20/02/2025
*LIC Smart Pension Plan – 879*
*Total Annuity Options:*
*Single Life:* 14 options
*Joint Life:* 7 options
*Total:* 21 options
*New Attractive Features:*
➤ *Option C-1 & C-2:* Annuity payments will increase annually at a rate of 3% and 6%, respectively.
➤ *Option E-1:* 50% return of purchase price at age 75 without reducing the annuity amount.
➤ *Option E-2:* 100% return of purchase price at age 75 without reducing the annuity amount.
➤ *Option E-3:* 50% return of purchase price at age 80.
➤ *Option E-4:* 100% return of purchase price at age 80.
➤ Existing policyholders will receive an incentive of 0.15%.
➤ *Minimum Purchase Price:* ₹1,00,000 (subject to minimum pension criteria).
➤ *Minimum Entry Age:* 18 years.
➤ Options F & J are available as in previous pension plans.
➤ *Liquidity Option is available under Options F & J:*
1. This option can be utilized after 5 years from the date of commencement (DOC). A maximum of 3 times is allowed during the policy term.
2. A lump sum benefit (up to 60% of the total amount) can be availed under the *liquidity option.*
3. After utilizing this option, the annuity will be proportionally reduced.
*Advanced Annuity Option:*
1. Available under *Option J*, it can be exercised within one year from the date of the primary annuitant’s death.
2. The annuitant can receive *a lump sum cash value* (discounted value) for a maximum of 5 years of annuity payments. After 5 years, *the regular pension will continue.*
*Annuity Accumulation Option:*
1. The annuitant can defer and accumulate annuity payments in consecutive 5-year blocks. The accumulation rate for FY 2024-25 is *6.67% per annum.*
2. A maximum of 3 blocks can be availed during the policy term.
➤ *Loan Facility is available after 3 months,* up to 80% of the surrender value.
➤ *Surrender Anytime* – Available under Options D, E1, E2, E3, E4, E5, F, and J.
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