Life Insurance Corporation of India has introduced LIC’s Saral Pension with effect from 1st July, 2021 which is a Non-Linked, Non-Participating, Single Premium, Individual Immediate Annuity Plan. This is a Standard Immediate Annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI), which offers same terms and conditions across all the life insurers.
The Policyholder has an option to choose type of annuity from two available options on payment of a lump sum amount. Option 1: Life Annuity with Return of 100% of Purchase Price. Option 2: Joint Life Last survivor annuity with Return of 100% of Purchase Price on death of the last Survivor. The Annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of Annuitant(s).
