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LIC Smart Pension- 879
LIC Smart Pension, launched on February 18, 2025, is a single premium immediate annuity plan designed to provide financial security and guaranteed income for your retirement. It offers flexible annuity options, including Single Life and Joint Life plans, ensuring a steady income customized as per your needs.
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
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- LIC Smart Pension- 879
LIC Smart Pension- An Overview
LIC Smart Pension is a single premium immediate annuity plan by LIC of India, designed to provide a steady income after retirement. It offers flexible annuity options, including Single Life and Joint Life plans, with payout modes available monthly, quarterly, half-yearly, and yearly. With this plan, the policyholders need to pay a lumpsum amount and receive a fixed guaranteed pension for life.
Key features of LIC Smart Pension Scheme Plan
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LIC Smart Pension is a Single Premium Immediate Annuity Plan offering various annuity options to cater to different financial needs.
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Choose between Single Life and Joint Life Annuity options for flexibility in securing your retirement.
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Four annuity payment modes are available: monthly, quarterly, half-yearly, and yearly. You can select the one that best suits your needs.
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The plan offers three death benefit payout options: annuitisation, Installments, or Lump sum, depending on your preference.
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You can customise the plan according to your financial objectives by choosing Advanced Annuity, Liquidity, and Annuity Accumulation Option.
LIC Smart Pension: Eligibility Criteria
| Parameters | Criteria |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 100 years |
| Minimum Purchase Price | Rs. 1,00,000/- |
| Maximum Purchase Price | No Limit (subject to approval as per Board Approved Underwriting Policy) |
| Minimum Annuity | Monthly - Rs. 1,000 per month Quarterly - Rs. 3,000 per quarter Half-Yearly- Rs. 6,000 per half-year Yearly- Rs. 12,000 per annum |
| Maximum Annuity | No Limit |
| Premium Payment Mode | Single Premium |
Benefits of the LIC Smart Pension Plan
LIC Smart Pension provides a comprehensive range of benefits to cater to the varying needs of annuitants, offering them financial security in their retirement years. Below are the key benefits provided under the LIC Smart Pension 879 plan:
| Annuity Option | Payment After Death | |
| Single Life Annuity | ||
| Option A | Life Annuity. | An annuity will be paid in arrears till the annuitant is alive. No payments after the annuitant's death. |
| Option B1 | Annuity Certain for 5 Years & Life Thereafter | An annuity will be paid in arrears till the annuitant is alive.
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| Option B2 | Annuity Certain for 10 Years & Life Thereafter | An annuity will be paid in arrears till the annuitant is alive. If the annuitant dies within the first 10 years, the annuity payments will continue to be paid to the nominee for the remaining 10 years. After 10 years, the payments stop. If the annuitant dies after 10 years, the policy will terminate, and no annuity payments will be made. |
| Option B3 | Annuity Certain for 15 Years & Life Thereafter | An annuity will be paid in arrears till the annuitant is alive.
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| Option B4 | Annuity Certain for 20 Years & Life Thereafter. | An annuity will be paid in arrears till the annuitant is alive.
