About the Plan
LIC Launched its LIC Saral Pension Yojana 2021 on 1st July 2021. Saral Pension Plan is a brain child of IRDA which vide its January circular directed all Life Insurance companies to introduce a standard, individual immediate annuity product, with simple features and standard terms and conditions. The Plan number for this plan is 862.
Unlike LIC’s Jeevan Shanti which is a deferred Annuity Plan, LIC Saral Pension Yojana 2021 is an Immediate Annuity Plan. Another Immediate Annuity Plan on offer by LIC is the LIC Jeevan Akshay 7.
I have done a comparison of LIC Saral Pension plan with LIC Jeevan Akshay and PMVVY plan in a video which you can watch by clicking here.
Recently I also reviewed 21 different LIC policies in one video which you can read/watch via this Link सबसे Best LIC Policy कौनसी 2021 में?
Plan Options
Option 1
Under this option, Annuity is paid for life of the annuitant. In addition, 100% Purchase Price will be returned to the nominee / legal heirs on death of the annuitant.
Option 2
In this case, the annuity is first paid to the annuitant for life. After death of the annuitant, if the spouse is surviving, the spouse continues to receive same amount of annuity for life till his/her death. Subsequently, on death of the spouse, Purchase Price shall be payable to nominee / legal heirs. However, if the spouse has pre-deceased the annuitant, then on the death of the annuitant, the Purchase price shall be payable to the nominee / legal heirs.
Mode of Annuity Payment
Four modes of Annuity Payments are available in this plan namely –
Monthly
Quarterly
Half-Yearly and
Yearly.
Payments shall be in arrears only, which means that the first annuity payment will start after the modal duration; for example after three months in case of quarterly mode.
Maturity Benefits
Annuity is payable during the survival of the annuitant. No Maturity Benefit is payable under this product.
Death Benefits
In case of single life annuity, 100% of Purchase price.
In case of joint life annuity, after death of the annuitant:
– If the spouse is surviving, the spouse continues to receive same amount of annuity for life till his/her death. Subsequently, on death of the spouse, 100% Purchase Price shall be payable to nominee / legal heirs.
– However, if the spouse has pre-deceased the annuitant, then on the death of the annuitant, the Purchase price shall be payable to the nominee /legal heirs.
Eligibility Criteria
Eligibility Criteria
REAL Returns
Real returns
Other Similar Plans
LIC New Jeevan Shanti Deferred Annuity Plan Review
LIC Jeevan Akshay 7 Immediate Annuity Plan
Useful Links
FREE Excel – Subscribe by clicking here to download the Excel as FREE
Download Excel –https://bit.ly/LICSaral
2 Free Retirement Pension Calculator – Watch Here
Before you buy a Pension Plan – Watch Here
26 LIC Policies Compared – Watch Here
Best Pension Plan – Comparison of PMVVY, LIC Saral Jeevan Yojana and LIC Jeevan Akshay 7
YOUTUBE VIDEO
Video 1 – Before you buy a Saral Pension Plan
Video 2 – LIC Saral Pension Plan Detailed Review
