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LIC Saral Pension Yojana 2021

LIC Saral Pension Plan

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 PlanWatch 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

LIC New Saral Pension Plan (Honest Review) | Plan No. 862 | LIC सरल पेंशन योजना 862

Video 2 – LIC Saral Pension Plan Detailed Review

LIC Saral Pension Yojana 💎|  Best Pension Plan in India 2022 🔥 | Saral Pension Yojana 2022| Plan 862
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