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| Option C1 | Life Annuity Increasing at 3% p.a. | The annuitant will receive annuity payments in arrears till they are alive. The annuity amount will increase by 3% per year for each completed policy year, boosting the payments over time. If the annuitant passes, the annuity payments will stop immediately, and no further benefits will be payable. |
| Option C2 | Life Annuity Increasing at 6% p.a. | The annuitant will receive annuity payments in arrears till they are alive. The annuity amount will increase by a simple rate of 6% per year for each completed policy year, boosting the payments over time. If the annuitant passes, the annuity payments will stop immediately, and no further benefits will be payable. |
| Option D | Life Annuity with Return of Balance Purchase Price | The annuitant will receive annuity payments in arrears till they are alive. If the annuitant passes away, the annuity payments will stop immediately, and the nominee(s) will receive a Death Benefit equal to the Purchase Price balance. If the total sum of annuity payments already made exceeds the original Purchase Price, no death benefit will be payable to the nominee(s). |
| Option E1 | Life Annuity with 50% Return on Purchase Price after age 75 | An annuity will be paid in arrears till the annuitant is alive. Suppose the annuitant survives the policy anniversary on or after age 75. In that case, they will receive an early return of 50% of the Purchase Price in addition to their regular annuity payments. Upon the annuitant's death, the annuity payments will stop immediately, and a Death Benefit will be payable to the nominee(s). |
| Option E2 | Life Annuity with 100% Return on Purchase Price after age 75 | An annuity will be paid in arrears till the annuitant is alive. If the annuitant survives the policy anniversary on or after reaching age 75, they will receive an early return of 100% of the purchase price in addition to their regular annuity payments. Upon the annuitant's death, the annuity payments will stop immediately, and a Death Benefit will be payable to the nominee(s). |
| Option E3 | Life Annuity with 50% Return on Purchase Price after age 80 | An annuity will be paid in arrears till the annuitant is alive. If the annuitant survives the policy anniversary on or after reaching age 80, they will receive an early return of 50% of the purchase price in addition to their regular annuity payments. Upon the annuitant's death, the annuity payments will stop immediately, and a Death Benefit will be payable to the nominee(s). |
| Option E4 | Life Annuity with 100% Return on Purchase Price after age 80 | An annuity will be paid in arrears till the annuitant is alive. If the annuitant survives the policy anniversary on or after reaching age 80, they will receive an early return of 100% of the purchase price in addition to their regular annuity payments. Upon the annuitant's death, the annuity payments will stop immediately, and a Death Benefit will be payable to the nominee(s). |
| Option E5 | Life Annuity with 5% Return of Purchase Price from ages 76 to 95 | An annuity will be paid in arrears till the annuitant is alive. On each policy anniversary from age 76 to age 95, the annuitant will receive an additional 5% of the Purchase Price as an Early Return, in addition to their regular annuity payments. If the annuitant passes away, the annuity payments will stop immediately. The Death Benefit will equal the Purchase Price minus any early return of the Purchase Price that has already been paid. If the annuitant has already received 100% of the Purchase Price in Early Returns before their death, no additional benefit will be payable on death. |
| Option F | Life Annuity with Return of Purchase Price | An annuity will be paid in arrears till the annuitant is alive. Payments stop on death, and the nominee gets the death benefit equal to the purchase price. |
| Joint Life Annuity | ||
| Option G1 | Joint Life Annuity with 50% to Secondary Annuitant after death. | Annuity payments will be made in arrears if either the Primary Annuitant or the Secondary Annuitant is alive. The secondary annuitant receives 50% of payments after the primary annuitant's death until their death. |
| Option G2 | Joint Life Annuity with 100% to Secondary Annuitant | Annuity payments will be made in arrears if either the Primary Annuitant or the Secondary Annuitant is alive. The secondary annuitant receives 100% of payments after the primary annuitant's death until their death. |
| Option H1 | Joint Life Annuity Increasing at 3% p.a. with 50% to Secondary Annuitant | Annuity payments will be made in arrears if either the Primary Annuitant or the Secondary Annuitant is alive. Each year, the annuity payment will increase by 3% as long as the Primary Annuitant is alive. When the Primary Annuitant dies, the Secondary Annuitant will receive 50% of the annuity that would have been paid to the Primary Annuitant. This will continue as long as the Secondary Annuitant is alive. If the Secondary Annuitant dies before the Primary Annuitant, the Primary Annuitant will continue to receive the entire annuity, and payments stop when the Primary Annuitant dies. |
