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Are you worried about your financial security after retirement? Look no further! LIC Saral Pension is here to provide you with a reliable and stable income stream for your golden years. As the best LIC agent in Kolkata, I’m excited to share everything you need to know about this fantastic pension plan.
Table of Contents
Key Takeaways
- LIC Saral Pension is a single premium immediate annuity plan
- It offers guaranteed lifetime income with two annuity options
- 100% of the purchase price is returned to the nominee
- Minimum entry age is 40 years, maximum is 80 years
- Incentives available for higher purchase prices and online purchases
- Surrender and loan facilities available under certain conditions
- Tax benefits as per existing tax laws
What is LIC Saral Pension?
LIC Saral Pension is a non-linked, non-participating, single premium, individual immediate annuity plan. In simpler terms, it’s a pension plan that gives you a guaranteed regular income for life in exchange for a one-time payment.
This plan is designed to offer peace of mind and financial stability during your retirement years. It’s a standardized plan across all life insurers in India, making it easier for you to compare and choose.
Key Features of LIC Saral Pension
- Guaranteed Income: Receive a fixed, guaranteed income for life.
- Flexibility: Choose from two annuity options to suit your needs.
- Return of Purchase Price: Your nominee receives 100% of the purchase price after your lifetime.
- Tax Benefits: Enjoy tax advantages under existing tax laws.
- Simple Process: Easy to understand and purchase, both online and offline.
Annuity Options
LIC Saral Pension offers two annuity options:
- Option I: Life Annuity with Return of 100% of Purchase Price
- You receive annuity payments for life
- After your death, 100% of the purchase price is returned to your nominee
- Option II: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price
- Annuity is paid as long as you or your spouse is alive
- After both your deaths, 100% of the purchase price is returned to the nominee
Remember, once chosen, you cannot change your annuity option.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 40 years (completed) |
| Maximum Age at Entry | 80 years (completed) |
| Minimum Annuity (Monthly) | ₹1,000 per month |
| Minimum Annuity (Yearly) | ₹12,000 per annum |
| Maximum Purchase Price | No limit |
Mode of Annuity Payment
You can choose to receive your annuity payments in the following modes:
- Yearly
- Half-yearly
- Quarterly
- Monthly
The annuity is paid in arrears, which means you receive your first payment after the chosen period from the policy commencement date.
Incentives
LIC Saral Pension offers some attractive incentives:
- Higher Purchase Price Incentive:
- Increased annuity rates for purchase prices of:
- ₹5,00,000 to ₹9,99,999
- ₹10,00,000 to ₹24,99,999
- ₹25,00,000 and above
- Increased annuity rates for purchase prices of:
- Online Purchase Incentive:
- Get a 2% increase in annuity rate when you buy the policy online
Illustration
Let’s look at an example to understand this better:
Purchase Price: ₹10 lakh (excluding taxes) Annuity Mode: Yearly Age of Annuitant: 60 years Age of Spouse: 55 years (for Option II)
| Annuity Option | Annuity Amount (₹) |
|---|---|
| Option I | 64,350 |
| Option II | 63,650 |
Surrender and Loan Facility
While it’s best to continue the policy for the long term, LIC Saral Pension does offer surrender and loan options:
- Surrender: Allowed after 6 months if the annuitant or their family is diagnosed with specified critical illnesses.
- Loan: Available after 6 months from policy commencement.
Tax Benefits
LIC Saral Pension offers tax benefits under existing tax laws. However, these are subject to change, so it’s always best to consult with a tax advisor for the most up-to-date information.
Why Choose LIC Saral Pension?
- Financial Security: Guaranteed income for life ensures you’re financially secure in retirement.
- Peace of Mind: With LIC’s strong backing, you can rest easy knowing your future is secure.
- Flexibility: Choose the annuity option that best suits your needs.
- Legacy Planning: 100% return of purchase price to your nominee ensures your legacy is preserved.
- Simplicity: Easy to understand and purchase, making retirement planning hassle-free.
How to Buy LIC Saral Pension
Ready to secure your retirement? As the best LIC agent in Kolkata, I’m here to help! Just give me a call at 7980031260, and I’ll guide you through the entire process, from understanding the plan to completing the paperwork.
Remember, retirement planning is crucial for a stress-free future. LIC Saral Pension offers a simple yet effective way to ensure financial stability in your golden years. As your trusted LIC agent in Kolkata, I’m here to help you make the best choice for your retirement. Don’t wait, secure your future today!
FAQs
Can I change my annuity option after purchasing the policy?
No, once chosen, the annuity option cannot be changed.
Is there a maximum limit on the purchase price?
No, there’s no upper limit on the purchase price for LIC Saral Pension.
What happens if I need money urgently after buying the policy?
You can avail of a loan facility after 6 months from the policy commencement date.
Can I buy LIC Saral Pension online?
Yes, you can purchase it online through LIC’s website and enjoy a 2% increase in annuity rate.
What happens to the policy if I’m diagnosed with a critical illness?
If diagnosed with specified critical illnesses after 6 months of policy purchase, you have the option to surrender the policy.
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