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LIC Saral Pension Scheme | LIC Saral Pension Plan is a fixed immediate annuity plan as per Insurance Regulatory and Development Authority of India (IRDAI) guidelines.
It provides uniform terms and conditions to all life insurers. As per the plan document, the annual rates are guaranteed at the inception of the policy.

Also, the income is paid throughout the life of the annuitant (years). This plan offers two annuity options. They are here.

First option

Under this option, the plan offers a life annuity with an income of 100 percent of the purchase price of the plan.

According to the annuity method chosen, the annuity payments are deferred until the annuitant is alive.

Option 2

Under this option the policyholder can opt for the last survivor annuity of joint life, with 100 percent of the purchase price withdrawn on the death of the last survivor.

As per the annuity method chosen, the annuity will be paid in arrears till the life of the grantor and/or spouse.

Upon the death of the last survivor, the annuity payments will cease immediately and 100% of the purchase price will be paid to the nominee(s)/legal heirs. This option is available only to married policyholders

Eligibility for the scheme

To be eligible to apply for this plan, the policyholder must have a minimum age of 40 years (completed) at the time of entry into the plan. The maximum entry age of the policyholder should be 80 years.

Minimum annuity for monthly annuity is Rs 1000 per month. Minimum annuity for quarterly annuity is Rs 3000 per quarter.

The minimum annuity per half year is Rs.6000 per half year. The minimum annuity for annual annuity is Rs 12,000 per annum.

The plan provides an incentive for a higher purchase price by increasing the annual rate. Incentives for higher purchase price by increasing the annual rate are provided for three tiers of purchase price.

i) Rs 5,00,000 to Rs 9,99,999
ii) Rs 10,00,000 to Rs 24,99,999
iii) Rs 25,00,000 and above.
The incentive for higher purchase price depends on the purchase price tier and the annual payment method, the plan document says.

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