If you are a senior citizen and you want to take the benefit of the retirement schemes present in the country by a lot of different institutions providing Life insurances then you must have perfect knowledge regarding the Saral Pension Yojana 2023. Given below are some important specifications regarding the LIC Saral Pension Yojana 2023. We will share with all of you the procedure through which you will be able to Apply Online for the pension scheme and we will also share with you all the step-by-step procedures to undertake the Calculator, Interest Rate, Benefits.
Saral Pension Yojana 2023
The Insurance Regulatory and Development Authority of India (IRDAI) will be incorporating a standard term insurance plan which must be compulsorily offered by all of the institutions which are providing Life insurance services to individuals. This new insurance policy is known as the Saral Pension Scheme 2023 which can be surrendered anytime after the 6 months of the date of the commencement of this pension scheme. The people who want to get retirement benefits can apply for this saral pension Yojana 2022 and they will be liable to get retirement benefits within just a matter of 6 months.
Read more :- Vidhwa Pension Yojana 2021
Details Of LIC Saral Pension Scheme 2023
| Name | Saral Pension Yojana 2023 |
| Launched by | Insurance Regulatory and Development Authority of India (IRDAI) |
| Objectives | Providing insurance |
| Beneficiaries | Senior citizens |
| Official Site | Click Here |
Important Dates
- You can apply for the scheme starting from 1st April 2022 and the last date to apply for this scheme is yet unknown.
Features Of Saral Pension Scheme
There are a lot of features of the Saral Pension Yojana 2023 which was presented by the authorities and some of them are listed below:-
- The saral Pension Yojana is a single premium retirement scheme that is also a non-participating and non linked immediate annuity plan.
- There are 2 annuity options available in this saral pension Yojana-
- Life annuity with 100% Return of Purchase Price- An annuity is compensated for an annuitant’s life. In addition, the nominee or legitimate heirs will be returned 100 % of the purchase price following the annuitant’s death.
- Joint Life Last Survivor Annuity- An annuity is first paid for life to the annuitant. After the death of the annuitant, if the partner survives, the spouse continues to earn the same amount of annuity for life until his/her death. Subsequently, upon the death of the partner, the purchase price is payable to the nominee or legal heirs.
- The plan offers only a single premium payment option to make it an immediate annuity plan.
- You can do your annuity payments monthly, quarterly, half-yearly or yearly as per your personal preferences.
Read More: UP Pension Scheme (SSPY) 2021
Saral Pension Yojana Benefits
There are a lot of benefits for the Saral Pension Yojana and some of them are mentioned below:-
- In the case of a single life annuity, 100% of the purchase price is offered to the nominee or legal heirs on the death of the annuitant.
- In case of a joint-life annuity after the dismissal of the annuitant-
- If the spouse is surviving then the spouse will continue receiving the annuity till their dismissal; however, on the dismissal of the spouse 100% of the purchase price will be given to the legal here are the nominee of the policy.
- In case of the dismissal of the spouse before the annuitant, the annuitant will continue receiving the annuity till their dismissal and on the dismissal of the annuitant, 100% of the purchase price will be given to the beneficiary of the legal heir of the policy.
- As long as the annuitant is surviving, the annuity is payable.
- There is no maturity benefit available under the system.
- Loan benefits are available after the completion of 6 months from the date of policy commitment.
- In case of any illness in the family, the annuitant can surrender the policy at any time after 6 months from the date of the commencement of the policy.
