LIC Saral pension Yojana: Check out the new scheme

Life Insurance Corporation of India (LIC) has launched Saral Pension Scheme from 1st July. This is a single premium plan. You have to pay the entire premium in one go. Then you will get a fixed pension for life.

Loan will also be available after 6 months from the date of commencement of the policy. Pensioners will continue to get pension as long as they live. After that the nominee will get the base premium.

The Saral Pension will offer two annuity options i.e. Life annuity with 100% return of purchase price Joint life annuity with a 100% annuity to the secondary annuitant in case of demise of the primary annuitant and return of 100% purchase price in case of demise of the last survivor. The plan offers a single premium payment option as it will be an immediate annuity policy. The mode of annuity payment will be monthly, quarterly, half-yearly, and yearly.

The insurance companies will decide the pricing. However, the annuity rates should result based on the actuarial principle and ensure that the annuity rates are reasonable and fair to all customers.

People above 40 years and below 80 years can take advantage of the scheme. Saral Pension policy can be surrendered anytime after six months from the date of commencement. For the insured, his pension will start as soon as he takes the policy.

Now it will depend on you whether you want pension every month or quarter, half yearly or annually. You have to choose this option yourself. Can be taken both online and offline. A minimum investment of Rs 12000 per year will have to be made in the scheme. There is no maximum investment limit in this.

You can buy LIC's Saral Pension Scheme offline or online from the website of www.licindia.in.