LIC's Saral Pension Plus
₹0.00
LIC's Saral Pension (Plan No. 862) is a standard immediate annuity plan introduced by the Life Insurance Corporation of India (LIC) in compliance with the Insurance Regulatory and Development Authority of India (IRDAI) guidelines. This plan offers uniform features and terms across all life insurers, providing a simple and transparent pension solution.
Key Features
-
Type: Non-linked, Non-participating, Single Premium, Individual Immediate Annuity Plan.
-
Purchase Price: Minimum purchase price depends on the chosen annuity option and the annuitant's age; there is no maximum limit.
-
Annuity Options:
-
Option I: Life Annuity with Return of 100% of Purchase Price.
-
Option II: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor.
-
-
Annuity Payment Modes: Monthly, Quarterly, Half-Yearly, or Yearly.
-
Annuity Payment: Payable in arrears (i.e., at the end of each period).
-
Rebate for Online Purchase: An additional 2% annuity rate is provided for policies purchased online.
-
Surrender Option: Available after 6 months if the annuitant or their family member is diagnosed with a specified critical illness. Upon approval, 95% of the purchase price is refunded, subject to deductions.
-
Loan Facility: Available after 6 months, with the loan amount not exceeding 50% of the annual annuity.