LIC Jeevan Saral Yojana is a standard annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI).
Life Insurance Corporation of India (LIC) offers different insurance plans for all categories of citizens. Along with this, financial benefits can also be taken by investing in these insurance schemes. Tax and other benefits are also given under LIC plan. LIC’s Jeevan Saral plan is also one such plan.
LIC Jeevan Saral plan gives an option to the insurance buyer to choose the premium payment amount and mode. People in the age group of 40 years to 80 years can take advantage of this scheme. According to the LIC website, LIC Jeevan Saral Yojana is a standard annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI).
It offers the same terms and conditions for all the policyholders. Under this plan, the policyholder has the option to choose the type of annuity from two available options on payment of a lump sum amount. Annuity rates are guaranteed at the inception of the policy and are payable throughout the life of the annuity. This plan can be purchased offline as well as online through the website licindia.in.
Under the Saral Pension Yojana, a benefit of Rs 12,000 per month can be availed once the premium is deposited. A policyholder can opt for monthly, quarterly, half yearly or annual pension under this plan. However, the policyholder can take advantage of the scheme only after 60 years. One can invest in this with a minimum annuity of Rs 12,000 and no maximum limit.
If a person pays a single premium of Rs 10 lakh, then he can get a pension of Rs 52,500 every year under this scheme. To buy this policy you will have to fill an application form with accurate medical details along with proof of address and other KYC documents. Also, medical tests may also be required in specific cases depending on the sum insured and the age of the individual.
