[UPDATED] LIC Saral Pension Plan 862 Details 2023, Benefits, Eligibility, Features, Documents

Are you looking for a pension plan that provides you with a lifetime pension to lead a secure and comfortable life after retirement? So in today’s article, we will talk about one such plan of LIC, the LIC Saral Pension Plan 862. Which gives you the benefit of a pension for life. Which helps stabilise your financial position during your retirement. Along with this, we will also learn about some of its factors, like its key features, Eligibility Criteria, Benefits, Documents Required, Critical illness list, etc.

What is the LIC Saral Pension Plan 862?

LIC Saral Pension Plan is a pension plan with Table Number 862, and the plan is based on a non-linked, non-participating individual immediate annuity. The objective of this policy is to provide immediate pension benefits to the policyholder. Due to which the policyholders get the benefit of regular pension during their retirement.

To avail yourself of the benefits of this scheme, you have to pay the premium in one go. Because it is a single-premium plan in which the premium has to be paid only once. and there is no other option available to pay the premium.

LIC Saral Pension Plan Details

Key Features of the Plan

• Immediate Annuity: The special thing about this plan is that as soon as you buy it, you start getting its benefits immediately. That is, it is an immediate annuity plan. In which you start getting pension benefits based on whatever pension option you choose while buying the policy, like if you have opted for a monthly pension, then you start getting the benefits of this policy only after one month of taking the policy. And on the basis of whatever pension option you choose, you get the benefit of a pension.
• Guaranteed Annuity Lifetime: In this plan, you get guaranteed pension, that is, whatever amount of pension you decide at the time of taking the policy, you will continue to get the same amount as pension while you are alive.
• Pension Options: The plan offers four pension options in the immediate life annuity. Under the Immediate Life Annuity option, you can start receiving regular pension payments immediately after purchasing the plan. Monthly, quarterly, half-yearly and annual options are available.
• Two type of annuity options: Single life and Joint life with spouse
• Death Benefit: In the event of death of the policyholder during the policy term, the nominee receives the purchase price of the annuity, which is the single premium paid.
• Surrender Option: The surrender option is available after 6 months from the inception of the plan in case of critical illness, and 95% of the purchase price will be refunded to the policy holder.
• Loan facility: A loan facility is available in this policy after 6 months from the inception of the plan.

Also Read:- LIC Dhan Vriddhi Plan 869 Details

Eligibility Criteria

To be eligible for the LIC Saral Pension Yojana 862, you must fulfill the following criteria:

• Minimum Entry Age: 40 years
• Maximum Entry Age: 80 years
• Annuity Payout Options:

To get regular income, if you choose the monthly option, your annuity amount should be at least Rs.1000 per month, and if you choose the quarterly option, your annuity amount should be Rs.3000 per quarter. Similarly, if you choose the half-yearly and annual option, your annuity amount should be Rs.6,000 per half-yearly and Rs.12,000 per year.

• Policy Term: This policy benefits the policyholder till his death; hence, it is known as a whole life policy.
• Premium Paying Term: This policy is a single premium plan, so whatever premium is paid in it, it is done only once.

Benefits of the Plan

The LIC Saral Pension Plan 862 offers several benefits, which include:

Regular Income: This plan ensures a steady flow of income during your retirement years, providing financial stability and independence.

Annuity Payment Options: You can choose between Monthly, Quarterly, Half-yearly, and Annual regular payments starting immediately, depending on your retirement needs.

Death Benefit: The plan offers a death benefit to the nominee in the event of the death of the policyholder during the policy term.

Premium Payment Options

As the LIC Saral Pension Plan 862 is a single premium plan, you need to pay the premium amount in a lump sum at the time of purchasing the policy.

Annuity Options

Two options have been made available for the policyholder in the Saral Pension Yojana. which he can take on the basis of his need

Option 1: Single Plan

• In the first option, the individual can take the annuity for himself alone. In this case, the annuitant means the owner of the policy gets the benefit of this pension as long as he is alive.
• And whenever the policyholder dies, the annuity will stop, and 100% of the purchase price will be given to the nominee or legal heir.

Option 2: joint Plan

• In case of option 2, the annuities can be taken jointly. In this case, joint holders can be only spouses, i.e. husband and wife. In this option, if both survive, only one will get the benefit of pension, not both.
• If either of the two holders dies, the surviving spouse will start getting the benefit of this pension, and if the other holder also dies, the annuity payments will stop. And the nominee or legal heir will be given 100% of the annuity purchase price as death benefits.

Also Read:- LIC Jeevan Kiran Plan 870 Details | Lic New Plan 2023

Lic Saral Pension Plan Example

Lic Saral Pension Plan Calculation

The pension amount under the LIC Saral Pension Yojana 862 is calculated based on several factors, such as the purchase price, age of the policyholder, and chosen payout option. LIC provides detailed information and assistance in determining the pension amount during the application process.

Documents Required for the Application

To apply for the LIC Saral Pension Plan 862, individuals need to submit the following documents:

• Duly filled application form
• Address proof
• Income Proof
• PAN card
• Passport-size photographs
• Cancelled Cheque
• Any other document as specified by the LIC

How do buy this Lic Saral Pension Plan?

You can buy this plan both online and offline. To buy this plan online, you have to visit LIC’s website, www.licindia.in And there you can buy this plan, and if you want to buy this plan offline, you can buy this policy through any LIC agent.

List of 20 Critical Illnesses in LIC Saral Pension Scheme

1. CANCER OF SPECIFIED SEVERITY
2. MYOCARDIAL INFARCTION
3. OPEN CHEST CABG
4. OPEN HEART REPLACEMENT OR REPAIR OF HEART VALVES
5. COMA OF SPECIFIED SEVERITY
6. KIDNEY FAILURE REQUIRING REGULAR DIALYSIS
7. STROKE RESULTING IN PERMANENT SYMPTOMS
8. MAJOR ORGAN /BONE MARROW TRANSPLANT
9. PERMANENT PARALYSIS OF LIMBS
10. MOTOR NEURON DISEASE WITH PERMANENT SYMPTOMS
11. MULTIPLE SCLEROSIS WITH PERSISTING SYMPTOMS
12. BENIGN BRAIN TUMOR
13. BLINDNESS
14. END STAGE LUNG FAILURE
15. END STAGE LIVER FAILURE
16. LOSS OF SPEECH
17. LOSS OF LIMBS
18. MAJOR HEAD TRAUMA
19. PRIMARY (IDIOPATHIC) PULMONARY HYPERTENSION
20. THIRD DEGREE BURNS

Tax Benefits

Premium: Talking about premium, according to income tax 80C, you can take deduction of premium of your policy in income tax. You will get deduction on premium as per income tax rules.

Annuity: Talking about annuity, the amount of pension you get is taxable, so as per your income tax slabrate, your pension amount is taxable.

Death Claim: Talking about death claims, the death claims here are tax-free.

Conclusion

If you are planning for retirement, ensure financial security and a worry-free future. So the LIC Saral Pension Plan 862 can be a reliable and comprehensive solution for individuals seeking a stable income during retirement. With its attractive features, single premium payment, and annuity payout options, this plan offers an excellent opportunity to secure your financial well-being in the golden phase of life.

Also Read:- LIC All Pension Plans in India

FAQs About LIC Saral Pension Plan