LIC of India introduced “LIC’s SMART PENSION PLAN (Plan No. 879)”
(Press Release) - LIC’s Smart Pension Plan was launched at the hands of Mr. M. Nagaraju, Secretary, DFS, Ministry of Finance in the presence of Dr. M.P. Tangirala A.S.,DFS and Shri Parshant Kumar Goyal, JS, DFS alongwith Shri Siddhartha Mohanty, CEO&MD of LIC and other MDs of LIC at New Delhi on 18.02.2025. The LIC’s Smart Pension plan is a Non-Par, Non Linked, Individual/Group, Savings, and Immediate Annuity Plan that offers a range of annuity options for Single Life as well as Joint Life type of annuities.
Key Features:
Single Premium, Immediate Annuity Plan
Wide range of annuity options available to suit customers needs
Minimum age at entry is 18 years and maximum age at entry varies from 65 to 100 years depending upon the Annuity Option
Flexibility to choose from Single Life Annuity and Joint Life Annuity Options
Incentive for existing Policyholder and Nominee/Beneficiary of the deceased Policyholder by way of enhanced annuity rate
Several liquidity options available for partial / full withdrawal as per terms of policy
Minimum Purchase Price is Rs. 1,00,000/- with incentives for higher purchase price
Modes of Annuity Payments allowable are yearly, half yearly, quarterly or monthly. Annuity instalment as per chosen mode of annuity payment shall be calculated.
There is an option to take immediate annuity by NPS subscriber is a special feature
The option to take the plan for the benefit of dependant person with disability (Divyangjan) life is available under this plan
The Plan can be purchased online at www.licindia.in
The Policy loan shall be allowed at any time after three months from the completion of policy (i.e. 3 months from the date of issuance of policy) or after expiry of the free look period whichever is later under specified annuity options.
Benefits
On Survival of the annuitant: - The options available on Survival of the annuitant varies as per the Annuity option chosen by him at inception.
On death of annuitant (Primary /Secondary- as the case may be):- The amount payable after death of annuitant will be as per Option chosen by the Annuitant at the time of proposal. Options chosen for payment of death benefit may be Lumpsum or Annuitisation of Death Benefit or In Instalments or Liquidity option or Advanced Annuity option or Annuity Accumulation option.
This Plan can be purchased Offline through Agent / Other Intermediaries including Point of Sales Persons-Life Insurance (POSP-LI)/ Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.licindia.in.
Dated at Mumbai on February 18th, 2025.
For Further Information please contact: Executive Director (CC), LIC of India, Central Office, Mumbai.
Email id: ed_cc@licindia.com
Visit us at www.licindia.in
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Odisha: Normalcy returns to violence-hit Malkangiri; internet services fully restored
Malkangiri (PTI): Normalcy returned to Odisha’s Malkangiri district on Monday, nearly a week after around 200 villages were damaged in violent clashes in a village, with the district administration fully restoring internet services, a senior official said.
Additional District Magistrate Bedabar Pradhan said internet services, suspended across the district on December 8 to curb the spread of rumours and misinformation following the clashes, were restored after the situation improved.
The suspension had been extended in phases till 12 noon on Monday.
The administration also withdrew prohibitory orders imposed under Section 163 of the Bharatiya Nyaya Sanhita within a 10-km radius of MV-26 village, where arson incidents were reported on December 7 and December 8.
Though the violence was confined to two villages, tension had gripped the entire district, as the incident took the form of a clash between local tribals and Bengali settlers following the recovery of a headless body of a woman on December 4, officials said.
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The violence broke out after residents of Rakhelguda village allegedly set ablaze several houses belonging to Bengali residents, forcing hundreds to flee. The headless body of Lake Podiami (51), a woman from the Koya tribe, was recovered from the banks of the Poteru river on December 4, while her head was found six days later at a location about 15 km away.
Officials said the district administration held several rounds of discussions with representatives of the tribal and Bengali communities, following which both sides agreed to maintain peace.
Relief and rehabilitation work has since been launched at MV-26 village, with preliminary assessment pegging property damage at around Rs 3.8 crore.
A two-member ministerial team headed by Deputy Chief Minister K V Singh Deo visited the affected village, interacted with officials and locals, and submitted a report to the chief minister.
So far, 18 people have been arrested in connection with the violence, the officials said, adding that despite the withdrawal of prohibitory orders and restoration of internet services, security forces, including BSF and CRPF personnel, continue to be deployed to prevent any untoward incident.
On Sunday, Nabarangpur MP Balabhadra Majhi visited MV-26 and neighbouring Rakhelguda villages, and held discussions with members of both communities as part of efforts to rebuild confidence and restore peace.
More than two lakh Bengali-speaking Bangladeshis were rehabilitated by the Centre in Malkangiri and Nabarangpur districts in 1968, and they currently reside in 124 villages of Malkangiri.
