Pension Scheme – Get 12400 Rs Pension Without Govt Job – Pension Scheme 2023 – LIC Pension Plan 2023


The Saral Pension Scheme, offered by the Life Insurance Corporation of India (LIC), is a unique and attractive whole life pension plan designed to provide a lifetime annuity pension through a single premium investment. This plan offers numerous advantages, including the provision of monthly income right from the inception of the policy. Eligible for individuals between the ages of 40 to 80 years, the scheme ensures that annuity earnings commence immediately after joining. The flexibility to receive the pension on a monthly, quarterly, half-yearly, or annual basis makes it convenient for investors to choose a payment frequency that suits their preferences.

Overview of Saral Pension Scheme

1. Lifetime Annuity Pension: The primary benefit of the Saral Pension Scheme is the provision of a lifetime annuity pension with a single investment. This means that policyholders can enjoy a regular income stream throughout their lives without any worries about outliving their savings.

2. Monthly Income Option: One of the key features of the plan is the option to receive monthly income from the outset. This ensures a stable financial support system for policyholders.

3. Single Annuity vs. Joint Annuity: The scheme offers two types of annuity options – single annuity and joint annuity. In the single annuity plan, only one person receives the policy benefits, while the joint annuity plan allows the policyholder and their spouse to receive monthly income jointly.

4. Policyholder’s Nominee Benefits: In both annuity plans, after the demise of the policyholder, the premium amount is returned to the nominee. In the joint annuity plan, the spouse continues to receive the monthly income after the policyholder’s death, and the nominee receives the accumulated amount after both the policyholder and the spouse pass away.

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Eligibility, Premium Calculation, and Minimum Investment

1. Eligibility: The Saral Pension Scheme is open for membership to individuals between the ages of 40 to 80 years, ensuring that people in their middle to later stages of life can avail of the benefits.

2. Premium Calculation: The premium amount is determined based on the policyholder’s age, required pension amount, and the chosen annuity plan. This calculation ensures that the scheme remains affordable and personalized to each policyholder’s needs.

3. Minimum Investment: The policy must be purchased for a minimum amount above Rs. 2 lakhs. However, there is no upper limit to the maximum amount that can be invested, providing flexibility to investors with varying financial capabilities.

Sample Scenarios and Benefits

1. Case Study 1: A 42-year-old individual investing Rs. 30 lakhs will receive a monthly income of Rs. 12,338, providing financial security for the future.

2. Case Study 2: A 60-year-old policyholder investing Rs. 10 lakhs in a single annuity will receive Rs. 4,141 per month. If the investment is increased to Rs. 30 lakhs, the monthly income will rise to Rs. 12,510, demonstrating the impact of investment on returns.

Flexibility and Surrender Options

1. Exiting the Scheme: The Saral Pension Scheme allows beneficiaries to leave the scheme within 15 days of joining, providing an option to reconsider their investment decision.

2. Surrender Option: Policyholders have the flexibility to surrender the policy after six months, providing them with liquidity in case of unforeseen financial requirements.

Loan Facility and Online Application

1. Loan Provision: After six months of joining the scheme, policyholders become eligible to avail of a loan facility, offering a source of financial assistance when needed.

2. Online Application: The scheme caters to digital users by allowing online applications, providing a convenient and hassle-free enrollment process.


The Saral Pension Scheme, provided by the Life Insurance Corporation of India, is a comprehensive whole life pension plan that offers lifetime annuity pension through a one-time investment. This scheme presents numerous advantages, such as a regular monthly income, flexibility in annuity options, and beneficiary benefits. Policyholders have the freedom to choose between single and joint annuity plans, catering to individual and family needs. The flexibility to surrender or exit the scheme, along with the loan provision, adds to the convenience and financial security of the investors. With the Saral Pension Scheme, LIC continues to exemplify its commitment to providing robust and innovative solutions that empower individuals to secure their financial future.

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