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Smart Pension Plan LIC - 10 things to know with detail

• Smart Pension Plan LIC is a unit-linked pension plan offered by Life Insurance Corporation of India (LIC). It is designed to help individuals build a retirement corpus while providing protection for their loved ones.
• The plan offers both regular premium and single premium payment options, allowing policyholders to choose the most convenient payment mode.
• Policyholders have the flexibility to choose their investment strategy from a range of options offered by LIC, including equity, debt, and balanced funds. This allows individuals to tailor their investment mix based on their risk appetite and financial goals.
• The plan offers a loyalty addition feature, where additional units are allocated to the policyholder's account at the end of selected policy years, adding to the overall value of the policy.
• Policyholders have the option to make partial withdrawals from their policy after completion of the lock-in period, providing liquidity when needed.
• The plan offers a death benefit, where the nominee receives the higher of the fund value or sum assured in case of the policyholder's demise during the policy term.
• The plan also provides a maturity benefit, where the policyholder receives the fund value at the end of the policy term, which can be used to secure a steady income during retirement.
• Policyholders can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, on the premiums paid and the benefits received under the plan.
• The plan allows for switching between funds to optimize investment returns based on market conditions and the policyholder's financial goals.
• Smart Pension Plan LIC offers a range of rider options, such as accidental death benefit rider, critical illness rider, and disability benefit rider, to enhance the coverage provided by the base policy. These riders can be added to the policy for an additional premium.