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Given the increasing complexity of the pension plan landscape, it’s prudent to compare the features and benefits of different plans before making a decision. Let’s delve into a comparative analysis of three prominent Smart Pension Plans: LIC Smart Pension Plan and Tata AIA Smart Pension…Read More
LIC vs. Tata Smart Pension Plan: A Detailed Comparison of Features, Returns & Annuity Options
LIC Smart Pension Plan Vs Tata AIA Smart Pension Plan: Pension plans play a crucial role in securing an individual’s financial well-being after retirement by providing a regular stream of income. Therefore, having a reliable pension plan is essential for a comfortable and worry-free retirement.
However, the abundance of pension plan options available in the market can make it challenging for individuals to select a plan that aligns perfectly with their specific needs and requirements. In a recent development, LIC has introduced its own Smart Pension Plan, adding another layer of competition to the market and providing individuals with more choices.
Given the increasing complexity of the pension plan landscape, it’s prudent to compare the features and benefits of different plans before making a decision. Let’s delve into a comparative analysis of three prominent Smart Pension Plans: LIC Smart Pension Plan and Tata AIA Smart Pension Plan.
LIC Smart Pension Plan: Features, Benefits, & Options
Insurance behemoth Life Insurance Corporation of India (LIC) has launched a ‘Smart Pension Plan’ for a individual or group looking a guaranteed income post retirement.
It is non-par, non-linked, annuit plan that offers a range of annuity options for single life as well as joint life type of annuities. Annuity option once chosen cannot be altered.
LIC’s Smart Pension Plan: Key Features
Single Premium Immediate Annuity Plan
Wide range of annuity options to suit your needs
Flexibility to choose from Single Life Annuity and Joint Life
Annuity Options
Mode of Annuity payments – yearly, half-yearly, quarterly and monthly
Incentives for higher Purchase Price
Incentive for existing Policyholder and Nominee/
Beneficiary of the deceased Policyholder
Options Available:
Liquidity Option
Advanced Annuity Option Annuity Accumulation Option
Options available for payment of Death Benefit (if any): Lumpsum Death Benefito Annuitisation of Death Benefito In installments
Tata AIA Smart Pension Secure: Features, Benefits, & Options
Tata AIA also has a smart pension plan in its catalogue known as the ‘Tata AIA Smart Pension Secure’. It is a non-participating, unit-linked individual life insurance pension plan designed to help individuals systematically accumulate wealth for retirement. It offers two plan options: Smart Pension Secure and Smart Pension Secure Plus.
This plan provides financial security for retirement with market-linked returns. It enhances your retirement savings through benefits like zero premium allocation charges, loyalty additions, and maturity boosters. Enjoy flexibility with various premium payment options (single, limited, or regular), diverse investment funds and strategies, partial withdrawal facility, and the option to postpone the vesting date.
Choose from multiple investment funds, tailor your premium payments, and benefit from tax advantages. The Smart Pension Secure Plus option ensures your nominee receives the death benefit in case of an unfortunate event, with future premiums funded by Tata AIA Life Insurance, keeping the policy active until maturity. Additional features include fund switching, premium redirection, and enhanced coverage through riders.
Disclaimer: Users are advised to check with certified experts before taking any investment decisions.
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