LIC Special Pension Scheme: Life Insurance Corporation (LIC) offers several investment options that provide impressive returns along with the safety of return on investment. One such option is the Standard Immediate Annuity, LIC Saral Pension Scheme, which allows investors to secure their future. The scheme follows the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI).
Age Limit for Investing in LIC Saral Pension Plan
The minimum age limit to invest in the LIC Saral Pension Plan is 40 years, while the maximum age limit is 80 years.
Two Annuity Options in LIC Saral Pension Plan
The LIC Saral Pension Plan offers investors the option to choose from two annuity types:
- Option 1: The insured can choose to receive an annuity with a 100% return on the purchase price.
- Option 2: In the second option, the insured can choose a joint-life last-survivor annuity, where the annuity continues with a 100% return on the purchase price.
How to Invest in the LIC Saral Pension Plan?
Investors looking to invest in the LIC Saral Pension Plan can purchase the policy through a LIC agent or at the nearest LIC office. The plan is also available for online investment via www.licindia.in.
Eligibility Criteria for LIC Saral Pension Yojana
If you plan to buy the LIC Saral Pension Plan to secure your retirement years, you must meet the following eligibility criteria and restrictions:
- Minimum Purchase Price
Depends on:- Minimum annuity
- Selected annuity option
- Age of the annuitant
- Maximum Purchase Price
No limit - Entry Age
40 years – 80 years - Minimum Annuity
- Monthly: ₹1,000
- Quarterly: ₹3,000
- Half-yearly: ₹6,000
- Annual: ₹12,000
Benefits of LIC Saral Pension Yojana
Purchasing a retirement plan from the Life Insurance Corporation of India comes with multiple features, such as providing financial security after retirement, medical assistance in emergencies, and helping with household expenses. In addition to these, the benefits of the LIC Saral Pension Scheme make it an ideal choice for securing your retirement years.
| Annuity Option | Benefits Payable on Survival | Benefits Payable on Death |
|---|---|---|
| Option I (Single Life) | Annuity payments will continue until the annuitant is alive, as per the chosen mode of annuity payment. | Annuity payments will cease immediately after the death of the annuitant, and 100% of the purchase price will be paid to the nominee. |
| Option II (Joint Life) | Annuity payments will continue until either the annuitant or spouse is alive, as per the chosen mode of annuity payment. | Annuity payments will cease immediately after the death of the annuitant or spouse, and 100% of the purchase price will be paid to the nominee. |