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LIC's Saral Pension

Life Insurance Corporation of India · LIC & Life Insurance Policies

An IRDAI standard immediate annuity, sold on identical terms by every insurer: pension for life with the purchase price returned on death.

Premium set by LIC Not published as a number here — it varies by provider, tenure or plan.

Premium depends on age, term and sum assured — use LIC's calculator for your figure

Check the official page

Source LIC — plan brochure

licindia.in/web/guest/pension-plan

Read from LIC's sales brochure "LIC_Saral Pension_Sales Brochure_4 inch x 9 inch_Eng (1) (1).pdf". Use LIC's calculator for a premium at your age.

How it works

LIC's Saral Pension is a lic & life insurance product from Life Insurance Corporation of India, in the guaranteed category: fixed by contract. An IRDAI standard immediate annuity, sold on identical terms by every insurer: pension for life with the purchase price returned on death.

Because the return type is guaranteed, the questions that matter most are: Is the rate fixed for the whole tenure, or revised during it? Who is actually promising to pay, and what happens if they don't?

  • A simple pension with capital returned to the family
  • Comparing insurers on identical terms

Key facts

Provider
Life Insurance Corporation of India
UIN
512N342V05
Source
LIC — plan brochure ↗ https://licindia.in/web/guest/pension-plan
Rate
Premium set by LIC ↗
Category
LIC & Life Insurance Policies
Minimum investment
— Premium depends on age, term and sum assured — use LIC's calculator for your figure
Tenure
Lifetime
Payout
Annuity for life, yearly to monthly
Eligibility
Single life with return of purchase price, or joint life with return on the death of the last survivor.
Getting your money back
The purchase price comes back to your nominee, but not to you during your life.
Protection
Annuity rate guaranteed at inception; 100% of the purchase price is returned on death.
Tax
Premiums may qualify for a deduction under Section 80C. Maturity proceeds are exempt only if the policy meets the conditions in Section 10(10D), including the aggregate premium limit — check the current rules for the year you buy.

What can go wrong

  • The pension is fixed in rupees, so inflation erodes it.
  • You cannot withdraw the capital yourself.
  • The annuity rate is locked at purchase.

Before you decide anything

  • The annuity rate offered for your age
  • The difference between Option I and Option II for a couple

These are questions to take to the provider, not a checklist that makes a product suitable. Whether something fits your situation is a decision only you — or an adviser you choose — can make.

Official sources

These link to the regulator or provider where the rules for this type of product are set out. They are the pages worth checking before you act, because they are the ones that get updated.

Other products in this category

The same rules and the same kind of trade-offs, described the same way.