LIC Pension Plan 10 Years

LIC Pension Plan 10 Years | Saral Pension Plan Interest Rate 2022

LIC Pension Plan 10 Years | Saral Pension Plan Interest Rate 2022 Learn about the features, benefits and options available under.

LIC Saral Pension Plan / LIC Saral Pension Plan

What is LIC Saral Pension Plan?

LIC Saral Pension Plan Is a standard immediate annuity plan, launched under the guidelines and procedures of IRDAI (Insurance Regulatory and Development Authority of India) (IRDAI). The policyholder has the option to choose the annuity type from the 2 available options at lump sum payment. The annuity rates are guaranteed at the inception of the policy and the annuities are payable throughout the life of the annuitant.

The main objective of Saral Pension Yojana is:

1. To make the policy customer-friendly which helps in making an informed choice

2. To glorify the trust between the insurer and the insured

3. To create uniformity and reduce misuse of the scheme

4. Minimize potential disputes between 2 insurance companies by creating common guidelines

Eligibility Criteria under LIC Saral Pension Plan:

minimum at the time of entry Age 40 years (completed)
Maximum age at entry 80 years (Completed) Age 80 years (completed)
minimum purchase price Depending on the minimum annuity specified in the annuity option
maximum purchase price No limits
policy term whole life policy
minimum annuity Rs 1000 monthly
For the quarter: 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.

There are two annuity options available:

Life Annuity with 100% Return of Purchase Price: It offers annuity for life with 100% return on purchase price.

In Joint Life Annuity, 100% of the annuity is paid to the second spouse in case of death of the primary. However, in case of death of both, 100% of the purchase price will be given to the nominee

An insured can choose the frequency of annuity payment as per his/her convenience. LIC offers yearly, half-yearly, quarterly and monthly payment modes under the Saral Pension plan.

Pension starts when a person earns minimum annuity of Rs. 12000/yr, no upper limit.

The policy can be surrendered any time after 6 months from the date of inception, if the spouse or any of their children is diagnosed with any critical illness.

The insured can take a loan against him after 6 months from the inception of the plan.

Benefits of LIC Saral Pension Plan | LIC Saral Pension Plan Benefits:

Death Benefit / Death Benefit:

a. Under single-life annuity, 100% of the purchase price is paid to the nominee after the death of the annuitant.

b. Under Joint Life Annuity: If the spouse is alive, they will receive equal annuity amount on the death of the annuitant. However, in case the spouse also dies, 100% of the purchase price will be given to the nominee.

Survival Benefit / Survival Benefit :

Annuity amount is payable under survival benefit.

Loan Benefit / Loan Benefit:

Loan under LIC Saral Pension plan is allowed only after 6 months from the date of inception of the policy. The maximum loan amount will be such that the annual interest amount paid does not exceed 50% of the annual annuity amount.

Free Look Period

If the policyholder is not satisfied, the policy can be returned to the company within 15 days (if the policy is purchased online) from the date of receipt of the policy documents mentioning the reasons for the objections.

Tax Benefits / Tax Benefits:

Tax saving benefits are available as per the prevailing laws of the Income Tax Act, 1961.

Annuity option under LIC Saral Pension Plan:

Under Saral Pension Scheme, LIC offers two options which are:

Option I
Life Annuity with return of 100% of the purchase price: This option is offered only to an individual or a single policyholder wherein they are entitled to Rs. 12,000 benefit amount, as long as they are alive. If the life assured dies, the premium amount is paid to the nominee.

Option II
Joint Life Last Survivor Annuity with return of 100% of the purchase price on the death of the last survivor: This option allows a couple to receive pension. In such cases, the nominee receives the premium after the death of the last surviving spouse.

Benefits of Annuity / Benefits of Annuity:

Option I • Annuity is paid in arrears as long as the annuitant is alive.
• After the death of the annuitant, the annuity payment stops and 100% of the purchase price is paid to the nominee
Option II Option II• Annuity is paid in arrears as long as the annuitant or spouse is alive.
• After the death of the annuitant, the annuity payment stops, and 100% of the purchase price is paid to the nominee

How to Invest in LIC Saral Pension Plan?

LIC Saral Pension Plan can be purchased both online and offline. Similarly, individuals who are planning to invest in the Simple, Standard, Individual plan can buy this policy either by:

a lic agent offline or

Nearest LIC Office or

LIC official website www.licindia.com On reaching

When the person retires and he/she gets the provident fund amount, the gratuity amount in one go, it becomes a lump sum amount. The amount can be kept in a fixed deposit option, but in case of LIC’s Saral Pension Yojana, 2021, the policyholder will get a fixed regular pension from LIC, with the assured basic premium paid to the nominee.

This LIC Saral Pension Plan, 2021 is a suitable plan for senior citizens who have lump sum amount to pay lump sum. LIC Saral Pension Plan A well-planned policy to make the financial future of the policyholder stress-free. With a minimum annuity of at least Rs 12,000 per annum, this scheme is gaining popularity among the masses every day.

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