| Option H2 | Joint Life Annuity Increasing at 6% p.a. with 50% to Secondary Annuitant | Annuity payments will be made in arrears if either the Primary Annuitant or the Secondary Annuitant is alive. The annuity payment will increase by 6% each year for as long as the Primary Annuitant is alive. When the Primary Annuitant dies, the Secondary Annuitant will receive 50% of the annuity that would have been paid to the Primary Annuitant. This will continue as long as the Secondary Annuitant is alive. If the Secondary Annuitant dies before the Primary Annuitant, the Primary Annuitant will continue to receive the entire annuity, and payments stop when the Primary Annuitant dies. |
| Option I1 | Joint Life Annuity Increasing at 3% p.a. with 100% to Secondary Annuitant | Annuity payments will be made in arrears if either the Primary Annuitant or the Secondary Annuitant is alive. Upon the death of the last surviving annuitant (either the primary or secondary annuitant), the annuity payments will stop immediately, and no further payment will be made. The annuity payments will increase by 3% per annum for each completed policy year as long as the Primary or Secondary Annuitant remains alive. |
| Option I2 | Joint Life Annuity Increasing at 6% p.a. with 100% to Secondary Annuitant | Annuity payments will be made in arrears if either the Primary Annuitant or the Secondary Annuitant is alive. Upon the death of the last surviving annuitant (either the primary or secondary annuitant), the annuity payments will stop immediately, and no further payment will be made. The annuity payments will increase at a simple rate of 6% per annum for each completed policy year as long as either the Primary or Secondary Annuitant remains alive. |
| Option J | Joint Life Annuity with 100% to Secondary Annuitant & Return of Purchase Price on Death of Last Survivor | Annuity payments will be made in arrears if either the Primary Annuitant or the Secondary Annuitant is alive. Upon the death of the last surviving annuitant (either the primary or secondary annuitant), the annuity payments will stop immediately, and the full purchase price will be returned to the nominee(s). |
Maturity Benefit:
There is no maturity benefit under this plan.
Policy Details of LIC Smart Pension Plan
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Surrender Value:
The policy can be surrendered at any time during the policy term, provided the premium is paid on time. This option is available only under Annuity Options D, E1, E2, E3, E4, E5, F, and J. If the annuity option chosen differs from the mentioned ones, surrendering will not be allowed.
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Loan:
The loan facility will be available three months after policy issuance or the expiry of the free-look period, whichever is later, subject to terms and conditions. Loans are available under Annuity Options E1, E2, E3, E4, E5, F, and J only.
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Policy Termination:
The policy will terminate automatically and immediately upon the earliest occurrence of any of the following events: (a) the payment of the lump sum death benefit or the final installment of the death benefit; (b) the Annuitant's death, provided no death benefit is payable; (c) the settlement of surrender benefits under the policy; (d) the payment of the free-look cancellation amount.
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Free Look Period:
If the Policyholder is dissatisfied with the "Terms and Conditions" of the policy, the policy may be returned within 30 days from the date of receipt of the policy bond,
How to Buy LIC Plans From PolicyBazaar
You can easily buy LIC plans from PolicyBazaar by visiting their home page. From there, go to the LIC from the drop-down menu and follow these easy steps:
Step 1: Visit LIC of India
Step 2: Fill in the form with your name and contact number, then click “View Plans”.
Step 3: Next, fill in your current city and age.
Step 4: Once done, you can check all the plans available and customize the amount and time as per your convenience.
Step 5: Pay your premiums online, and you will receive your policy details at your registered email address.
LIC Resources
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FAQ's
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Q: Why should I buy LIC Smart Pension Scheme Plan?
Ans: LIC Smart Pension plan offers secure retirement, and allows you to choose reliable pension schemes, calculate benefits, and ensure financial stability in your golden years. -
Q: Is there a loan facility available under this plan?
Ans: Yes, a loan can be availed three months after policy issuance or after the expiry of the free-look period, whichever is later. However, loans are only available under Annuity Options E1, E2, E3, E4, E5, F, and J. -
Q: What happens if the annuitant survives the policy duration?
Ans: If the annuitant survives the policy duration, they will continue to receive regular annuity payments for life, as per the chosen annuity option.
Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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