LIC Saral Pension Plan Details

Friends welcome to our blog. No matter whichever profession we are in, we all should have a pension plan. So today we will discuss a very popular pension plan. The name of this pension scheme is LIC Saral Pension Scheme.

LIC Saral Pension Scheme

• LIC Saral Pension Scheme is the latest pension scheme launched by LIC. This is an Immediate Annuity Plan launched under the direction of the Insurance regulator IRDAI. With this plan, a pensioner will start to get a pension immediately after the commencement of this scheme. However, if you want to take this pension plan, you have to pay all the premiums at once at the beginning, and after that, you will continue to receive a certain amount of pension for the rest of your life.
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LIC Simple Pension Scheme – Two options

• LIC Saral Pension Scheme has two options. The first option is Life Annuity with Return of 100% of Purchase Price. In this option, the pensioner will continue to receive his/her pension as per the time fixed by him/her, but after his/her death no further pension will be paid. However, his/her nominee/legal heir will be reimbursed in full for the premium paid at the time of the introduction of the pension scheme.
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• The other option is Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor. In this option, the pensioner (his/her spouse in case of his/her death) will continue to receive his/her pension as per his/her fixed time, and no further pension will be paid after the death of both of them. However, the premium paid at the beginning will fully be refunded to his/her nominee/legal heir.
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LIC Simple Pension Scheme – Who can apply

• To apply for LIC Saral Pension Scheme, the minimum age of the applicant should be 40 years and the maximum age should be 60 years.

LIC Simple Pension Scheme – When you will get Pension

• Pensioners have four options for availing pension under LIC Saral Pension Scheme.
  • The pension can be taken every month.
  • The pension can be taken at the end of every quarter.
  • The pension can be taken at every six months.
  • The pension can be taken every year.

LIC Simple Pension Scheme – How Much Pension you will Get?

LIC Saral Pension Yojana Calculator

• The amount you will get in LIC Saral Pension Scheme will depend on how much premium you are paying. For example, if you subscribe a pension plan of Rs. 10,00,000, at the age of 60, you will get an annual pension of Rs. 56450 (as per the first option), and Rs. 55,950 (as per the second option)
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LIC Simple Pension Scheme – Minimum amount to start with

• LIC Saral Pension Scheme has minimum criteria for enrollment. For example, if you want to get a pension every month, then you have to buy a pension plan that yields a minimum amount of Rs.1000/- pension per month. In the same way, if you want to get a pension every quarter, then you have to buy a pension plan that yields a minimum amount of Rs.3000/- pension per quarter. Again, for six months and one year pension, the amount is Rs. 6,000 and Rs. 12,000 respectively.
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Term of LIC Simple Pension Scheme

• The term of this pension scheme is a lifetime. Once the pension is introduced, it will last for the rest of one’s life.

LIC Simple Pension Scheme – Can be surrendered

• You can surrender this pension scheme at any time after six months of its commencement. However, this is possible only if the pensioner/his/ her  spouse/their child suffers from Critical Illness. In this case, 95% of the premium paid at the time of the introduction of the pension scheme will be refunded. Click here and see page no. 7 of this pdf to see the list of these diseases.
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Can I avail loan from LIC Saral Pension Scheme?

• You can apply for a loan from this Pension Scheme, anytime after six months of commencement of this pension scheme. However, in this case, the annual interest to be paid should be less than 50% of the annual annuity.
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How to apply for LIC Simple Pension Scheme

• LIC Simple Pension Scheme can be applied both online and offline. To apply online, visit LIC’s website and contact a LIC agent to apply offline.

We hope that you will get to know some new information from this post. If you have any questions about this post or any other financial matter, please let us know in the comment box or email us at our email id [email protected]. If you like this post, share it with others and give others a chance to know.