LIC (LIC) simplified pension plan (Saral Pension Scheme) is a single premium plan. While taking a Saral Pension policy, you have to pay the premium only once and after that you will get a fixed pension amount for the whole life .
Saral Pension Plan
Life Insurance Corporation of India or LIC has introduced Saral Pension Scheme from 1st July 2021. Saral Pension is a non-linked, single premium, individual immediate annuity plan. Saral Pension Plan can also be taken with spouse. Saral Pension is a non-linked, single premium plan. Saral Pension is an immediate annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI).
Two options of Saral Pension Plan
The first option of Saral Pension Plan includes Life Annuity with 100% return of purchase price. This pension is for single life, that is, this pension will be linked to one person. As long as the pensioner is alive, they will continue to get pension under the Saral Pension plan and after their death the base premium paid for taking the policy will be returned to their nominee. Deducted tax is not refundable in this option of Saral Pension Plan.
You can buy LIC’s Saral Pension Scheme offline or online from the website of www.licindia.in. The minimum annuity under Saral Pension Plan is Rs 12,000 per annum. The minimum purchase price depends on the annuity mode, the option chosen and the age of the policy taker. There is no maximum purchase price limit in Saral Pension Plan. Saral pension scheme is available for the age of 40 years to 80 years.