LIC Saral Pension Plan Plan 862
Standard Immediate Annuity / Pension Payout Calculator
LIC Saral Pension Plan 862 Overview
LIC Saral Pension Plan 862 is a Standard Immediate Annuity plan. It offers a simple, one-time premium payment with a guaranteed lifelong pension, making it an ideal retirement solution.
Eligibility & Rules
- Minimum Purchase Price: Depends on minimum annuity of ₹1000/month
- Maximum Purchase Price: No Limit
- Entry Age: 40 to 80 Years
- Annuity Options: Life Annuity with 100% Return of Purchase Price (Single/Joint).
Key Plan Benefits
- Annuity Benefit: Guaranteed fixed pension paid for life.
- Death Benefit: 100% of Purchase Price is returned to the nominee upon death of the annuitant (or last survivor in Joint Life).
Detailed Maturity Benefit
Pension / Annuity: Maturity benefits vary. Typically involves a lifelong regular pension. Under "Return of Purchase Price" options, the initial invested amount is returned to the nominee upon death.
Standard Policy Features
- Grace Period: Not Applicable (Single Premium Policy).
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: Loan is available after 3 months. Policy can be surrendered anytime during the policy term.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 (Purchase Price) |
| Age / Policy Term | 60 / Lifetime Years |
| Yearly Premium (Approx) | ₹10,00,000 (Single) |
| Total Paid Premium | ₹10,00,000 |
| Maturity / Total Benefits | ₹50,000 / Year Lifelong + ₹10L to Nominee on Death |
Calculating…