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
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.
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
Eligibility
Minimum Entry Age
Criteria
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
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
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
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
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
Annuity option
Benefit
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
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