LIC Saral Pension Plan: Get INR 12,000 Pension for Lifetime with LIC Single Premium Pension Plan

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.

There are various appealing features of the LIC Saral Pension Yojana such as;

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.

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.

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.

LIC Saral Pension Plan – Objective

 

LIC Saral Pension Plan – Eligibility

Eligibility	Criteria
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

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

LIC Saral Pension Plan – Benefits

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

LIC Saral Pension Yojana – Annuity Options

The Policy offer two annuity options under the scheme including:

Annuity	Benefit
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

 

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: