LIC Saral Pension Plan: Get INR 12,000 Pension for Lifetime with LIC Single Premium Pension Plan
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To attract more and more people towards insurance a range of new and emerging products were launched suiting the taste buds of different individuals by LIC. In this write-up, let us discuss one such lucrative product – LIC Saral Pension Plan.
LIC has been offering some unique plans and products appealing to the needs and requirements of different people from varied sections of the society. The Saral Pension Scheme is one such unique plan that allows the insured to receive guaranteed monthly return by investing in a single premium plan.
Under the LIC Saral Pension Yojana, the insured can receive INR 12,000 pension by paying a single premium. This is one of the many schemes launched by the LIC of India in the last few years to target different types of investors in the country. The policy comes with remarkable returns available at maturity together with better sum assured. The policy supports the investor and his/her family financially in case of any sudden unfortunate medical emergency.
There are various appealing features of the LIC Saral Pension Yojana such as;
Loaded with all such excellent features and several benefits, the LIC Saral Pension plan is one of the best products for people looking to invest in retirement plans for a peaceful life during old age. Now, let us explore the features and benefits of the LIC Saral Pension Yojana in detail.
What Is LIC Saral Pension Yojana?
Launched as per the guidelines of the IRDAI or Insurance Regulatory and Development Authority of India, the LIC Saral Pension Plan is a life insurance plan available with immediate annuity. The plan guarantees an annual annuity rate of over 5% with monthly, quarterly and annual payment options to the annuitant.
Once the policyholder makes the payment of the lump sum amount as premium, the person becomes eligible for annuity payment immediately which continues throughout the life time of the annuitant.
LIC Saral Pension Plan – Objective
LIC Saral Pension Plan – Eligibility
| Eligibility | Criteria |
| Minimum Entry Age | 40 years (completed) |
| Maximum Entry Age | 80 years (completed) |
| Minimum Purchase Price | Depends on minimum annuity as specified in the Annuity option |
| Maximum Purchase Price | No Limit |
| Policy Term | Whole life policy |
| Minimum Annuity | Monthly: INR 1000 Half-yearly: INR 6000 Annually: INR 12000 |
LIC Saral Pension Plan – Features
As already discussed, this pension plan is loaded with some wonderful features that make it a worthwhile policy. You may note some such features below:
With Life Annuity, the insured can get 100 percent return of investment amount, while under Joint life annuity, 100 percent return is offered to the spouse if the policyholder dies. However, if the insured as well as the spouse passes away, the complete return of amount is paid the nominee/beneficiary of the policyholder
LIC Saral Pension Plan – Benefits
Among the various benefits of LIC Saral Pension Yojana, the below mentioned are the key ones:
LIC Saral Pension Yojana – Annuity Options
The Policy offer two annuity options under the scheme including:
| Annuity | Benefit |
| Annuity option 1 | Annuity is paid in arrears so far the annuitant is alive Once the annuitant dies, the payment comes to an end an 100 percent purchase price is paid to the nominee |
| Annuity option 2 | Annuity payment is done in arrears so far the policyholder or spouse survives Once the annuitant dies, the payment comes to an end and 100 per cent Purchase Price is paid to the nominee |
How to Buy A LIC Saral Pension Scheme?
You can buy a LIC Saral Pension Scheme via online or offline mode. You may seek help from:
LIC Saral Pension Scheme
If a policyholder invests INR 2.5 lakh under the scheme, he/she can receive a minimum monthly income of INR 1,000 or an annual pension of INR 12,000. This amount varies as per the sum invested.
The Saral Pension Plan offers two different annuity options to choose from as per the convenience of the insured such as Life Annuity and Joint Life Annuity.
The premium paid towards the Saral Pension Plan can be used to save tax of up to INR 1.5 lakh per annum under Section 80C of the Income Tax Act, 1961. In addition, the death benefit offered under the plan to the nominee of the policyholder is also exempted from tax under Section 10(10D).
The LIC pension plan (Endowment) offers guaranteed payout at maturity and a death benefit for the family if the policyholder dies.
Saral Pension Yojana is a non-linked and non-participating upfront single premium scheme. This is an annuity plan with a 5 per cent rate of annuity guaranteed with the plan.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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