The Saral Pension Yojana was introduced by the Insurance Regulatory and Development Authority of India (IRDAI), instructing all insurance companies to launch it. Following this, LIC, India’s largest insurance company, started the LIC Saral Pension Plan. This scheme guarantees a monthly pension and is considered a reliable retirement plan.
What is LIC Saral Pension Yojana?
Under this plan, you need to invest only once by depositing a lump sum amount. After that, you start receiving a lifelong pension. The LIC Saral Pension Plan is an immediate annuity scheme, meaning the pension begins as soon as you purchase the policy. You pay the premium only once, and the same pension amount continues for life.
If the policyholder passes away, the invested amount is returned to the nominee. Another key feature of this plan is that you don’t have to wait until 60 years of age to avail of the pension. The benefits can start as early as age 40.
Throughout this article, We will share all the necessary information about applying for LIC Saral Pension Yojana 2023. If you wish to take advantage of this scheme, details such as how to apply, required documents, the official website, benefits of the scheme, eligibility criteria, and more are provided below.
Benefits and Features of the LIC Saral Pension Scheme
- The LIC Saral Pension Scheme provides lifelong pension benefits.
- You don’t need to wait until the age of 60 to receive a pension; the scheme allows you to start as early as 40 years old. Individuals aged between 40 and 80 years can invest in this plan.
- The scheme offers two options for availing pensions: Single Life and Joint Life (both explained below).
- You can receive a monthly pension starting from ₹1,000, with no upper limit on the maximum pension.
- The scheme includes a loan facility for policyholders.
- There is no maturity benefit, as pensions are paid for as long as the policyholder is alive.
- The plan provides a guaranteed annual return of approximately 5%.
- Policyholders can exit the scheme six months after it begins.
Eligibility Criteria for LIC Saral Pension Scheme
- The applicant must be a permanent resident of India.
- Minimum age: 40 years.
- Maximum age: 80 years.
Required Documents for LIC Saral Pension Scheme
- Aadhaar Card
- Self-certified residence certificate
- Self-certified income certificate
- Self-certified PAN card
- Bank account details
- Mobile number
- Passport-size photo
- The LIC Saral Pension Scheme provides lifelong pension benefits.
- You don’t need to wait until the age of 60 to receive a pension; the scheme allows you to start as early as 40 years old. Individuals aged between 40 and 80 years can invest in this plan.
- The scheme offers two options for availing pensions: Single Life and Joint Life (both explained below).
- You can receive a monthly pension starting from ₹1,000, with no upper limit on the maximum pension.
- The scheme includes a loan facility for policyholders.
- There is no maturity benefit, as pensions are paid for as long as the policyholder is alive.
- The plan provides a guaranteed annual return of approximately 5%.
- Policyholders can exit the scheme six months after it begins.
Eligibility Criteria for LIC Saral Pension Scheme
- The applicant must be a permanent resident of India.
- Minimum age: 40 years.
- Maximum age: 80 years.
Required Documents for LIC Saral Pension Scheme
- Aadhaar Card
- Self-certified residence certificate
- Self-certified income certificate
- Self-certified PAN card
- Bank account details
- Mobile number
- Passport-size photo
How to Apply for the LIC Saral Pension Scheme
- Visit the LIC official website first and click on the link for “LIC Saral Pension Apply Online.”
- The Saral Pension page will open. Click on “CLICK TO BUY ONLINE”.
- On the next page, review the list of required documents and click on “Proceed.”
- A form will appear where you must fill in all necessary details, such as name, age, and mobile number.
- Upload all required documents.
- Click on the “Submit” option.