6 min read
Updated on Jan 16, 2023
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.
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.
Also Read: A Beginner’s Guide to Retirement Pension Plans in India
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.
|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
Quarterly: INR 3000
Half-yearly: INR 6000
Annually: INR 12000
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
Read More: Pension Plans in India: Best Retirement Plans for Senior Citizens
Among the various benefits of LIC Saral Pension Yojana, the below mentioned are the key ones:
The Policy offer two annuity options under the scheme including:
|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
You can buy a LIC Saral Pension Scheme via online or offline mode. You may seek help from:
The LIC Saral Pension Yojana 2022 was initiated to cater to the retirement and pension needs of people. This is a well planned policy that allows a tension free financial future for individuals after retirement. With no maximum limit of annuity, a policyholder can invest in this plan with any amount he/she wants to receive corresponding 5% as annuity. This is a scheme for the masses and it is getting very popular among common people.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
View this post on Instagram
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.
FAQs on LIC Saral Pension Scheme
How much pension will I get from the LIC Saral pension plan?
How many options of annuity are there in the Saral pension plan?
Is Saral pension Yojana taxable?
How does the LIC Endowment pension plan work?
Is Saral pension Yojana good?
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.
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.
Section 54F is a tax-saving section of the Income Tax Act, 1961. This section is basically related to the capital gains, which an investor earns.
An overview of LIC’s popular comprehensive insurance policy - Jeevan Saral - its benefits to the policyholder, and its special feature - the maturity calculator.
Everything you need to know about the YSR Pension Kanuka scheme, the eligibility requirements to apply, the benefits of the plan, and the different types.
Jeevan Saral Plan comes from the house of LIC, Life Insurance Corporation of India. Also, referred to as Plan 165, Jeevan Saral Policy is one.
LIC is one of the most trusted and reliable public sector insurance companies in India. The company has been serving customers with their varied insurance.
Unless you have planned well for your life after retirement, you may have to face a financial crunch in your old age. Let us take.
If you are willing to invest in market linked plans, there are two ways to do so. One is through single lump sum payment and.
FDs or Fixed Deposits are among the safest kinds of investments that anyone can rely on. FDs for senior citizens is the best option for.
HRA or House Rent Allowance is a part of a salary compensation offered by organizations to their employees above their basic salary. This post will.
India is one of the countries with the biggest number of banks and financial institutions in the world. One such progressive bank, the Karnataka bank,.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.