LIC Saral Pension

It is an Annuity plan which is non-linked, individual immediate plan and can be purchased only by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant.

  • This is a Standard Immediate Annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI), which offers same terms and conditions across all the life insurers.
  • The Policyholder has an option to choose type of annuity from two available options on payment of a lump sum amount.
  • The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of Annuitant(s).
  • This plan can be purchased offline as well as online.

Annuity Options:

The available annuity options under this plan are as under:

You may choose any one from the below mentioned annuity options for Immediate Annuity.
Annuity Option Single/Joint Life Benefit payable on Survival Benefit payable on Death
Option-I Single Life Annuity payments will be made in arrears for as long as Annuitant is alive, as per the chosen mode of annuity payment. On death of the Annuitant, the annuity payment shall cease immediately and 100% of Purchase Price shall be payable to nominee(s)/legal heirs.
Option-II Joint Life The annuity will be paid in arrears for as long as the Annuitant and/or Spouse are alive, as per the chosen mode of annuity payment. On first death (of either of the covered lives): 100% of the annuity amount shall continue to be paid as long as one of the Annuitants is alive.
On death of the last survivor: The annuity payments will cease immediately and 100% of Purchase Price shall be payable to the Nominee(s)/legal heirs.
Joint Life: The joint life annuity can be taken with spouse only. In case of joint life, the age limits specified above shall apply to both lives.
Please note - Once chosen, the option cannot be altered.
Annuity option once chosen cannot be altered.


Online Incentive Rebate of 2% by way of increase in the basic annuity rate will be available.
Immediate Annuity Starts as early as next month.
Mode of the Payment Single Premium
Purchase Limits Minimum purchase price : Minimum Purchase price shall depend on the Minimum Annuity as specified below, Option chosen and age of the Annuitant(s) No maximum limits for purchase price, annuity etc.
Incentive for High Purchase Price If your purchase price is ₹. 5,00,000/- or more, you will receive higher amount of annuity due to available incentives.
Age Limits Minimum age at entry: 40 years (Last Birthday)
Maximum age at entry: 80 years (Last Birthday)
Medical No medical examination is required.
Annuity Mode Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.

Minimum Annuity Required

Annuity Mode          Minimum Anuity
Monthly               Rs.1,000 per Month
Quarterly              Rs.3,000 per Quarter
Half-Yearly            Rs.6,000 per Half Year
Annual                Rs.12,000 per Annum

Sample Annuity Rates

Amount of annuity payable at yearly intervals which can be purchased for Rs.10,00,000/- under different options for Immediate Annuity is as under:
Age last birthday Yearly Annuity Amount under Annuity Option
Option-I :Life Annuity with Return of 100% of Purchase Price Option-II :LJoint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor
40 51634 51430
50 52042 51634
60 52654 51736
70 53572 51838
80 54694 51838