LIC Saral Pension Plan: The policy can be surrendered at any time after six months from the date of commencement.
LIC’s Saral Pension plan is a non-linked, non-participating, single premium, individual immediate annuity plan. Plan number 862 of the LIC’s Saral Pension was launched in August this year after updating the previous existing plan. This is a standard immediate annuity plan as per the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), and gives the Policyholder an option to choose the type of annuity from two available options on payment of a lump sum amount. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of the Annuitant(s). The two available annuity options under this plan include – Life Annuity with Return of 100% of Purchase Price and Joint Life Last Survivor Annuity with a Return of 100% of the Purchase Price on the death of the last survivor.
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LIC Saral Pension Plan Eligibility:
A person who has completed the age of 40 years and is less than 80 years can join the LIC Saral Pension plan. The Saral Pension plan comes with a minimum monthly annuity or pension of Rs 1000. That means one will have to invest the minimum amount required to yield Rs 1000 monthly or Rs 12000 annual annuity.
LIC Saral Pension Plan Investment and Return Calculator:
The LIC Saral Pension scheme yields a return of around 5 per cent on the investment. Suppose, you make a one-time investment of Rs 2.5 lakh in the pension plan at the age of 41, you will get a pension of Rs 12,300 per year or Rs Rs 1,025 per month. If you invest Rs 3 lakh, you will get an annual pension of Rs 14,760 or Rs 1,195 per month. If you choose to invest Rs 10 lakhs at once, you will get an annuity of Rs 58,950 per year under the first option and Rs 58,250 per year 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 spouse or any of the children of the annuitant is diagnosed as suffering from any of the specified critical illnesses as Annexure, based on the documents produced to the satisfaction of the medical examiner of the Corporation.
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The Policy loan shall be allowed at any time after six months from the date of commencement of the policy. The modes of annuity available are yearly, half-yearly, quarterly, and monthly.
