India, Feb. 19 -- The Life Insurance Corporation of India (LIC) on Wednesday launched a new pension scheme called the Smart Pension Plan.

It is a non-par, non-linked, individual/group, savings, and immediate annuity plan for various retirement needs. It offers a range of annuity options for both single life and joint life annuities.

The minimum age of entry into the plan is 18 years, while the maximum age of entry ranges from 65 to 100 years, depending on the annuity option selected.

Minimum purchase price of the plan is Rs.1,00,000, and there is no limit on the maximum purchase price. However, LIC also states that the maximum purchase price allowed is subject to acceptance as per the board approved underwriting policy.

Meanwhile, the...