To improve retirement security, LIC introduces the Smart Pension Plan.

The LIC Smart Pension Plan is a non-participating, non-linked, individual/group savings and instant annuity plan that was developed by the Life Insurance Corporation of India (LIC). A press statement states that the initiative's goal is to provide various retirement options and financial stability, reaffirming LIC's dedication to safeguarding policyholders' futures throughout India. According to the announcement, M Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, unveiled the strategy in New Delhi in front of Siddharth Mohanty, the managing director and CEO of the company. The Smart Pension Plan's single premium, instant annuity structure is intended to offer post-retirement financial stability. With flexibility for both single life and joint life annuities, policyholders can select from a range of annuity choices to meet their financial needs. The plan is available to everyone who is at least eighteen years old, and depending on the annuity option selected, the maximum entry age can range from sixty-five to one hundred years. An enhanced annuity rate would be offered as an incentive to current LIC policyholders and the nominees of deceased policyholders, the statement stated. In a bid to enhance retirement security, LIC has introduced the Smart Pension Plan—a non-participating, non-linked annuity scheme designed to offer immediate post-retirement financial stability. Developed as an individual or group savings plan, it allows policyholders to make a single premium payment in exchange for an instant annuity. With flexible options that include both single life and joint life annuities, the plan caters to diverse financial needs and retirement goals. The plan, which is open to anyone aged 18 and above with maximum entry ages ranging from 65 to 100 years based on the chosen annuity option, aims to provide a range of retirement alternatives. An added incentive is the enhanced annuity rate offered to current LIC policyholders and the nominees of deceased policyholders, further reinforcing LIC's commitment to securing the financial futures of its clients. Unveiled in New Delhi by M Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance, in the presence of LIC’s Managing Director and CEO Siddharth Mohanty, the Smart Pension Plan signifies a strategic move by LIC to align with evolving market needs and regulatory expectations. This initiative underscores the company's dedication to offering tailored financial solutions that help policyholders plan for a secure and comfortable retirement. Moreover, the introduction of the Smart Pension Plan reflects LIC’s broader objective to innovate within the retirement product space, addressing the challenges of an aging population while also appealing to younger investors seeking long-term financial security. This progressive step not only bolsters LIC's product portfolio but also supports national goals for improved financial inclusion and retirement preparedness.