Retirement planning is a crucial aspect of financial stability, and the LIC Smart Pension Plan 879 is designed to offer a reliable income stream post-retirement. Whether you’re a salaried employee or a business professional, this plan ensures financial independence in your golden years. In this guide, we’ll break down everything you need to know about LIC Smart Pension Plan 879, including its features, benefits, eligibility criteria, and how it can secure your future.
What is LIC Smart Pension Plan 879?
LIC Smart Pension Plan 879 is a non-linked, non-participating, single-premium annuity plan that offers a guaranteed pension throughout your lifetime. The plan is ideal for individuals seeking a secure and steady income source post-retirement.
Key Features of LIC Smart Pension Plan 879
- Single Premium Payment: Pay a lump sum amount once and enjoy lifelong annuity benefits.
- Multiple Annuity Options: Choose from various annuity options, including life annuity, joint-life annuity, and return of purchase price.
- Guaranteed Income for Life: Provides a steady income stream based on the selected annuity option.
- Flexibility in Annuity Payouts: Receive annuity payments on a monthly, quarterly, half-yearly, or yearly basis.
- Joint-Life Option Available: Pension benefits can be extended to your spouse in case of unforeseen circumstances.
- Loan Facility: Avail of a loan against the policy after a specific period.
- Tax Benefits: Enjoy tax deductions under Section 80CCC of the Income Tax Act.
Types of Annuity Options Available
LIC Smart Pension Plan 879 provides multiple annuity options to suit different financial goals:
- Life Annuity: Receive pension payments as long as you live.
- Joint-Life Annuity: In case of your demise, your spouse continues receiving the annuity.
- Annuity with Return of Purchase Price: Your nominee receives the initial investment amount after your demise.
- Increasing Annuity Option: Pension amount increases annually to counter inflation.
Eligibility Criteria
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 40 years | 80 years |
| Purchase Price | Based on annuity option | No upper limit |
| Annuity Payment Frequency | Monthly, Quarterly, Half-yearly, Yearly | – |
Benefits of LIC Smart Pension Plan 879
- Financial Security: Ensures you have a steady income post-retirement.
- Customization: Choose an annuity option that best suits your lifestyle.
- Lifelong Income: Enjoy a guaranteed pension as long as you live.
- Legacy Planning: Leave a financial cushion for your spouse or heirs.
- Tax Efficiency: Get tax deductions under prevailing tax laws.
How to Buy LIC Smart Pension Plan 879?
You can purchase the plan through LIC’s official website, authorized agents, or at LIC branch offices. The process involves:
- Selecting the annuity option that aligns with your financial goals.
- Paying the one-time premium based on your desired annuity amount.
- Providing the necessary documentation and medical history (if required).
Conclusion
LIC Smart Pension Plan 879 is a smart choice for retirement planning, offering flexibility, security, and guaranteed income for life. Whether you’re looking for a steady pension or want to ensure your spouse’s financial well-being, this plan provides multiple benefits to meet your needs. Start planning today and secure a stress-free retirement!
For expert guidance, consult an LIC advisor or visit the official LIC website to explore your annuity options.
