The LIC Saral Pension Yojana offers policyholders a distinctive amalgamation of savings and insurance coverage, enriched with a plethora of advantageous features.
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Renowned nationwide for its extensive customer base, the Life Insurance Corporation of India (LIC) is celebrated for its comprehensive range of insurance plans tailored to diverse segments of society. Among these offerings, the LIC Saral Pension Yojana shines as an exceptional pension scheme meticulously crafted to cater to post-retirement financial needs.
Initially introduced as a Standard Immediate Annuity plan, this scheme has ascended to become a premier choice in the market for addressing post-retirement financial aspirations. Subscribing to this plan mandates a solitary annual premium payment, securing policyholders a guaranteed minimum annual pension of Rs. 12,000 for the entirety of their lives.
Going beyond the provision of a balanced blend of savings and protection, the LIC Saral Pension Yojana extends a spectrum of benefits, including tax advantages and accessibility to loans.
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Features of LIC Saral Pension Yojana:
- This scheme operates as a single premium immediate annuity plan, offering two options: a life annuity with a 100 percent return on the purchase price and a joint-life annuity.
- Policyholders wield the flexibility to opt for the frequency of annuity payments, aligning with their convenience.
- The minimum annual annuity is set at Rs. 12,000, with no upper limit.
The minimum premium amount hinges upon the chosen annuity and the age of the life insured.
Benefits of LIC Saral Pension Yojana:
- Death Benefit: In a single-life annuity plan, the nominee receives 100 percent of the purchase price upon the demise of the life insured. For a joint-life annuity, the spouse continues to receive the annuity amount following the passing of the life insured. In the unfortunate circumstance of both policyholders’ demise, the insured sum is directed to the nominee.
- Survival Benefit: Surviving the policy term enables policyholders to receive the annuity amount.
- Loan Benefit: After six months from the policy’s commencement, policyholders become eligible to apply for a loan under the scheme.
Eligibility for LIC Saral Pension Yojana:
Individuals aged Should Be between 40 and 80 years are eligible to enroll in the LIC Saral Pension Yojana.
Applying for LIC Saral Pension Yojana:
Interested parties can avail the scheme through both online and offline avenues. They can visit LIC’s official website at https://licindia.in/ for online applications or choose the offline route by consulting a LIC agent or visiting the nearest LIC office.