LIC Started New Pension Plan "Saral Pension Plan" For Indian Citizen - Deposit Once Get Pension Lifetime

LIC Lunched New Pension Scheme "Saral Pension Scheme", Once Deposit Get Pension Lifetime

LIC started new pension scheme " Saral Pension Scheme" for Indian citizen above 40 years of age

Life Insurance Corporation (LIC) Of India started new pension scheme "Saral Pension Scheme" for Indian citizen. The pension scheme has A Non-Linked, Non-Participating, Single Premium, Individual Immediate Annuity Plan. 

LIC Saral Pension Scheme is a Standard Immediate Annuity plan as per guidelines of Insurance Regulatory and Development Authority of India (IRDAI), Which offer same terms and conditions across all the life insurers. This Policy has an option for policy holder to choose type of annuity from two available options  on payment of a lump sum amount. The annuity rates are guaranteed at the inception of the policy  and annuities are payable throughout the life time of annuities.

How to buy LIC Saral Pension Scheme ?

LIC provides the facilities to avail this policy through offline as well as through online mode from LIC Website www.licindia.com

Who are Eligible for the Scheme ?

Must be an Indian citizen and minimum age required  for policyholder to avail the "Saral Pension Scheme" is 40 years and maximum age is below 80 years of age.

Benefits Under the scheme:

 There are two available annuity options under this plan

Option I -- The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the annuitant, the annuity payment shall cease immediately and 100 % of purchase price shall be payable to nominee or legal heirs.

Option II -- The annuity amount shall be paid in arrears for as long as the Annuitant and/or spouse are alive, as per the chosen mode of annuity payment. But on death of the last  survivor, the annuity payments will cease immediately and 100 % of purchase price shall be payable to nominee or legal heirs.

Loan Facility

Along with above two benefits LIC provides LOAN facility with the pension scheme i.e policy holder can avail loan from the scheme after six month from the date of commencement of the policy.

Mode of Annuity Payment:

The modes of annuity payments are yearly, half-yearly and monthly which includes arrears from date of commencement of the policy.

Incentive To Policy Holder If Avail The Policy:

There are wide range of incentives are available under this LIC "Saral Pension Scheme" on basis of Annuity Purchase Price. Higher incentive for higher purchase price and LIC provides special rebate of 2%  for Policy Purchased through Online to increase Policy sale.

For Better Understanding With Illustration:

For Example:- Purchase price:       Rs 10 lakh

                         Annuity Mode:       Yearly 

                         Entry Age of Policy holder:  60 Years

                         Policy Holder Spouse age:    55 Years

As per Option-I Annuity amount is Rs 51,650 rupees

As per Option-II Annuity amout is  Rs 51,150 rupees.