LIC launches Saral pension plan. How much regular income you will get?

After a one-time lump sum payment, policyholders can choose between two annuity choices under the LIC Saral pension plan.

Saral pension plan, a non-linked, non-participating, single award, private instant annuity plan, was launched by India’s Life Insurance Corporation (LIC) on July 1, 2021. After a one-time lump sum payment, policyholders in a LIC Saral pension plan have two annuity options. After six months of plan purchase, the policyholder can apply for a loan under the program.

The policyholder seat pays a bulk sum as the purchase price and gets a fixed payment at monthly periods for the duration of the policy’s term under this LIC of India pension plan. A policy bearer can get a minimum annuity of $12,000 per year. The type of annuity will determine the minimum purchase price, the option selected, and the insurance subscriber’s or annuitant’s age. The highest purchasing price, on the other hand, has no limit.

As previously stated, policyholders can choose between two types of annuities when purchasing this LIC Saral pension plan: life annuity with a 100% return of purchase price and communal life last survivor annuity with a 100% return of purchase price on the death of the last survivor.

According to the terms of this LIC Saral pension plan, the annuitant can choose between monthly, quarterly, or half-yearly payments. As a result, the minimum monthly annuity allowed under this plan is $1,000, the minimum quarterly allowance is 3,000, and the minimum half-yearly pension is 6,000.

This LIC’s Saral pension plan is available to those between the ages of 40 and 80.

This LIC Saran pension plan also provides annuitants with a borrowing option. After six moons of the origin of the policy, an annuitant can use this benefit.