Looking for Best Pension Plan? With effect from 1st July 2021, Life Insurance Corporation (LIC) has launched a new pension plan called LIC Saral Pension Plan. This is a standard immediate annuity plan as per the guidelines of the Insurance Regulatory Development Authority of India. This is an individual annuity plan that will make monthly payments to the person buying the plan, and that depends on the terms and conditions that they agreed for. This LIC Pension Plan is the non-participating and non-linked plan.
If you are worried about how to get regular payments after your retirement, then a one-time payment in LIC Saral Pension Plan is a great choice. It is just a one-time payment, and you will start receiving payment after the annuity starts. The Insurance Regulatory Development Authority of India has issued the guidelines for the pension plan. The person who takes the pension plan will receive payment for the rest of the life. The amount that the buyer receives will depend on the payment or the plan that is selected by the individual.
Best Pension Plan by LIC
Eligibility Criteria for LIC Saral Pension Plan
If you wish to take the this Pension Plan, then you should be of age between 40 years and 60 years.
Annuity options to choose from:
Basically, there are two different kinds of annuity options to choose from:
- In the first option, the buyer can choose the 100 percent returns annuity option on the purchase price.
- On the death of the last survivor, 100 percent annuity returns on the purchase price to the joint-life last survivor.
Loan Facility
The Best LIC Pension Plan also allows applying for a loan after the plan has commenced and passed six months of time at least. As soon as the six months payment is made, the buyer will be able to apply for a loan. The maximum amount of loan that you will be able to receive will depend on the interest rate which is calculated based on the LIC Saral Pension Plan calculator. The interest amount should never go beyond 50 percent of the annual annuity payment for the policy you are opting for.
Mode of Payments
The buyers will be able to choose from different kinds of payment options. You can make payments monthly, quarterly, half-yearly, and annually. As the minimum purchase amount that was fixed by the Insurance Regulatory Development Authority of India is Rs 12,000, then you can choose to pay Rs 1000 per month, Rs 3000 per quarter, Rs 6000 per half-yearly, or Rs 12,000 per year.
Features of LIC Saral Pension Plan:
Check out Pension Plan at a glance:
- According to the rules set by the Insurance Regulatory Development Authority of India, the minimum annuity amount is fixed to Rs. 12,000.
- Depending on the age of the buyer, the annuity mode, and the option is chosen, the minimum purchase price will be decided.
- In this pension plan, there is no maximum purchase plan, and hence you will be able to choose any amount of your choice.
- There are four different modes of annuity Yearly, Half-yearly, quarterly, and monthly as well.
- The annuity rate can be increased if your purchase price is greater than Rs 5,00,000, and it is an extra benefit or incentive given to the buyer for the higher purchase price.
- Only people between the age group of 40 and 60 will be able to get the LIC Saral Pension Plan.
- If you have successfully completed six months of pension plan purchase, then you will get eligible for taking a loan at a particular interest rate.
How to Buy this plan?
This is the most important part of the LIC Saral Pension Plan. You should have knowledge about how to take the policy. But just like any other plan from LIC, this policy or plan can also be taken very easily. You will be able to avail of this plan in two different modes:
- It can be purchased online from the official website of LIC. Find all the details clearly mentioned on the LIC’s website. You can go through all the details very carefully and then fill on all the details that are asked for. You should make sure that you are providing all the correct details and no wrong information is entered. Any wrong information may lead to the rejection of the application. So, you need to be very careful. This online method is useful for only those who have understood the Pension plan clearly. If there are any doubts, it is always good to go for the second method of taking the pension plan.
- The second way to get the pension plan is offline mode, and that can be done with the help of the LIC agent. Yes, you can get in touch with any LIC agent, and they will be able to provide you the complete details. This is one of the best ways when you are not clear about what the plan actually does for you. They will help you understand every detail clearly, and then you can get the plan. The agents have complete knowledge about the plan, and they will also help you in filling the application form if you have any doubts. So, this is the most common method of taking any policy when you are not sure about the terms and conditions of it.
LIC Saral Pension Plan Calculator
Below is calculator for LIC Saral Pension Plan for Incentives. The following incentives are available under this plan.
So, the LIC Saral Pension plan is one of the latest and most beneficial plans from the Life Insurance Corporation of India. This plan has been rolled out, keeping the demand for pension plans and insurance policies in the Indian market. You will be able to avail a lot of LIC Saral Pension Plan benefits, when you start investing at the right time.
Source – Official Policy Document | Sales Brochure
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