LIC Smart Pension
Modern immediate annuity with flexible payout options
What is LIC Smart Pension?
LIC Smart Pension (Plan 879, UIN 512N386V01) is a pension plan from Life Insurance Corporation of India. It is a non-participating plan: your payouts come from the annuity rates locked in when you buy, not from bonus declarations.
You pay the entire premium once at purchase, with nothing more to pay after that. What the plan pays: Pension for life. On the annuitant's death: Purchase price returned to nominee (in select options).
It suits people looking for retirement, guaranteed pension and flexible payout. NRIs can buy this plan too.
Key Highlights
Benefits Explained Simply
Eligibility & Details
Tax Benefits
- Section 80CCC deduction on premium
- Pension is taxable income
Premium Rates (Indicative)
VERIFIED from official LIC Sales Brochure. Most comprehensive annuity plan with 21 options (14 single life + 7 joint life). Includes increasing annuity (3% or 6% p.a.), guaranteed period options, return of purchase price options. Advanced Annuity Option and Annuity Accumulation Option available. Min purchase price ₹1,00,000. Modal annuity factors: HY 0.98, Q 0.97, M 0.96. High purchase price incentive from ₹5L. Sample age-60 yearly rates per ₹1,000 for ₹10L: A 85.0, F 64.9, E2 51.0, J 64.3.
Source: LIC Official Sales Brochure | Data last verified: 21 March 2026
Who is This Plan Best For?
Frequently Asked Questions
The information above is for educational purposes only. Actual premiums, benefits, and terms are as per LIC of India. For official and complete details, visit licindia.in.