LIC rolls out Saral Pension scheme. Here's what you need to know
- LIC Saral Pension plan: It is a standard immediate annuity plan according to the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI) that provides the same terms and conditions across all the insurers.
Life Insurance Corporation of India (LIC) has come out with its Saral Pension scheme with effect from Thursday. The scheme is a non-linked, non-participating, single premium, individual immediate annuity plan. It is a standard immediate annuity plan according to the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI) that provides the same terms and conditions across all the insurers.
Here's what all the policyholders need to know:
They have an option to choose the type of annuity from two available options on payment of a lump sum amount.
The policyholders can either choose for life annuity with 100 per cent return of purchase price. Or they can choose for joint life last survivor annuity with 100 per cent return of purchase price on death of the last survivor.
The annuity rates are guaranteed at the beginning of the policy and annuities are payable throughout the lifetime of the annuitant(s).
Interested persons can purchase the plan by the LIC offline as wells as online directly through visiting the site of the insurer. licindia.in.
The minimum annuity is fixed at ₹12,000 per annum. The minimum purchase price will depend on the annuity mode, chosen option and age of the annuitant, as per the LIC.
There is no ceiling on the maximum purchase price.
The mode of annuity that is available with the policyholders is yearly, half-yearly, quarterly and monthly.
Above the purchase price of ₹500,000, an incentive is available by way of an increase in the annuity rate.
The plan is available for people belonging to the age bracket of 40-80 years.
The loan will be available at any time after six months from the date of the commencement of the policy.