pension Plan 879 stands out with its unique features. It’s important to compare it with other LIC plans, looking at investment options and using a lic pension calculator for returns.
The plan starts at Rs. 1,00,000/-, with more benefits for bigger investments. It also offers different annuity choices, like single and joint life annuities. These come with perks for current policyholders and their nominees.
Feature-wise Comparison
Smart Pension Plan 879 combines flexibility and security in a way other plans don’t. It lets you withdraw part or all of your money as needed. This makes it great for those who want control over their retirement funds.
Cost-Benefit Analysis
The plan offers a good return on investment, making it appealing for retirement savings. A lic pension calculator can help estimate returns. This helps in making a smart investment choice.
Smart Pension Plan 879 is a top choice for retirement savings. Its unique features and benefits make it stand out. By considering investment options and using a lic pension calculator, you can secure your financial future.
Conclusion: Making an Informed Decision About Your Retirement Planning
When thinking about your retirement, LIC’s Smart Pension Plan 879 is worth considering. It offers various annuity options, like single and joint life annuities. It also has special benefits for those who already have policies or for nominees of deceased policyholders.
The plan lets you withdraw money when you need it, making it flexible for your needs. This flexibility is key in planning for your retirement.
Investing in LIC’s pension fund management can help you reach your financial goals. As India’s top life insurance company, LIC is known for its reliable and customer-focused lic’s new pension plan. The Smart Pension Plan 879 is a smart choice for your retirement.
FAQ
What is the LIC Smart Pension Plan 879?
The LIC Smart Pension Plan 879 is a savings plan from the Life Insurance Corporation of India (LIC). It offers different annuity options for life. The ages for starting vary based on the annuity type.
What are the key features and benefits of the Smart Pension Plan 879?
The Smart Pension Plan 879 has many benefits. It offers various annuity options and incentives for current policyholders. You can also withdraw part or all of your money as needed.
What are the investment options and returns structure of the Smart Pension Plan 879?
This plan provides several annuity options. It also offers incentives and liquidity options for withdrawals. These options are based on the policy terms.
What are the eligibility criteria and documentation requirements for the Smart Pension Plan 879?
You must be 18 or older to apply. The maximum entry age varies by annuity option. The plan requires minimal paperwork and can be bought online at www.licindia.in.
You can pay premiums yearly, half-yearly, quarterly, or monthly. The plan also offers benefits for current policyholders and their nominees.
What are the maturity benefits and pension payout structure of the Smart Pension Plan 879?
The plan offers various annuity options and incentives. It also allows for partial or full withdrawals based on policy terms.
What are the tax benefits and financial implications of the Smart Pension Plan 879?
The plan offers tax deductions on premiums. It also helps with long-term tax planning, reducing future tax liabilities.
How does the Smart Pension Plan 879 compare to other LIC pension plans?
The Smart Pension Plan 879 has a wide range of annuity options and incentives. It also offers flexible withdrawal options based on policy terms.
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