Mumbai: LIC OF INDIA launches LIC’s Saral Pension (Annuity Plan). Life Insurance Corporation of India has introduced LIC’s_ Saral Pension with effect from 1st July 2021 which is a Non-Linked, Non-Participating, Single Premium, Individual Immediate Annuity Plan.
This is a Standard Immediate Annuity plan as per the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), which offers the same terms and conditions across all the life insurers.
LIC OF INDIA launches LIC’s Saral Pension (Annuity Plan). The Policyholder has an option to choose the type of annuity from two available options on payment of a lump sum amount.
Option 1: Life Annuity with Return of 100% of Purchase Price.
Option 2: Joint Life Last survivor annuity with Return of 100% of Purchase Price on death of the last Survivor.
The Annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of the Annuitant(s).
This plan can be purchased offline as well as online directly through the website www.licindia.in.
The minimum Annuity is Rs.12, 000 per annum. The Minimum Purchase Price shall depend on the Annuity mode, Option chosen, and Age of the Annuitant. There is no ceiling on the Maximum Purchase Price. The modes of Annuity available are yearly, half-yearly, quarterly, and monthly. An Incentive for a Purchase price above Rs 5, 00,000/- is available by way of an increase in the annuity rate. The plan is available for ages from 40 yrs to 80 yrs. The loan shall be available at any time after six months from the date of commencement of the policy.
