LIC Saral Pension Plan, Eligibility, Benefits, Features and Applying Process

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Hello Friends, today we are going to tell you a very good Pension plan which you should take if you have completed the age of 40 Years. This will help you in old age by providing you with a decent amount to live your life. The name of this plan is LIC SARAL PENSION PLAN.

In this article, we will give you the complete details about this LIC Saral Pension Plan like its benefits, features, eligibility criteria, required documents, etc. Hope you will read this article till the end. Let’s get started.

What is LIC Saral Pension Plan

LIC Saral Pension Plan was launched/introduced by the Life Insurance Company (LIC) India on 01 July 2021. This is a Standard Immediate Annuity plan launched under the guideline of the IRDAI (Insurance Regulatory and Development Authority of India), which offers the same terms and conditions across all life insurers. It is a single premium plan after which the annuitants will be paid a guaranteed pension amount for a lifetime.

Objectives of LIC Saral Pension Plan

  • To help the person in old age by providing a decent amount to live life.
  • To provide the pension amount for a lifetime.
  • To make the policy customer friendly.

Features of LIC Saral Pension Plan

  • The annuitant will receive the pension amount for a lifetime.
  • It is a non-participating, single premium, non-linked, immediate annuity plan.
  • Two annuity options are available:
    • A single-life annuity option.
    • A joint life annuity option.
  • An insured can choose the frequency of the annuity payment such as Monthly, Quarterly, Half Yearly and Annually as per his/her comfort.
  • The pension starts when a person buys the plan with the minimum annuity being Rs. 12000 per annum.
  • The policy can be surrendered at any time after 6 months from the inception date.
  • The insured person assured can take a loan against the scheme after 6 months of its commencement.

Benefits of LIC Saral Pension Plan

There are the following benefits under the LIC Saral Pension Plan:

Death Benefit

  • Under a single-life annuity, 100% of the purchase price is paid to the nominee after the death of the annuitant.
  • Under joint-life annuity:
    • If the spouse is alive, then they will receive the same annuity amount upon the demise of the annuitant. However, if the spouse also dies, 100% of the purchase price will be given to the nominee.
    • If the spouse passes away before the annuitant, then the annuitant will continue to receive the annuity. If both pass away, 100% of the purchase price will be given to the nominee.

Loan Benefit

LIC Saral Pension Plan is allowed the policyholder to take a loan facility after 6 months from the starting date of the policy.

Annual Interest

The annuity plan offers a guaranteed annual return of around 5 percent.

Free Look Period

If the policyholder is not satisfied with the Terms & Conditions of the policy, the policy may be returned to the company within 15 days (30 days if the policy is bought online) from the receipt date of policy documents mentioning the reasons for objections.

Tax Benefits

The policyholder can claim tax exemption benefits in income tax while filing returns.

Eligibility Criteria Under LIC Saral Pension Plan

Please find below the eligibility criteria for LIC Saral Pension Plan:

Minimum Age at Entry40 years (completed)
Maximum Age at Entry80 years (completed)
Minimum Purchase PriceDepends on the minimum annuity as specified in the Annuity option
Maximum Purchase PriceNo Limit
Policy TermWhole Life Policy
Minimum Annuity For Monthly: Rs. 1000
For Quarterly: Rs. 3000
For Half-Yearly: Rs. 6000
For Annually: Rs. 12000

How to Invest in LIC Saral Pension Plan?

LIC Saral Pension Scheme can be purchased Online and Offline. You can choose any of the below options at your convenience.

  • Through LIC Agent OR
  • At the Nearest LIC Office OR
  • By Visiting the Official Website of LIC

Documents Required for LIC Saral Pension Plan

The list of documents which are required for Purchasing, Claiming and Surrendering LIC Saral Pension Plan mentioned below:

For Purchasing LIC Saral Pension Plan

  • Photograph
  • Signature
  • Identity Proof (Aadhaar Card/Voter ID Card)
  • Address Proof (Aadhaar Card/ Voter ID Card/Passport/Driving License/ Electricity Bill)
  • Age Proof (Aadhaar Card/PAN Card/Birth Certificate)
  • Income Proof
  • Self Cancelled Cheque

For Claiming Death Benefits After the Annuitant’s Demise

  • Claim Form
  • Death Certificate
  • NEFT Mandate Form
  • Original Policy Document
  • Proof of Death
  • Proof/Evidence of Title
  • Proof of Age

For Surrendering LIC Saral Pension Policy

  • Original Policy Documents
  • Discharge Form
  • ID Proof
  • NEFT Mandate Form

How to Apply for LIC Saral Pension Plan Online

For applying or purchasing LIC Saral Pension Plan online, you have to follow the below mentioned steps:

  • On the Home Page, you will see an icon Buy Online Policies. Click on that.
  • After clicking, you will go to the next page. There you will see an icon LIC Saral Pension. Click on that.
  • After clicking, you will go to the next page. There you will see Click To Buy Online option. Click on that.
  • After clicking, you will go to the next page. There you will see Proceed option. Click on that.
  • After that, you have to fill in the required details (Name, DOB, Mobile No., Email ID, etc)  and also upload some necessary documents (Photograph, Signature, Address Proof, Income Proof, PAN Card and Self Cancelled Cheque).
  • After that, you have to click on Submit.
  • This is how you can apply/purchase the LIC Saral Pension Plan online.

How to Apply for LIC Saral Pension Plan Offline

For applying/purchasing LIC Saral Pension Plan offline, you have to do the below steps:

  • Contact the LIC Agent or Visit the nearest LIC Office.
  • They will give you the FORM related to this plan.
  • You need to fill in the required details in the FORM carefully and also attached copies of the necessary documents as required.
  • After this, you have to submit it to the LIC Agent or LIC Office.
  • This is how you can apply for the LIC Saral Pension Plan offline.

Conclusion

LIC Saral Pension Plan is a very good and well-planned policy launched by the Life Insurance Company. This Plan provides a guaranteed lifetime pension to its policyholder to live a stressless life in their old age. This Plan can be bought online very easily through its official website.

Frequently Asked Questions (FAQs)

Q: What is LIC Saral Pension Plan?

Ans: This is a Standard Immediate Annuity plan launched under the guideline of the IRDAI (Insurance Regulatory and Development Authority of India), which offers the same terms and conditions across all life insurers. 

Q: When the LIC Saral Pension Plan was introduced?

Ans: LIC Saral Pension Plan was introduced by the Life Insurance Company (LIC) India on 01 July 2021. 

Q: What are the Benefits of the LIC Saral Pension Plan?

Ans: Death Benefits, Loan Benefits, Annual Interest, Free Look Period and Tax Benefits.

Q: What should be the minimum age for buying LIC Saral Pension Plan?

Ans: 40 Years (Completed)

Q: What should be the maximum age for buying LIC Saral Pension Plan?

Ans: 80 Years (Completed)

Q: What is the minimum annual annuity under LIC Saral Pension Plan?

Ans: Rs. 12000/-

Q: What is the maximum purchase price under LIC Saral Pension Plan?

Ans: No Limit

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