LIC launches smart pension plan
Puneet Kumar, LIC Zonal Manager, releasing a poster of the newly launched product in Hyderabad on Wednesday
Hyderabad: The South Central Zonal Office of Life Insurance Corporation of India (LIC) on Wednesday launched its new product ‘Smart Pension’ in the city. Any individual of age 18 years and above can opt for this policy by paying a minimum premium amount of Rs1 lakh.
Puneet Kumar, Zonal Manager, LIC, said: “LIC is focusing on continuously developing and expanding the product portfolio to satisfy the growing needs of the population. LIC’s Smart Pension Plan is specifically designed for the domestic market as the demand for pension plans is increasing here. This plan is a solution for a comfortable retired life as it provides a simple and safe method of saving for retirement.”
The features of the new pension plan includes options to take annuity for self or for self and spouse or for any two lineal descendant/ascendant of a family or siblings or parent-in-law. There is also an option to get back a percentage of the Purchase Price on attaining 75 years age or anytime thereafter. This product is also available to group customers under Employer Sponsored Group Superannuation schemes, an official LIC press release mentioned.
Saraswathi Gopakumar, RLN Swamy, GBV Ramaiah, K Arun, V Chandrasekhara Rao, Prasad Rao, KV Satyavani and other senior officials were present for the launch.