The Life Insurance Corporation (LIC) of India on 1st July 2021 launched Saral pension plan — a non-linked, non-participating, single premium, particular person instant annuity plan. This LIC Saral pension plan affords two annuity choices to the coverage holders after one-time lump sum quantity cost. The plan additionally affords mortgage facility to the coverage holder after six months of the plan buy.
Fixed cost at common intervals
In this LIC of India pension plan, the coverage holder will will pay a lumpsum as buy value and get a set cost at common intervals for the remainder of its life. The minimal annuity {that a} coverage holder can avail is ₹12,000 each year. Minimum buy value shall rely on the mode of annuity, choice and age of the coverage subscriber or annuitant. However, there isn’t a ceiling on the utmost buy value.
Option provided whereas selecting annuity
As talked about above, this LIC Saral pension plan will supply two choices to the coverage holders whereas selecting the kind of annuity — life annuity with return of 100 per cent of buy value and joint life final survivor annuity with return of 100 per cent of buy value on demise of the final survivor.
Modes of annuity provided
As per the main points of this LIC Saral pension plan, modes of annuity accessible for the annuitant are month-to-month, quarterly and half-yearly. Hence, minimal month-to-month annuity accessible on this plan is ₹1,000, minimal quarterly annuity on this plan is ₹3,000 whereas minimal half-yearly annuity provided on this plan is ₹6,000.
Age restrict
Those who’re aged between 40 years to 80 years should buy this LIC’s Saral pension plan.
Loan facility
This LIC Saran pension plan additionally affords mortgage facility to the annuitants. An annuitant can avail this facility after six months of the graduation of this coverage.
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