LIC Saral Pension Yojana Plan Application Form Download, Eligibility & Interest Rate Calculator details are here. IRDAI has advised insurance companies to start new Saral Pension Scheme. This scheme has been implemented on all insurance companies across the country. This is the reason why now LIC also provides LIC Saral Pension. LIC Saral Pension Scheme is also known as Intermediate Annual Plan. Also this plan has immediate planning effect as well. Today we are going to provide you information about LIC Saral Yojana here in this article. So if you also want to see detail details about LIC Saral Pension then read our article carefully till the end.
About LIC Saral Pension Scheme
Life Insurance Corporation of India is now going to start LIC Saral Pension Yojana. This scheme is mainly designed keeping in mind the retirement fund. Under LIC Saral Pension an employee will be able to get a pension in future by paying the amount regularly. LIC Saral Pension Scheme has been started on 1st July, which has only one premium. This is a non-participating non-gender and individual year plan. The Insurance Regulatory and Development Authority of India has the power to give directions under this scheme.
LIC Saral Pension Payment Modes
The first mode of this scheme is the annuity method and the second is the loan facility method. Beneficiaries under this scheme can also pay a lump sum amount as acquisition value and then receive the pension amount for the rest of their life. Although the companies of different insurance sector of our country keep offering different schemes, but LIC Saral Pension Yojana is a special scheme which aims to provide various benefits to the policy holder. This scheme is 12 division simple pension scheme which has 4 modes. Under this scheme, you can deposit the amount under the facility of annual, half-yearly, quarterly or last monthly payment. If you want to increase the rate of Barshi, then for this you will also get the benefit of incentive amount on the purchase price of more than 500000.
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LIC Saral Pension Yojana Loan Facility
For your information, we want to tell you here that loan facility is also provided to the policy holders of LIC Saral Pension. Policy holders can also avail loan benefits after 6 months from the date of commencement of the policy. As you know IRDAI is responsible for controlling the insurance companies. That is why insurance companies have offered this pension scheme. Apart from this, the plan also offers standard immediate annuity products with the help of which the public can very easily choose the right policy for themselves. This scheme has also increased the trust between the insurance users and the company and has also stopped the mis-selling of insurance policies across the country.
Features of LIC Saral Pension
- LIC Saral Pension Scheme is a non-linked single premium instant annuity plan.
- It is a non-participating plan with mainly two annuity options available.
- Under LIC Saral Pension Yojana, there will be 100% refund of purchase price along with payment of life annuity.
- LIC Saral Pension gives you the option of 4 modes of payment which are Monthly, Quarterly, Half Yearly and Yearly.
- This scheme also provides loan facility to the policy holders.
- Policy holders will also be able to get the benefit of annuity by investing in LIC Saral Pension Scheme.
IRDAI and LIC Saral Pension Yojana
IRDAI has issued a circular for all life insurance companies in January 2021. As you know, many insurance companies in our country provide policies and plans to the people. But now IRDAI as a regulator has ordered all the insurance companies to introduce standard policy for LIC Saral Pension Yojana before the month of April. There will be no maturity benefits under this plan. The interest rate for an insurance plan may differ from one company to another. But it has been decided that the name of this scheme should be similar to Saral Pension Yojana. Along with this, the benefits of this scheme should also be similar to a large extent, the instructions have been given by NRDAI.
LIC Saral Pension Premium
Insurance companies call the return of the customer’s investment as ashiqui. If we talk about LIC Saral Pension Scheme, then this pension is a standard individual intermediate annuity product. So you only have to pay one premium to invest in this plan. After paying this premium, your pension will become effective. An employee’s pension is also said to be an important financial aid after retirement. After getting the pension after the job, the people of India become independent. This pension also helps people to feel relaxed in old age. Policy holders can also avail the facility of taking an annuity on their investments under this plan.
LIC Saral Pension Scheme Annuity Amount
- For Yearly: It has 12000 Rs
- Half yearly: 6000 Rs
- For Quarterly: 3000 Rs
- Monthly: 1000 Rs Saral Pension Policy
LIC Saral Pension Yojana Surrender Plan
The employer can surrender the policy at any time after 6 months from the date of issue of the policy if the employer here detects any critical illness in the policy document of the family member. For this the authority has also revised a list of critical illnesses which includes all the diseases due to which the subscriber can surrender this policy. In case of surrender of the policy, 95% of the policy purchase price is returned to you annually. Your policy will terminate as soon as the surrender amount is paid to you.
LIC Saral Pension Eligibility Criteria
- Only a permanent resident of India can get the benefit of LIC Saral Pension Scheme.
- The minimum age of the applicant should be 40 years and maximum age should be 80 years.
- The applicant has to pay a minimum amount of ₹ 1000 for the purchase of the policy.
- There is no maximum amount limit for this policy.
- Any person can buy this policy from the life insurance company.
- The maximum amount you can buy this policy depends on the customer.
If you also want to get the benefit of LIC Saral Pension Yojana, then for this you will need the following documents at the time of application.
- Permanent Residence Proof
- Aadhar Card Identity Proof (Voter Card/ PAN Card etc)
- Income Proof
- Age Proof
- Bank Details
- Passport Size Photo
- Contact Details
LIC Saral Pension Application Process
If you want to apply for LIC Saral Pension Scheme then you have to follow the step by step procedure given below.
- First of all you have to visit the official website of LIC. After this the home page of the website will open in front of you.
- On the home page of the website, you have to click on the option of Saral Pension Yojana. After that a new page will open in front of you.
- On this page, you have to click on the link of Apply Now for New Saral Pension Scheme.