New Delhi, Feb. 19 -- Life Insurance Corporation of India (LIC) has rolled out LIC New Smart Pension Plan. It is a non-participating, non-linked, individual, savings, immediate annuity plan.

The new single premium immediate annuity plan offers a wide range of annuity options, from which policyholders can choose the ones that suit their needs, according to the official website of the state insurer.

If, as an investor, you are contemplating investing in this retirement plan, here are some useful details.

Yes, the Joint Life annuity can be taken between any two lineal descendants/ascendants of a family (i.e. grandparent, parent, children, grandchildren) or spouse or siblings or parent-in-law.

Yes, the annuity rates under all annuity opti...