LIC Saral Scheme: LIC Saral Pension Scheme provides you financial security after retirement. The policyholder has the option to choose the annuity type from the 2 available options at lump sum payment.
Life Insurance Corporation of India has launched several schemes to meet the post-retirement needs of the policyholders. These plans provide you financial security after your retirement. One such plan is the LIC Saral Pension Plan. The policyholder has the option to choose the annuity type from the 2 available options at lump sum payment. Annuity rates are guaranteed at the inception of the policy.
The main objective of Saral Pension Yojana is –
Making the policy customer-friendly which helps in making an informed choice. Creation of trust between the insurer and the insured. To create uniformity and reduce misuse of the scheme.
Eligibility Criteria under LIC Saral Pension Plan
- Minimum age at the time of entry is 40 years (completed).
- Maximum age at entry is 80 years (completed).
- No limit on maximum purchase price.
Policy Term Whole Life Policy
- Minimum annuity for monthly: Rs.1000
- For Quarterly: Rs. 3000
- For half yearly: Rs. 6000
- For Annual: Rs. 12000
Features of LIC Saral Pension Plan
It is a non-participating, single premium, non-linked, immediate annuity plan. This plan comes with two annuity options. In joint life policy, 100% of the annuity is paid to the spouse in case of death of the spouse. However, in case of death of both, 100% of the purchase price will be given to the nominee. The policyholder can choose the frequency of annuity payment as per his/her convenience. LIC offers annual, half-yearly, quarterly and monthly modes of annuity payment under Saral Pension Plan.
If the spouse or the annuitant or any of their children is diagnosed with a critical illness, the policy can be surrendered at any time after 6 months from the date of inception. The insured person can take a loan against it after 6 months from the inception of the plan.
Benefits of LIC Saral Pension Plan
Death benefit
Under single-life annuity, 100% of the purchase price is paid to the nominee after the death of the policyholder. If the spouse is alive, they will receive equal annuity amount on the death of the annuitant. In case the spouse also dies, 100% of the purchase price will be given to the nominee.
Loan benefits
Loan under LIC Saral Pension Plan is allowed only after 6 months from the date of inception of the policy. The annual interest amount paid should not exceed 50%.
If the policyholder is not satisfied with the terms and conditions of the policy, the policy may be returned to the company within 15 days (30 days if the policy is purchased online) from the date of receipt of the policy documents mentioning the reasons for objections.
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