- Date : 02/01/2023
- Read: 3 mins
A look at the features and benefits of the LIC Saral Pension Plan
LIC Saral Pension Plan is a non-linked, non-participating individual instant annuity plan launched by the Lief Insurance Corporation of India (LIC) in August 2022. This policy calls for an upfront single premium investment and has an annuity rate of around 5% from the start of the plan. The policyholder can choose to receive the annuity payment monthly, quarterly, half-yearly or annually during his or her lifetime.
Also Read: Insurance alert: Why you can no longer hide multiple insurance policies
LIC Saral Pension Plan Calculator
While you can check the LIC Saral pension plan calculations in any online pension calculator, here is a rough idea of how much you need to pay as a premium to earn a specific amount as an annuity.
- For a minimum monthly pension of Rs 1,000 or Rs 12,000 annual pension, you will have to make a single premium payment of Rs 2.5 lakhs,
- For a monthly pension of Rs 4,187.50 or Rs 50,250 annual pension, you will have to make a single premium payment of Rs 10 lakhs,
- For a monthly pension of Rs 8,333 or Rs 1,00,000 annual pension, you will have to make a single premium payment of Rs 20 lakhs.
As you decide to increase or decrease your LIC Saral Pension Plan single premium amount, your annuity receipts will increase or decrease.
Also Read: 5 signs your agent is lying to you and what do if they are
LIC Saral Pension Plan review
The other important information related to this policy includes,
- Interested policy buyers between the age of 40 and 80 can buy this annuity pension scheme,
- Policyholders can utilise loan facility under this plan after completing six months,
- Exit from this policy is allowed after the completion of six months since inception,
- There is a guaranteed annual return with a LIC Saral Pension Plan interest rate of around 5%,
- The policyholders are eligible for monthly or annual pensions as long as they are alive,
- The nominee of the policy is eligible for the base premium in the event of the policyholder,
- The LIC Saral Pension Plan doesn’t have any maturity benefit as pensions continue to be disbursed throughout the lifetime of the policyholder.
Also Read: Tips to make claim settlement easy for your beneficiaries
Importance of a Pension Plan
If you have funds at your disposal, investing them in an annuity pension plan opens up an additional income source for your future. If it is a single premium plan, there is no annual or periodic pressure of premium payment. Additionally, the surviving family also gets the death benefits as a part of the cover. Besides, the pension plan remains at your disposal in the form of collateral. You can apply for a loan against it to meet occasional money needs.
If ensuring an annuity is part of your portfolio management plans, you can consider the LIC Saral Pension Plan and secure your future finances.
Source:
LIC Saral Pension Plan is a non-linked, non-participating individual instant annuity plan launched by the Lief Insurance Corporation of India (LIC) in August 2022. This policy calls for an upfront single premium investment and has an annuity rate of around 5% from the start of the plan. The policyholder can choose to receive the annuity payment monthly, quarterly, half-yearly or annually during his or her lifetime.
Also Read: Insurance alert: Why you can no longer hide multiple insurance policies
LIC Saral Pension Plan Calculator
While you can check the LIC Saral pension plan calculations in any online pension calculator, here is a rough idea of how much you need to pay as a premium to earn a specific amount as an annuity.
- For a minimum monthly pension of Rs 1,000 or Rs 12,000 annual pension, you will have to make a single premium payment of Rs 2.5 lakhs,
- For a monthly pension of Rs 4,187.50 or Rs 50,250 annual pension, you will have to make a single premium payment of Rs 10 lakhs,
- For a monthly pension of Rs 8,333 or Rs 1,00,000 annual pension, you will have to make a single premium payment of Rs 20 lakhs.
As you decide to increase or decrease your LIC Saral Pension Plan single premium amount, your annuity receipts will increase or decrease.
Also Read: 5 signs your agent is lying to you and what do if they are
LIC Saral Pension Plan review
The other important information related to this policy includes,
- Interested policy buyers between the age of 40 and 80 can buy this annuity pension scheme,
- Policyholders can utilise loan facility under this plan after completing six months,
- Exit from this policy is allowed after the completion of six months since inception,
- There is a guaranteed annual return with a LIC Saral Pension Plan interest rate of around 5%,
- The policyholders are eligible for monthly or annual pensions as long as they are alive,
- The nominee of the policy is eligible for the base premium in the event of the policyholder,
- The LIC Saral Pension Plan doesn’t have any maturity benefit as pensions continue to be disbursed throughout the lifetime of the policyholder.
Also Read: Tips to make claim settlement easy for your beneficiaries
Importance of a Pension Plan
If you have funds at your disposal, investing them in an annuity pension plan opens up an additional income source for your future. If it is a single premium plan, there is no annual or periodic pressure of premium payment. Additionally, the surviving family also gets the death benefits as a part of the cover. Besides, the pension plan remains at your disposal in the form of collateral. You can apply for a loan against it to meet occasional money needs.
If ensuring an annuity is part of your portfolio management plans, you can consider the LIC Saral Pension Plan and secure your future finances.
Source:
