LIC launches Saral Pension Plan: Earn minimum Rs 12,000 pension yearly; Details

The Life Insurance Corporation (LIC) has launched a new annuity plan. The new scheme is called — LIC Saral Pension plan. According to the corporation, it is a non-linked, non-participating, single premium, individual immediate annuity plan.

Under this pension plan, the LIC is offering two annuity options of a lump sum amount — life annuity with a return of 100 per cent of the purchase price and joint life last survivor annuity with return of 100 per cent of the purchase price on death of the last survivor.

The annuity plan is as per the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI is a regulatory body under the jurisdiction of the Ministry of Finance and is tasked with regulating and promoting the insurance and re-insurance industries in the country.