What is LIC Saral pension?

What is Saral Pension Yojana? It is a standard individual immediate annuity product known as ‘Saral Pension’ prefixed by the insurer’s name, which offers regular annuity to the life assured after their retirement.

Is LIC Saral pension plan good?

People who are aged between 40 and 80, years can purchase the LIC Saral pension plan, However, it is an appropriate plan for the people who have a lump sum amount to invest, to secure the rest of the life.

Which insurance company has launched the individual immediate annuity scheme Saral pension?

Aviva Life Insurance
Know key features. Aviva Life Insurance has launched Aviva Saral Pension Plan, a non-linked, non-participating single premium individual immediate annuity plan.

Is Saral pension taxable?

Taxation remains pension plans’ chief limitation – the entire annuity income that you earn during the year is taxable as per the slab rate applicable to you. “With returns of 5-5.6 percent (when age at entry is 55 years), they are comparable to other traditional pension plans offered currently.

What is the interest rate of Saral pension Yojana 2021?

8.44 per cent per annum
For the loan sanctioned during the 12 months’ period commencing from 1 May, 2021 to 30 April, 2022, the applicable interest rate is 8.44 per cent per annum effective for the entire term of the loan.

How can I get immediate pension?

Under an immediate annuity scheme, the pension is provided immediately. The policyholder has to pay a lump-sum amount and pension will be provided instantly, based on the lump-sum amount paid by the policyholder. Under the immediate annuity pension scheme, the insured can choose from the range of annuity options.

Which pension plan is best in India?

The following are considered the top 10 pension plans in India at present:

• LIC Jeevan Akshay 6 Plan:
• LIC Jeevan Nidhi Plan:
• SBI Life Saral Pension plan:
• HDFC Life – Click2Retire:
• HDFC Life – Assured Pension Plan:
• ICICI Pru – Easy Retirement:
• Reliance – Smart Pension:
• Bajaj Allianz – Pension Guarantee:

What is PM pension plan?

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is retirement cum pension scheme announced by the Indian Government. The plan is subsidised by the government and was launched in May 2017. The scheme pays out regular pension and the frequency can be monthly, quarterly, or yearly.

What is the best LIC plan?

New Jeevan Anand Plan is one of the best plan in LIC, which offers an attractive combination of protection and savings. This plan continues to provide coverage till the death of the insured even after the maturity of the plan. This plan is combination of both Endowment Plan and Whole Life Plan.

What are LIC plans?

LIC Term Assurance Plan is a life insurance protection plan , which provides financial protection to the family of the insured at an affordable premium rate. Under this plan, a death benefit is offered to the beneficiary of the policy, in the event of unfortunate death of the insured person during the tenure of the policy.

What is a pension and how does it work?

A pension plan is a financial arrangement that allows individuals to continue receiving some type of regular income even after they are no longer active in the workforce. Pensions are often used as retirement plans, although it is also possible to receive a pension based on disability or other circumstances.