LIC rolls out Smart Pension Plan with immediate annuity option
The Hindu
LIC introduces Smart Pension Plan with various annuity options, minimum purchase price of ₹1 lakh, and digital sales support.
State-owned Life Insurance Corporation of India (LIC) has rolled out a Smart Pension Plan offering a range of annuity options for single as well as joint life type of annuities.
A non-par, non linked, individual/group, the product’s features include single premium, immediate annuity plan; liquidity options for partial or full withdrawal as per the terms; and incentive for existing policyholder and nominee or beneficiary of the deceased policyholder by way of enhanced annuity rate.
The minimum purchase price is ₹1 lakh with incentives for higher purchase price. The plan is for those aged 18 years and above, while the maximum age at entry varies from 65-100 years depending upon the annuity option, LIC said in release on Tuesday.
Secretary to Department of Financial Services, Ministry of Finance, M.Nagaraju launched the Smart Pension Plan in the presence of the Additional Secretary M.P.Tangirala and Joint Secretary Parshant Kumar Goyal and alongwith LIC CEO and MD Siddhartha Mohanty and other MDs of the life insurer in Delhi.
‘One Man Office’ service
On Monday, LIC unveiled One Man Office online service, a facility through which it aims to provide a comprehensive digital ecosystem for the sales force. It will be a vital tool to promote life insurance and render service to LIC’s customers anytime and anywhere. The OMO will support the agents in digital sale of policies, after sales servicing, tracking their business and training cum knowledge pool for them. LIC plans to add more features to the application.
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