LIC Saral Pension Plan: In the times of COVID-19, the need for financial stability and comprehensive has been the biggest achievement Insurance the cover. While financial stability can take a back seat in times of crisis, insurance is something that can help balance its effects.
Hence, life insurance has become really important in the present times, especially for the salaried individuals who may not have bumper savings.
When it comes to financial security of the family, LIC Jeevan Saral plan is the safest option. LIC Jeevan Saral An endowment plan is where the insurance buyer has the option to choose the premium amount and mode of payment.
Under Saral Pension Yojana, lets investors get Rs 12,000 per month by paying just one premium. A policyholder can opt for monthly, quarterly, half-yearly or yearly pension,
There are two options available to the buyer here:
Life annuity with 100% return of purchase price: The benefits of the policy are limited to the investors in the option, which promises monthly payments till the policyholder is alive. The nominee receives premium in unfortunate event of a life annuity with 100% return option.
Joint Life Last Survivor Annuity with 100% return of purchase price on death of last survivor: The option lets a couple (husband and wife) avail pension. However, in this case, the nominee gets the premium after the death of the last surviving spouse.
Being available both offline and online, some of the notable features of the plan are as follows:
boundary: Pension starts only when a person buys a policy with minimum annuity of Rs 12,000 per annum, no maximum limit.
Eligibility: People in the age group of 40 years to 80 years can take advantage of this pension scheme.
Loan Against Policy: The policyholder can take a loan against the plan after 6 months from the commencement of the plan.
Premium Amount: LIC Jeevan Saral Endowment Plan offers multiple premium payment options (i.e. monthly, quarterly, half-yearly and yearly) to the subscriber. The premium amount is automatically deducted from the salary during the entire policy term or till the first death.
death benefit: The lump sum amount is paid to the family of the policyholder as long as the policy term continues in case of the unfortunate death of the Life Assured. This includes 250 times the premiums paid every month along with loyalty additions (if any) and premium returns. Premium return does not include first year premium paid and rider premium.
What documents are required?
The policy buyer needs to fill an application form with accurate medical details along with proof of address and other KYC documents. Also, medical tests may be required in specific cases depending on the sum insured and the age of the individual.
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