LIC Saral Pension Plan

Saral pension plan, a non-linked, non-participating single premium, individual annuity plan, was introduced by Life Insurance Corporation of India (LIC) on July 1, 2021. On a one-time lump sum payment, it provides two annuity choices. After six months of completing the plan, you can apply for a loan.

The policyholder can pay a flat amount for the insurance and receive set payments for the rest of their lives. A policyholder can get a minimum annuity of Rs 12,000 each year. The minimum purchase price is determined by the kind of annuity, the option selected, and the policyholder's or annuitant's age. The maximum purchasing price has no upper limit.

Annuity selection options:

First option provides a life annuity with a 100 percent return on the purchase price, while Second option provides a joint life last survivor annuity with a 100 percent return on the pure purchase price on the death of the last survivor. Annuity rates are guaranteed at the start of the insurance, and annuities are paid for the rest of the annuitant's life.

Annuity modes:

Monthly, quarterly, and half-yearly annuities are provided for the LIC Saral Pension Plan. The minimum monthly annuity is Rs 1,000, whereas the minimum quarterly annuity is Rs 3,000 and the half-yearly annuity is Rs 6,000.

Availability of a loan:

After six months of participation in the plan, the policyholder is eligible for a loan from the LIC Saral Pension Plan.

Age Limit:

For people between the ages of 40 and 80, the LIC Saral Pension annuity plan is offered.