LIC’s Saral Pension Plan is a non-linked, non-participating, single premium, individual immediate annuity plan. LIC’s Saral Pension plan number 862 was launched in August this year after updating the previous existing plan. It is a standard immediate annuity plan as per the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), and gives the policyholder 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 the annuities are payable throughout the life of the annuity. The two available annuity options under this plan include – Life Annuity with return of 100% of the purchase price and Joint Life Last Survivor Annuity with return of 100% of the purchase price on the death of the last survivor.
LIC Saral Pension Scheme Eligibility:
A person who has completed 40 years of age and is less than 80 years can join LIC Saral Pension Scheme. Saral Pension Yojana comes with a minimum monthly annuity or pension of Rs 1000. This means the minimum amount required to be invested to get an annuity of Rs 1000 monthly or Rs 12000 per annum.
LIC Saral Pension Plan Investment and Return Calculator:
LIC Saral Pension Plan gives a return of around 5 percent on investment. Suppose, you invest a lump sum of Rs 2.5 lakh in a pension scheme at the age of 41, you will get a pension of Rs 12,300 per year or Rs 1,025 per month. If you invest Rs 3 lakh, you will get a pension of Rs 14,760 annually or Rs 1,195 per month. If you choose to invest Rs 10 lakh in one go, you will get an annuity of Rs 58,950 per annum under the first option and Rs 58,250 per annum under the second annuity option.
The policy can be surrendered at any time after six months from the date of commencement, if the annuitant or the spouse or one of the children of the annuitant has been given any of the critical illnesses specified as contracted on the basis of the documents furnished. Diagnosed as suffering from either one. Satisfaction of the Medical Examiner of the Corporation.
Policy loan will be allowed any time after six months from the date of commencement of the policy. The annuity methods available are yearly, half-yearly, quarterly and monthly.