These days, the need of insurances and pensions in the country is increasing. Due to this, the Life Insurance Corporation of India (LIC) has comes up with a Saral Pension Scheme. This started from 1st July 2021. Now that a new scheme has started, it is important for you to know about it. Thus, we shall tell you about the LIC Saral Pension Plan Monthly Pension, licindia.in Saral Pension Plan Registration 2021, LIC Saral Pension Yojana Apply Online.
LIC Saral Pension Plan Monthly Pension Amount for 10 Lakh, 15, 20 Lakh, 25, Lakh, 30 Lakh, 40 Lakh and 50 Lakh updated here on this page.
LIC Saral Pension Plan Registration 2021
The plan that LIC has now started is an immediate annuity plan as per the Insurance Regulatory Development Authority of India guidelines. Individuals of the age group 40 to 80 years will be eligible for the plan. However, there are some terms and conditions that the individuals have to follow. The best part of the scheme is that it is a single premium, non-linked, individual immediate, and non-participating annuity plan. This shows that the policyholder will not receive any add-ons or bonuses said by the insurer for the policy. Also, policy will not get affected by underlying asset performances and market movements. Moreover, this is an immediate annuity plan, lump-sum by the individual can be transformed into regular income in a particular time.
licindia.in Saral Pension Scheme Apply Online 2021
Under this scheme, the individuals availing of the benefits will get options for the annuity plans. First is Life annuity with 100 percent return of purchase price on individual’s death. The other is Joint life last survivor annuity with 100 percent return of purchase price on death of the last survivor of policyholders. But, if a person’s spouse passes away before the last surviving policyholder, the purchase is available to the legal heirs. Other than this, there is no limit on the maximum purchase price when the LIC Saral Pension Plan Annuity Rate has been guaranteed in the beginning. Also, the beneficiaries will be able to choose among yearly, half-yearly, quarterly, and LIC Saral Pension Plan Monthly Pension. Now, the corporation has set the purchase price at Rs. 12,000. This shows that there will be different divisions based on the modes.
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LIC Saral Pension Plan Monthly Pension and Rate of Interest
Because of the scheme being an immediate annuity plan, the policyholder can get loans after six months of policy commencement. But, the individual can get the maximum loan based on the fact that the annual payable interest should not be beyond 50% of the annual annuity payment. Now, talking about the interest of the plan, the insurer will calculate it at the 10-year government securities rate annually. The authorities publish this on 1st April every year. Although there are no limits on purchase, but on going over Rs. 5,00,000 can increase the LIC Saral Pension Plan Interest Rate 2021 Other than this, the policy is open for all genders.
Life Insurance Corporation Saral Scheme Application Form 2021
The public should know that the Saral Pension Plan is very easy to understand which is of much benefit to people who don’t understand retirement planning and pensions much. Also, the minimum annuity is Rs. 12,000 per year. This purchase price will depend on the mode of annuity, age of annuitant, and chosen option. In addition to this, the users can surrender the policy at any point in time after six months. Once the request is approved, the user will get 95% of price back after deduction of loan interest. Also, on completion of surrender request, the benefits will stop.
All those who are eligible for the scheme will be able to apply for loan after six months. If the annuitant dies, the joint family annuity option is available to the spouse. Now, all those of the age group 40 to 80 years can easily LIC Saral Pension Plan Apply Online for the scheme and get the various benefits that the Corporation provides.
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LIC Saral Pension Scheme Plan Monthly Pension, Loan Facility FAQs
Yes, the users can compare the guaranteed LIC Saral Pension Plan annuity rates before going for the Saral Pension Plan.
People of the age group 40 to 80 years can easily apply for the scheme.
The minimum annuity to be paid is Rs. 12,000 per annum.