LIC’s Saral Pension (Table No. 862)
INTRODUCTION:- LIC’s Saral Pension is a non-linked, non-participating, single premium individual immediate annuity plan. This plan can be taken on single life and joint life (only spouse as joint life and both should be 40 years and above). Returns are guaranteed for life time. LIC’s Saral Pension Plan provides option to surrender this policy after 6 months (95% of purchase price will be paid on diagnosis of critical illness for both as well as their children’s. The benefits and other basic features of the plan are given below.
Eligibility Conditions and Features of LIC’s Saral Pension Plan (Table No. 862): –
(a) Minimum Age at entry:- 40 years (last Birthday)
(b) Maximum Age at entry:- 80 years (last Birthday)
(c) Minimum Purchase Price:- Depends upon the Minimum Annuity Amount
(d) Maximum Purchase Price:- No Limit
Type of Annuities available:- Annuity options available under Annuity are as under:-
1. Option 1 for single life:- Life Annuity with Return of 100% of Purchase Price
2. Option 2 for Joint life:- Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor
Modes of Annuity Payments:- Annuity can be paid in yearly, half-yearly, quarterly or monthly installments, subject to a minimum annuity amount for monthly, quarterly, half-yearly and yearly mode will be Rs.1000/, Rs.3000/, Rs.6000/ and Rs.12000/ respectively.