In a world where financial planning is of paramount importance, LIC Saral Pension Yojana has emerged as a prominent solution for securing your future. This article will delve into the details of this unique pension plan, offering insights into its features, benefits, eligibility criteria, and more. Let’s embark on this journey of financial wisdom together.
Understanding Saral Pension Scheme
LIC, short for Life Insurance Corporation of India, offers a wide array of savings plans, with the Saral Pension Yojana gaining immense popularity in the insurance market. This scheme boasts compelling benefits, including a monthly pension of Rs 12,000 on a lump sum investment and various annuity options.
Applying for LIC Saral Pension Yojana
To avail of the LIC Saral Pension Yojana 2023, one can easily check the application form, interest rates, and eligibility online at licindia.in. This scheme has been implemented across all insurance companies in India, making it accessible to a vast audience.
LIC’s Saral Pension Yojana stands out from the crowd, offering two primary modes of receiving benefits: annuity and a loan facility. Policyholders can opt for a lump sum investment and, in return, receive regular fixed pension payments for life. This flexibility sets LIC apart from other insurance companies, making it a preferred choice.
Age No Barrier
This pension scheme is designed to cater to a wide range of individuals. It is open for individuals aged between 40 and 80 years, ensuring that a broad spectrum of people can secure their financial future.
Flexible Payment Options
LIC Saral Pension Yojana provides flexibility in terms of payment frequency. Policyholders can choose from yearly, half-yearly, quarterly, or monthly modes of payment, making it convenient for everyone
For those investing more than Rs 5 lakh, an incentive amount is available, further sweetening the deal. Additionally, the scheme provides a loan facility, offering financial support to policyholders six months after policy inception
Choosing Your Plan
LIC Saral Pension Yojana can be taken as a single-life or joint-life policy. In a single-life policy, the pension is in the name of one person, ensuring financial security throughout their life. If the policyholder passes away, the basic premium amount is returned to their nominee. In contrast, the joint-life policy allows both spouses to receive the pension together. As long as the primary pensioner is alive, they continue to receive pension payments. In the unfortunate event of the primary pensioner’s demise, the spouse receives the pension, with the base premium returned to the nominee.
Picking Your Payout
LIC Simple Pension Plan offers four options for receiving pension payouts: monthly, quarterly, half-yearly, or annually. The minimum pension amount varies based on the chosen frequency, ensuring that policyholders have flexibility in managing their finances.
The LIC Saral Pension Yojana also provides a loan facility. Policyholders can apply for a loan six months after policy inception. This feature ensures that you can access funds in times of need, providing peace of mind and financial security.
The Vision of Saral Pension Yojana
The core objective of Saral Pension Yojana is to create a consumer-friendly policy that helps individuals make informed financial choices. This initiative aims to foster trust between insurers and the insured, establish uniformity, reduce misuse of the scheme, and minimize potential disputes between insurance companies by creating common guidelines.
Non-participating, single premium, non-linked, immediate annuity plan
Two annuity options available
Life annuity with 100% return on purchase price
Flexible frequency of annuity payments (annual, half-yearly, quarterly, monthly)
No maximum limit on the annual annuity amount
Loan facility available after 6 months from policy inception
Surrender option available in case of critical illness
Benefits of Saral Pension Yojana
Death benefit payout
Return of premium on the death of the nominee
Continuation of annuity for the surviving spouse
Loan facility for policyholders
Easy surrender option in case of critical illness
How to Inves
Investing in Saral Pension Yojana is hassle-free, with options for both online and offline modes. You can purchase this policy through an LIC agent, visit the nearest LIC office, or explore the official LIC website.