LIC Saral Pension Plan: Individual Immediate Annuity Plan launched by Life Insurance Corporation of India (LIC) in August 2022 is a non linked and non participating taking advance single premium plan.
This is an annuity plan where the annuity rate of around 5 percent is guaranteed with the inception of the plan. Under this LIC plan, people have the option to choose payouts monthly, quarterly, half-yearly or annually.
Who is eligible?
As per the LIC Saral pension plan details, any person in the age group of 40 to 80 years is eligible to subscribe or buy this annuity pension plan. As per the LIC Saral Pension plan details available on the official website of LIC, the policyholder can opt for a minimum of ₹1,000 monthly pension or ₹12,000 annual pension under this plan.
For this minimum pension, the individual has to pay a lump sum single premium of ₹2.50 lakh. An investor will get an annual pension of ₹50,250 on investing a single premium of ₹10 lakh.
Similarly, if an investor wants ₹1 lakh annual pension under this scheme, he/she needs to pay an upfront single premium of ₹20 lakh.
Important information of LIC Saral Pension Plan
- Loan Benefit: After the completion of six months from the inception of this LIC plan, loan facility is available.
- Exit Plan: One can exit from LIC Saral Pension Plan after six months of inception.
- LIC Saral Pension Plan Interest Rate: The annuity plan offers guaranteed annual returns of around 5 per cent.
- Lifelong Pension Benefit: LIC Saral Pension Plan is a whole life policy, that means the policyholder is eligible for annual or monthly pension for the entire life after inception.
- Death Benefit for Nominee: After the death of LIC Saral Pension Plan subscriber, the base premium will be given back to the nominee.
- No Maturity Benefit: In LIC Saral Pension Plan, there is no maturity benefit as the pension is provided till the life of the policyholder.
