Life Insurance Corporation (LIC) of India has introduced LIC Saral Pension plan, a non-linked, non-participating, single premium, individual immediate annuity plan.
Simply speaking, in Saral Pension plan the policyholder or the investor makes a lumpsum payment upfront and the annuity payment starts immediately. It offers a guaranteed return that does not depend on markets or the insurers’ profits. Like other annuity plans, Saral Pension doesn’t have any cap on the investment amount.
The minimum annuity is Rs 12,000 per annum and minimum purchase price shall depend on the annuity mode, option chosen, and age of the applicant.