LIC Saral 2021 pension plan: There is good news for ordinary people as the Life Insurance Corporation of India (LIC) offers a plan with retirement pension in mind. The LIC introduced the LIC Saral pension, an adequate, untied, non-participatory, single premium individual annuity plan. LIC introduced this Saral pension from LIC (annuity plan) with effect from July 1, 2021. The plan will be available from 40 to 80 years of age.
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LIC tweeted about this annuity plan from their official Twitter account. LIC’s press release states that this plan is a standard immediate annuity plan that meets the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI) which offers the same terms and conditions for all life insurers.
– LIC India Forever (@LICIndiaForever) July 1, 2021
The policyholder can choose the type of annuity from two options available on the payment of a lump sum. The two options are:
Option 1: Life annuity with return of 100 percent of the purchase rate
Option 2: Joint and survivor pension with reimbursement of 100% of the purchase on the death of the last survivor
Annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life of the annuitant (s).
Those interested should note that the plan can be purchased offline as well as online directly through the LIC website at licindia.in.
Those interested should note that the minimum annuity Rs 12,000 per year. The minimum purchase price will depend on the annuity method, the option chosen and the age of the annuitant. It should be noted that there will be no cap on the maximum purchase price.
The annuity methods available are annual, semi-annual, quarterly and monthly. An incentive for a purchase price above Rs 5,000,000 is available in the form of an increase in the annuity rate. The plan is available for ages 40 to 80.
The loan will be available at any time after six months from the effective date of the policy.