Saral Pension Plan by Life Insurance Corporation (LIC) of India is a non-linked, non-participating, single premium, individual immediate annuity plan which not only provides coverage but also annuity.
If you are a policyholder, then you will have the option to choose the type of annuity, and this policy can also be purchased both online and offline.
LIC Saral Pension plan is a retirement scheme, which is launched under the IRDAI (Insurance Regulatory and Development Authority of India) guidelines. This Standard Immediate Annuity plan provides financial security to the policyholders after retirement from employment. The annuity will be paid throughout their lifetime and the rates will be guaranteed after the commencement of the pension plan.
The following are the key objective of LIC Saral Pension Plan:
The following are the key benefits of LIC Saral Pension Plan:
o Returns 100% purchase price on demise of policyholder under single annuity option
o Under joint-life annuity option:
§ Spouse will receive same annuity amount in case of death of annuitant
§ Nominee will receive 100% of the purchase price on demise of spouse
§ Annuitant will continue to receive annuity if the spouse dies before annuitant
§ Nominee will receive 100% of annuity amount, if both the annuitant and the spouse die
There are two annuity options offered by LIC if you avail yourself of the Saral Pension Plan:
o The option is available to only single policyholders
o A benefit of Rs.12,000 is provided to the single policyholder till they survive the policy term
o In the annuity option, the premium is returned to the nominee in case the life assured dies
o The option is available to the joint policyholders
o Pension benefit will be provided to the couple
o Total premium amount will be returned to the nominee on demise of last surviving spouse
The benefits of LIC Saral Pension Plan annuity options are given below:
Option | Benefits |
Option 1 |
Option |
Option 2 |
|
The eligibility criteria you will have to fulfil to apply for Saral Pension Plan are given below:
Mode of annuity | Monthly | Quarterly | Half-yearly | Annual |
Minimum annuity | Rs.1,000 p.m. | Rs.3,000 per quarter | Rs.6,000 per half-quarter | Rs.12,000 p.a. |
Some of the features of LIC Saral Pension Plan are given below:
Given below is the list of critical illnesses covered under the Saral Pension Plan
Once you have chosen an annuity option, you cannot get it altered.
No, you won’t be covered if you lose your limbs due to alcohol or drug abuse.
No, coverage is provided only in case of permanent or irreversible blindness.
IRDAI will never call you and sell insurance policies, or announce any bonuses. In case you get a call from IRDAI, lodge a police complaint.
If you have availed loan against policy with the period commencing between 1 May 2022 and 30 April 2023, the interest rate applicable will be 8.98% p.a.
Yes, if the policy is taken as a joint life annuity option, the spouse of the policyholder can avail loan against the policy after the death of the policyholder.
Yes, if you purchase the Saral Pension Plan online, then you will get a rebate of 2%.
Yes, joint life annuity can only be taken with your spouse where the eligibility criteria to avail of this policy will be applicable to them as well.
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