LIC Smart Pension Plan (879)
Deferred Annuity Pension Calculator
LIC Smart Pension Plan 879 Overview
LIC Smart Pension Plan 879 is a deferred annuity plan designed to help you build a retirement corpus systematically. It provides flexibility in premium payments and guaranteed annuity rates at vesting.
Eligibility & Rules
- Minimum Premium: ₹10,000 annually
- Deferment Period: Flexible based on chosen vesting age
- Entry Age: Typically 20 to 60 Years
Key Plan Benefits
- Deferred Annuity: Guaranteed pension stream starting at vesting age.
- Death Benefit: Accrued benefits or return of premium with interest to the nominee if death occurs during the deferment period.
Detailed Maturity Benefit
Pension / Annuity: Maturity benefits vary. Typically involves a lifelong regular pension. Under "Return of Purchase Price" options, the initial invested amount is returned to the nominee upon death.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹Determined at Vesting |
| Age / Policy Term | 30 / 30 Yrs Deferment Years |
| Yearly Premium (Approx) | ₹50,000 / year |
| Total Paid Premium | ₹15,00,000 |
| Maturity / Total Benefits | ₹Lifelong Pension from Age 60 based on Corpus |
Calculating