LIC Saral Pension: All you need to know

Saral Pension (Plan No.862) is a Non-Linked, Non-Participating, Single-Premium, Individual Immediate Annuity Plan by LIC.

write an AIDA for pension insurance plan

Avail an immediate annuity, and return of purchase price to your nominee.

• This is a standard immediate annuity plan according to the guidelines for Insurance Regulatory and Development Authority of India (IRDAI), which has the same terms and conditions across all life insurers.
• It offers two types of annuity options for the policyholder.
• The annuity rates are guaranteed and the annuities will be paid throughout the lifetime of you or your spouse.
• Saral Pension is a non-linked, single premium plan that can be purchased in person or online from LIC.

Annuity Options

Option I: Life Annuity – Return 100% of your purchase price

Option II: Joint Life and Last Survivor Annuity with Return of 100% Purchase Price on death of the last survivor.

After you choose an annuity, you can’t change it so make your decision as per your need.

Benefits:

Benefits Under Option I

• Annuity payments will be paid in arrears as long as the annuitant is alive
• Upon the death of the annuitant, the annuity payment will cease immediately and 100% of the purchase price paid shall be distributed to your nominee(s)/legal heirs.

Benefits Under Option II

• The annuity is paid in arrears to the annuitant or spouse, as selected.
• Upon the death of the last survivor, annuity payments will cease immediately and 100% of purchase price will be paid to your nominee(s)/legal heirs.
• Option II annuity plan can be taken only with spouse. Its ideal plan for joint Pension scheme.

Eligibility Criteria

• Minimum Age at Entry: 40 years (completed)
• Maximum Age at Entry: 80 years (completed)

Minimum Pension:

The available annuity options are yearly, half-yearly, quarterly, and monthly. The annuity payment will be made after 1 year, 6 months, 3 months, and 1 month depending on the plan. The pension will be paid in arrears.

If you are eligible for a pension plan and want to choose the best one, Saral Pension is an option that guarantees annuity payments throughout your lifetime. This plan provides two types of annuities which can be chosen according to your need. The benefits under both options should be considered before making a decision. If you have any questions about this pension plan or would like more information on this plan, please contact your LIC agent.