Saral Pension Yojana Premium Calculator
The premium in this Saral Pension Yojana will be calculated on the basis of the following parameters:-
| Details | Parameters |
| Mode of Annuity Payment | Monthly, quarterly, half-yearly and annual. Payments are rendered in arrears only, which ensures that the first annuity payout will begin after the modal term. |
| Benefits payable on Survival | An annuity is payable during the survival of the annuitant. |
| Loan | It is possible to avail loan at any point after six months from the start of the policy. |
| Minimum Annuity | The minimum annuity is to be Rs 1000 monthly, Rs 3000 quarterly, Rs 6000 per half-yearly, and Rs 12000 per annum. |
| Return Policy | If you disagree with any of the terms and conditions, you can return the policy within 15 days of the date of receipt of the policy or 30 days if the policy has been received through distance marketing. |
| Tax Benefits | A policyholder is entitled to tax benefits under the Income Tax Act, 1961, Section 80CCC and Section 10(10A)(iii). |
Saral Pension Yojana Specifications
Given below is the table indicating the specifications of the Saral Pension Yojana 2021:-
| Criteria | Minimum | Maximum |
| Entry Age | 40 years from last birthday | 80 years from last birthday |
| Purchase Price | Depends on the annuity amount | – |
| Policy Term | This is a whole life policy | – |
| Annuity Amount | Yearly- Rs.12,000 Half-yearly- Rs. 6, 000 Quarterly-Rs. 3,000 Monthly- Rs. 1,000 | No limit |
Minimum Annuity Amount
The minimum annuity amount applicable in this LIC Saral Pension Yojana is given below in the following table:-
| Period | Minimum Amount |
| Monthly | ₹1000 |
| Quarter | ₹3000 |
| Half-yearly | ₹6000 |
| Yearly | ₹12000 |
Pricing of the Product
You can check out the pricing of the products through the band given in the table mentioned below:-
| Band | Band Purchase Price range |
| Band 1 | Less than Rs 200,000 |
| Band 2 | Rs 200,000 to less than 5,00,000 |
| Band 3 | Rs 5,00,000 to less than 10,00,000 |
| Band 4 | Rs 10,00,000o less than 2,500,000 |
| Band 5 | Rs 2,500,000 and above |
Eligibility Criteria
The applicant must follow the following eligibility criteria to apply for the scheme:-
- The candidate must be a permanent resident of India.
- The age of the applicant should be between 40 years to 80 years maximum.
- For policy, the minimum amount for purchase should be 1000 Rupees.
- There is no limit to the maximum amount.
- Candidates can purchase this policy from Jeevan Neem Company.
- The Maximum Amount of purchase depends on the customer.
Read More: Atal Pension Yojana 2021
Documents Required
The applicants must submit the following documents to be successfully eligible for the Saral Pension Yojana 2022:-
- Aadhar Card
- Bank account statement
- Ration card
- Address proof
- Income Proof
- Age Proof
- Passport Size Photo
- Contact Details
Application Procedure Saral Pension Yojana 2023
- You will first have to visit the official website of LIC
- The homepage of the organisation will be displayed on your screen.
- You have to click on the latest updates section.
- You have to click on the option called LIC Saral Pension Yojana
- A new page will be displayed on your screen.
- You will have to fill up the application form for the policy.
- Make sure to submit all of the documents.
- Successfully submit your application form and you will be eligible.
Use Saral Pension Yojana Calculator
- First you have to Visit on the Official Website of the Portal.
- Now on the Homepage you’ll see Calculator Option on the Top Right Corner of screen.
- Click on that option.
- After that you’ll be redirected to a new page, Here you’ll se many components of the Calculator.
- Here you can use the Calculator.
Contact Details
- Head Office
- Insurance Regulatory and Development Authority of India
- Sy No. 115/1, Financial District,
- Nanakramguda, Gachibowli, Hyderabad – 500032
- Ph: +91-40-20204000/+91 40-39328000 e-mail: [email protected]
- Delhi Office-
- Insurance Regulatory and Development Authority of India
- Delhi Office – Gate No. 3
- Jeevan Tara Building, First Floor
- Sansad Marg, New Delhi-110001
- Ph: (011) – 2344 4400
- Fax: (011) – 2374 7650 e-mail: [email protected]
- Mumbai Office-
- Insurance Regulatory and Development Authority of India
- Mumbai Regional Office
- Royal Insurance Building
- 12, J. Tata Road, Ground Floor
- Mumbai 400 020.
- Near Churchgate)
- Phone No.: 022- 22898600 e-mail: [email protected]