LIC Saral Pension Plan 

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.

 Get INR 12,000 Pension for Lifetime

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.

LIC Saral Pension Plan – Objective

To help people make informed choice with this customer-friendly plan

To reduce the misuse of LIC policies

build the bond of trust between Insurance company and the Insured

To lower the likely disputes between insurers by making common guidelines

LIC Saral Pension Plan Eligibility


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

LIC Saral Pension Plan – Features

This pension plan has a ton of great features that make it a worthwhile policy. Here are a few examples of such features:

LIC Saral Pension Scheme is a single premium, non-participating and non-linked policy that allow immediate annuity

The plan comes with two options of annuities such as, Life annuity and Joint life annuity

The minimum annuity offered under the plan is INR 12000/annum by paying a single premium of INR 2.5 lakh.

The  various options available are month-wise payment, quarterly or semi-annual payment as well as annual payment

The policy also allow the option to surrender it after 6 months of commencement of the plan if the insured or a family member is diagnosed with a critical illness mentioned under the plan

Saral pension Plan LIC also allow the  life assured to avail loan against the plan after 6 months of the plan initiation

LIC Saral Pension Plan – Benefits

Among the various benefits of LIC Saral Pension Yojana, the below mentioned are the key ones:

Death Benefit – The policy offers death benefit to the nominee of the policyholder in case of his/her demise under a single life annuity

In case of joint-life annuity, the annuity continues with the spouse if the policyholder dies. In case both of are no more, the nominee receive 100 percent of the sum invested

Survival Benefit – The plan offer annuity amount to the insured under survival benefit

Loan Benefit – Loan can also be availed after 6 months of the plan initiation

Free-Look Period – The plan is available with a 15 to 30 days free-look period from the date of policy purchase during which the policyholder can reject the plan if she/she doesn’t like it

Tax Benefits – The insured can also avail tax benefits under the existing income tax laws

LIC Saral Pension Yojana – Annuity Options

The Policy offer two annuity options under the scheme including:

Life Annuity which allow 100 percent return of Purchase Price, and

Joint Life Last Survivor Annuity which allow 100 percent return of Purchase Price in case of demise of the last survivor under the policy

LIC Saral Pension Yojana – Annuity Options

It is a unit-linked, Whole Life Cover that will guide you to build a corpus and keep earning income until you turn 99 years old.


Annuity option


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

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:

A licensed LIC agent to buy it offline

Visit the nearest branch of LIC

Visit the official website of LIC to buy the plan online

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