LIC Jeevan Saral Policy.
LIC Jeevan Saral Policy: LIC (Life Insurance Corporation of India) has many options for those Indians who want to buy the policy! When it comes to the financial security of the family! So LIC Jeevan Saral Plan is the safest option! LIC Jeevan Saral is an endowment plan where the insurance buyer has the option to choose the amount and mode of premium payment. People in the age group of 40 years to 80 years are eligible for this scheme.
According to the LIC website, LIC Jeevan Saral Plan is a standard immediate annuity plan as per the guidelines of the Insurance Regulatory and Development Authority of India (URDAI). Which provides the same terms and conditions for all life insurers. Under this scheme (LIC Jeevan Saral Pension Scheme), the policyholder has the option to choose the type of annuity from the two available options on payment of a lump sum amount.
Annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life of the annuitant. LIC has said that this scheme can be purchased offline as well as online through LIC’s website www.licindia.in.
How much to invest in Jeevan Saral Plan
LIC Saral Pension Scheme (LIC Jeevan Saral Pension Scheme) lets investors get Rs 12,000 every month by paying just one premium! A policyholder can opt for monthly, quarterly, half-yearly or annual pension under this scheme. Pension will be available when the policyholder or nominee turns 60!
Pension (Monthly Pension) starts only when a person buys the policy with a minimum annuity of Rs 12,000 per year and there is no maximum limit! If the person deposits a single premium (LIC Policy Premium) of Rs 10 lakh, then he will get a pension of Rs 52,500 every year!
LIC Saral Pension Yojana (LIC Jeevan Saral Pension Yojana) offers multiple premium payment options (i.e. monthly, quarterly, half-yearly and yearly) to the customer. The premium amount is automatically deducted from the salary during the entire policy term or till the earlier death.
Jeevan Saral Pension Yojana has two options
1. 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 the premium in the unfortunate event of a life annuity with 100 percent return (LIC Return) option!
2. Joint Life Last Survivor Annuity with return of 100% of the purchase price on death of the last survivor: Option allows a couple (husband and wife) to avail pension! However, in this case, the nominee gets the premium after the death of the last surviving spouse. It is also to be noted that the policyholder can take a loan after six months from the inception of this scheme.
Required Documents : LIC Jeevan Saral Policy
Policy (LIC Jeevan Saral Pension Plan) buyer has to fill an application form with accurate medical details along with proof of address and other KYC documents. Also, medical examination may be required in specific cases depending on the sum insured and the age of the person.