LIC Saral Pension Plan No. 862

Are You Ready to Secure a Lifelong, Guaranteed Income Starting Today?

Welcome to Ashuram Insurance Expert. Serving our community as a Chief Life Insurance Advisor since 1990, we understand that true retirement security comes from guarantees, not speculations. Today, we are bringing you a comprehensive guide on a standardized, immediate retirement solution: LIC’s Saral Pension Plan No. 862.

Read on to discover how this straightforward plan works, the specific annuity options it offers, and why securing offline guidance is the best way to guarantee a tension-free retirement for you and your spouse.

What is LIC Saral Pension Plan 862?

LIC's Saral Pension (UIN: 512N342V05) is a Non-Participating, Non-Linked, Single Premium, Individual Immediate Annuity Plan.

Let us break down what this means in simple English:

• Non-Linked: This plan is not market-linked and provides guaranteed annuity as per policy terms.
• Non-Par: This plan does not participate in the yearly profits or bonuses of the corporation. Instead, your returns are completely guaranteed.
• Immediate Annuity: This is NOT a deferred plan. You do not have to wait for years to start receiving your pension. Your pension starts immediately after you make your one-time purchase.

This is a Standard Immediate Annuity plan designed as per IRDAI guidelines, ensuring straightforward, reliable terms for every citizen. The annuity rates are guaranteed at the inception of the policy, and these annuities are payable throughout the lifetime of the Annuitant(s).

How the Plan Works: Immediate Pension

The mechanics of the LIC Saral Pension Plan are incredibly simple. You make a single, one-time lump-sum investment, known as the Purchase Price. The moment this single premium is paid, your lifelong pension is locked in.

Depending on the mode of annuity payment you choose (Yearly, Half-yearly, Quarterly, or Monthly), your pension will begin immediately. The Annuity is payable in arrears, meaning the first payment will be made after 1 year, 6 months, 3 months, or 1 month from the date of commencement of the policy.

Two Simple Annuity Options

LIC offers two highly secure options under this plan to ensure that either you or your spouse remains financially independent. Please note that the annuity option once chosen cannot be altered later.

Option I: Life Annuity with Return of 100% of Purchase Price

This option is tied to a single life.

• The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment.
• Death Benefit: On the death of the annuitant, the annuity payment shall cease immediately, and a massive 100% of the Purchase Price shall be returned and payable to the nominee(s)/legal heirs.

Option II: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price

This option protects both you and your spouse. (Note: The Joint Life Annuity can be taken with a spouse only).

• The annuity amount shall be paid in arrears for as long as the Annuitant and/or spouse are alive.
• Death Benefit: On the death of the last survivor, the annuity payments will cease immediately, and 100% of the Purchase Price shall be payable to the nominee(s)/legal heirs.

Eligibility Conditions

To secure this immediate pension, applicants must meet the following criteria:

• Minimum Age at Entry: 40 years (completed).
• Maximum Age at Entry: 80 years (completed). (For Option II, the age of the spouse must also fall within these limits).
• Minimum Annuity Requirement: The plan requires a minimum pension generation of ₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half-year, or ₹12,000 per annum.
• Minimum Purchase Price: The minimum investment depends on the age of the annuitant to meet the minimum annuity limits specified above.
• Maximum Purchase Price: There is No Limit on the maximum purchase price you can invest.

Incentives for Higher Investments and Online Purchase

LIC rewards policyholders who invest larger amounts or choose digital methods.

• Incentive for Higher Purchase Price: You receive an increase in the annuity rate if your purchase price falls into higher slabs. The slabs are: i) ₹5,00,000 to ₹9,99,999, ii) ₹10,00,000 to ₹24,99,999, and iii) ₹25,00,000 and above. The incentive increases as you move to a higher slab and if you choose a lower frequency of annuity payments (like yearly).
• Incentive for Online Sale: A rebate of 2% by way of increase in annuity shall be available for policies purchased directly Online.

Important Rules: Surrender and Loans

Because an immediate annuity is designed to provide lifelong income, the liquidity rules are strict.

• Surrender Rules: The policy can only be surrendered at any time after six months from the date of commencement if the annuitant, spouse, or any of their children is diagnosed as suffering from specified critical illnesses (as defined by LIC). On approval of the surrender, 95% of the Purchase Price shall be paid to the annuitant, subject to the deduction of any outstanding loan amount.
• Loan Facility: To provide emergency liquidity without surrendering the policy, a Policy loan shall be allowed at any time after six months from the date of commencement of the policy. The maximum loan granted shall be such that the effective annual interest amount does not exceed 50% of the annual annuity amount. The loan interest will be recovered directly from the annuity amount payable.

Local Service Section: Serving Our Regional Communities

While our primary office is centrally located near the Main Bus Stand Road in Bhadra (335501), Ashuram Insurance Expert is deeply committed to serving the vast agricultural and business communities across our wider region. We understand that securing a retirement income requires careful, face-to-face financial planning.

Our comprehensive advisory services extend seamlessly to areas like Ajitpura (Ajeetpura) and Utradabas. We know that traveling into Bhadra city for complex insurance paperwork can be difficult for retired farmers and local business owners. That is why we provide dedicated, localized support to ensure that families in these vital agricultural belts can easily secure their pensions. Whether you need a fresh consultation on immediate annuities in Gandhi Bari or require assistance with your documents in Bhojasar, our trusted services reach you right where you are.

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Do not leave your golden years to chance. Secure an immediate, guaranteed lifelong pension with the most trusted life insurance corporation in India. You may contact Ashuram Modi for personalized LIC guidance in Bhadra. You can explore our complete range of LIC services in Bhadra to find the perfect retirement or protection solution for your needs.

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