LIC Saral Pension Policy: Monthly pension of Rs 12,000 can be taken by depositing lump sum money in this pension policy of LIC. The policyholder can opt for monthly, quarterly, half-yearly or annual pension under this plan.
LIC Saral Pension Policy: Life Insurance Corporation of India, or LIC, is one of the most popular options for Indians when it comes to buying an insurance policy. For this reason, LIC has designed specific plans for a specific group of individuals. The need for insurance has increased after the Covid-19 pandemic hit India two years ago, ever since people realized that insurance policies prove helpful.
When it comes to financial security of the family, LIC Jeevan Saral plan is the safest option. LIC Jeevan Saral is an endowment plan where the insurance buyer has the option to choose the premium payment amount and mode. People in the age group of 40 years to 80 years are eligible for this scheme.
According to the LIC website, the LIC Jeevan Saral plan is a standard immediate annuity plan as per the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), which provides the same terms and conditions for all life insurers. 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. LIC has said that this plan can be purchased offline as well as online through LIC’s website www.licindia.in.
LIC Saral Pension Plan allows investors to get Rs 12,000 per month by paying just one premium. A policyholder can opt for monthly, quarterly, half-yearly or annual pension under this plan. Pension will be available when the policyholder or nominee turns 60 years old.
LIC Saral Pension Plan offers multiple premium payment options (i.e. monthly, quarterly, half-yearly and yearly) to the subscriber. The premium amount is automatically deducted from the salary during the entire policy term or till the first death.
There are two options available to choose from under LIC Saral Pension Plan –
Life annuity with 100% return of purchase price
The benefits of the policy are limited to the investors in the option, which promises monthly payments till the life of the policyholder. The nominee receives premium in unfortunate event of a life annuity with 100% return option.
Joint life last survivor annuity
Option allows a couple (husband and wife) to avail pension. However, in this case, the nominee gets the premium after the death of the last surviving spouse.
It is worth noting that the policyholder can take a loan after 6 months from the start of this scheme.
