LIC Saral Pension Plan: The LIC has an array of options for Indians who want to buy a policy. When it comes to the family’s financial security, LIC Jeevan Saral Plan is the safest option. LIC Jeevan Saral is an endowment plan where the insurance buyer has the option to choose the amount and mode of paying premiums. People in the age group of 40 years to 80 years are eligible for this scheme.
As per the LIC website, the LIC Jeevan Saral plan is a standard immediate annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI), which offers same terms and conditions across all the life insurers. Under this plan, the policyholder has an option to choose type of annuity from two available options on payment of a lump sum amount.
The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of annuitant(s). This plan can be purchased offline as well as online through LIC’s website www.licindia.in, the LIC has said.
The LIC Saral Pension Plan lets investors receive Rs 12,000 every month by just paying a single premium. A policyholder can opt for a monthly, quarterly, half-yearly, or annual pension under this scheme. The pension will be available once the policyholder or the nominee turns 60 years old.
The pension starts right after a person buys the policy with the minimum annuity being Rs 12,000 per annum and there is no maximum limit. If the person deposits a single premium of Rs 10 lakh, then he or she will get a pension of Rs 52,500 every year.
LIC Saral pension plan provide options with multiple premium payment (viz. monthly, quarterly, semi-annually, and annually) to the customer. The premium amount automatically gets deducted from the salary throughout the policy term or till earlier death.
There are two options available under the LIC Saral Pension Yojana to choose from —
Life Annuity with return of 100 per cent of purchase price: The benefits of the policy are limited to the investors in the option, which promises a monthly payout till the time policyholder is alive. The nominee receives the premium in case of the unfortunate in the life annuity with a 100 per cent return option.
Joint life last survivor annuity with return of 100 per cent of purchase price on death of the last survivor: The option lets a couple (husband and wife) avail the pension. However, in this case, the nominee gets the premium after the death of the last surviving spouse.
It must also be noted that the policyholder can take a loan against the scheme post six months of its beginning.
Documents Needed
The policy buyer needs to fill up an application form with accurate medical details along with the address proof and other KYC documents. Also, medical tests may be required in specific cases depending upon the Sum Assured and the person’s age.
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