LIC Saral Pension Plan : Life Insurance Corporation of India (LIC) had introduced LIC Saral Pension Yojana in August 2022. It is a non-linked and non-participating upfront single premium scheme. In this particular annuity system, an annuity rate of around 5% is assured from the inception of the plan. As per this LIC plan, the annuitant (subscriber) has the option to receive the payouts monthly, quarterly, half-yearly or annually, as long as they are alive.
Who can take this scheme
Looking at the details of LIC Saral Pension Yojana, any person between the age of 40 to 80 years is eligible to buy or subscribe to this annuity pension scheme.
View pension calculator here
According to the details of Saral Pension Yojana available on the official website of LIC, the policyholder can take a minimum monthly pension of Rs 1,000 under this plan, which will become a pension of Rs 12,000 annually. Anyone can choose this option. For this minimum pension, you have to pay a lump sum single premium of Rs.2.50 lakh.
At what rate will you get a pension of 50 thousand rupees
If an investor wants an annual pension of Rs 50,250, then he will have to pay a single premium of Rs 10 lakh. On this much investment, a pension of Rs 50250 will be available annually throughout life. Similarly, if an investor wants an annual pension of Rs 1 lakh under this scheme, he/she will have to pay a lump sum single premium of Rs 20 lakh.
There are other advantages
Loan Benefit: This plan of LIC provides loan facility after the initial six months have passed. That is, you can take a loan.
Lifelong Pension Benefit: LIC Saral Pension Plan is a full life policy, the policyholder is entitled to annual or monthly pension for the rest of his life after the commencement of the policy.
Death Benefit for Nominee: The base premium will be returned to the nominee after the death of the subscriber in LIC Saral Pension Plan
Take a look at these things too
No Maturity Benefit: In LIC Saral Pension Plan, there is no maturity benefit as the pension is provided till the life of the policyholder.
Exit Plan: After running the scheme for six months, you can leave the LIC Saral Pension Plan.
Interest Rate: A guaranteed annual return of about 5% is provided under the annuity plan.
Yesterday the company presented its quarterly results. India’s largest life insurer LIC reported a net profit of Rs 15,952 crore for the quarter ended September, a multiple-fold jump from Rs 1,433 crore in the same period last year. In the June quarter, the company had reported a net profit of only Rs 682.9 crore. First year premium stood at Rs 9,124.7 crore for the quarter as compared to Rs 8198.30 crore a year ago.
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LIC This is a powerful scheme will give 50 thousand rupees throughout life
Looking at the details of LIC Saral Pension Yojana, any person between the age of 40 to 80 years is eligible to subscribe or buy this annuity pension scheme.
Story first published: Saturday, November 12, 2022, 16:04 [IST]