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Life Insurance Corporation of India (LIC) has unveiled its new offering, the ‘LIC’s Smart Pension’, a Non-Participating (Non-Par), Non-Linked, Individual/Group, Savings, Immediate Annuity Plan.
Index Fund Corner
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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
This new product is designed specifically for the domestic market, with sales slated to begin from tomorrow, February 18, 2025.
As India’s pension and retirement savings market grows, the new plan is expected to solidify LIC’s leadership position, tapping into the increasing demand for secure financial futures.
This move comes as LIC continues to focus on expanding its product portfolio to meet the evolving needs of the population.
Despite challenges faced in recent months, LIC has maintained its resilience. In the third quarter, the company reported a 9% decline in net premium income, primarily driven by a 24% fall in single-premium collection and a 14% drop in first-year premiums.
However, LIC still posted a 17% increase in profit after tax, amounting to ₹11,056 crore, aided by a reduction in employee compensation and welfare expenses.
In January, LIC experienced a 14% year-over-year fall in premiums, a sign of the competitive pressure within the market. Shares of LIC closed at ₹765.40, gaining nearly 1% on the BSE today.
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