The Life Insurance Corporation (LIC) of India introduced the LIC Saral Pension Plan in August 2022. It is a non-linked and non-participating upfront single premium scheme. An annuity rate of about 5% is assured with the start of the plan in this particular annuity arrangement. In accordance with this LIC plan, the annuitant has the choice of receiving payments either monthly, quarterly, half-yearly, or annually for as long as they remain alive.
LIC Saral Pension Plan: Eligibility criteria
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LIC Saral Pension Plan: Pension calculator
As per the LIC Saral Pension Plan details available on the official website of LIC, the policyholder can opt for a minimum ₹1,000 monthly pension or ₹12,000 yearly pension under this scheme. For this minimum pension, one will have to make a one time single premium payment of ₹2.50 lakh. An investor will get ₹50,250 annual pension on investment of ₹10 lakh single premium. Similarly, if an investor wants ₹1 lakh annual pension under this scheme, one will have to make an upfront single premium payment of ₹20 lakh.
LIC Saral Pension Plan: Benefits
Loan benefit: This LIC plan offers a loan facility after the initial six months have passed.
Lifetime pension benefit: Because the LIC Saral Pension Plan is a whole life policy, the policyholder is entitled to a yearly or monthly pension for the remainder of their lives following policy start.
Death benefit for nominee: The base premium will be returned to the nominee following the death of the LIC Saral Pension Plan subscriber.
No maturity benefit: In LIC Saral Pension Plan, there is no maturity benefit as the pension is made available till the policyholder is alive.
Exit Plan: After six months of operation, participants may leave the LIC Saral Pension Plan.
Interest rate: A guaranteed annual return of about 5% is provided by the annuity plan.
