LIC Saral Pension Plan: The individual instant annuity plan launched by the Life Insurance Corporation (LIC) of India in August 2022 is a non-linked and non-participating upfront single premium scheme. This is an annuity plan where annuity rate of around 5 per cent is guaranteed with inception of the plan. Under this LIC plan, the annuitant has the option to choose payment in monthly, quarterly, half-yearly or yearly till he or she is alive.
Eligibility criteria
As per the LIC Saral Pension Plan details, anyone aged between 40 to 80 years is eligible for subscribing or buying this annuity pension scheme.
Pension calculator
As per the LIC Saral Pension Plan details available on the official website of LIC, the policyholder can opt for minimum ₹1,000 monthly pension or ₹12,000 yearly pension under this scheme. For this minimum pension, one will have to make one time single premium payment of ₹2.50 lakh. An investor will get ₹50,250 annual pension on investment of ₹10 lakh single premium. Similarly, if an investor want ₹1 lakh annual pension under this scheme, one will have to make an upfront single premium payment of ₹20 lakh.
LIC Saral Pension Plan important details
Loan benefit: After completion of six month of inception, loan facility is available under this LIC plan.
Exit plan: One can exit LIC Saral Pension Plan after six months of inception.
LIC Saral Pension Plan interest rate: The annuity plan offers guaranteed annual return to the tune of around 5 per cent.
Lifetime pension benefit: LIC Saral Pension Plan is a whole life policy this means the policyholder is eligible for annual or monthly pension for entire life after inception.
Death benefit for nominee: After the death of LIC Saral Pension Plan subscriber,, the base premium will be given back to the nominee.
No maturity benefit: In LIC Saral Pension Plan, there is no maturity benefit as the pension is made available till the policyholder is alive.
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