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LIC Saral Pension Yojana 2024 – Online Apply Now

LIC Saral Pension Yojana: The Life Insurance Corporation operates a variety of plans. Today we will discuss an LIC scheme called the Saral Pension Scheme. The LIC Saral Pension Plan is a non-linked, single premium annuity plan that offers a lifetime pension as a lump sum investment. The system provides safe retirement income, tax benefits, loans, and emergency withdrawals. If you want to learn more about this scheme, remain with us to the conclusion.

What is LIC Sarala Pension Yojana?

The Saral Pension Yojana from Life Insurance Corporation of India is a non-linked, non-participating, single-premium, individual instant annuity plan that provides the insured with guaranteed income benefits. According to IRDAI rules, the plan offers profitable terms and conditions while ensuring the highest safety and confidence. The LIC Saral Pension provides an immediate guaranteed income by investing a single premium. In an unexpected medical emergency, financial assistance is offered to the insured and their families.

LIC Sarala Pension Yojana Overview

Investment Type	One-time Investment
Free-look Period	30 Days
Joint Life Policy	Available only for spouse
Annuity Type	Immediate Annuity
Add-on	20 Critical illnesses covered

LIC Sarala Pension Yojana Eligibility Criteria

Minimum Purchase Price	Depends upon > Minimum Annuity > Selected Annuity option > Age of Annuitant
Maximum Purchase	No Limit
Age Limit	40 years – 80 years
Minimum Annuity	Monthly: Rs. 1000 Quarterly: Rs. 3000 Half-yearly: Rs. 6000 Annual: Rs. 12,000

LIC Saral Pension Immediate Annuity Options

Annuity Option 1	Life Annuity with a return of 100% of the Purchase Price.
Annuity Option 2	Joint life last survivor annuity with a return of 100% of the purchase price on the of the last survivor.

LIC Saral Pension Yojana Benefits

Annuity Option	Benefit Payable on Survival	Benefit Payable on Death
Option I (Single Life)	Annuity payment until the annuitant is alive as per the chosen mode of annuity payment.	Annuity payment shall cease immediately after the death of annuitant, and 100% of the purchase pshall be paid to the nominee.
Option II (Joint Life)	Annuity payment until the annuitant/ or spouse is alive as per the chosen mode of annuity paym	Annuity payment shall cease immediately after the death of annuitant/ or spouse, and 100% ofpurchase price shall be paid to the nominee.

LIC Saral Pension Plan Critical Illness Covered

Cancer of specified severity
Mayocardinal Infarction
Open Chest Cabg
Open Heart Replacement or Repair of Heart Valves
Coma of Specified Severity
Kidney Failure Requiring Regular Dialysis
Stroke Resulting in Permanent Symptoms
Major Organ/ Bone Marrow Transplant
Permanent Paralysis of Limbs
Motor Neuron Disease with Permanent Symptoms
Multiple Sclerosis with Persisting Symptoms
Benign Brain Tumor
Blindness (total, permanent, and irreversible)
End Stage Lung Failure
End Stage Liver Failure
Loss of Speech
Loss of Limbs
Major Head Trauma
Primary Pulmonary Hypertension
Third Degree Burns

LIC Saral Pension Required Document

The documents required to purchase the LIC Saral Pension Yojana are as follows:

Age proof: PAN card, Aadhaar, Passport, Driving License, or School Certificate.
Income proof: Form 16, Income Tax Returns, Bank Statement, Salary Slip, Pension Passbook.
Address proof: Voter ID, Passport, Bank Passbook, Ration Card, Electricity Bill, Gas Bill, Water Bill, Credit Card Bill, Rental Agreement.
Photo ID proof: Bank passbook with proposer photograph, PAN card, Aadhaar, Passport, Driving License, Voter ID, Ration Card.