The LIC Saral Pension Yojana is a pension plan provided by the Life Insurance Corporation of India (LIC). It is an individual pension plan that is non-participating and non-linked, offering the policyholder a regular and predetermined pension income following retirement.
This pension scheme has been created to offer a straightforward and trouble-free solution for individuals who wish to maintain a source of income during their retirement years, ensuring financial security for their future. We will now explain how to avail the benefits of LIC’s pension scheme and the steps involved in doing so.
In this article we will tell you about LIC Saral Pension Scheme. Learn about the online application procedure for LIC SPY, including eligibility criteria, essential documentation, and the step-by-step application process. Additionally, this article comprehensively outlines how the premium calculation for LIC Saral Pension Yojana is carried out. Please read the full article to grab all the information.
LIC सरल पेंशन योजना | LIC Saral Pension Yojana
As is widely understood, a pension plays a pivotal role in securing an individual’s financial well-being during their elderly years. In light of this, LIC has introduced a unique initiative, the Single Premium Amity Plan, designed to provide government employees with exclusive benefits through a program known as the Simple Pension Scheme. This initiative, known as the Saral Pension Yojana, administered by LIC, offers lifelong financial support to retired government employees.
To avail the advantages of LIC SPY 2023, you are required to complete the SPY Application Form online. This article provides a comprehensive guide outlining the detailed application process for the Saral Pension Yojana.
Saral Pension Yojana 2023 Minimum Annuity Amount
| Duration | Minimum amount |
| Monthly | ₹1000 |
| Quarter | ₹3000 |
| Half Yearly | ₹6000 |
| Annually | ₹12000 |
LIC Saral Pension Yojana Features and Benefits
Here are the features and benefits of LIC Saral Pension Plan:
- Non-Participating Plan: This plan does not entitle the policyholder to a share of the insurer’s profits.
- Non-Linked Plan: The premiums paid are not invested in equity or debt securities; instead, they are used exclusively to provide pension benefits.
- Customizable Premium and Payment Period: Policyholders can select their premium amount and payment frequency, with options for monthly, quarterly, half-yearly, or annual payments.
- Flexible Annuity Options: Policyholders have the flexibility to choose from various annuity options, including single-life annuity, joint-life annuity, and family annuity.
- Guaranteed Pension Benefits: The plan assures policyholders of pension benefits post-retirement. The pension amount is determined based on the premium deposits, the policyholder’s age, and the chosen annuity option. Payments can be received in monthly, quarterly, half-yearly, or annual installments.
- Tax Benefits: As a policyholder of LIC Saral Pension Yojana, you are eligible for tax benefits. The premium payments can be deducted from taxable income under section 80CCC of the Income Tax Act, 1961. However, it’s important to note that the pension received is taxable under the Income Tax Act, 1961.
LIC पेंशन योजना हेतु आवश्यक दस्तावेज | Documents Required for LIC Pension Yojana
- Aadhar Card
- PAN Card
- Basic address proof
- passport size photo
- bank passbook
- age certificate
- mobile number
LIC Saral Pension Yojana Apply Online
To apply for the LIC Saral Pension Yojana, you have the option of visiting your nearest LIC branch in person, or alternatively, you can complete the application process online via the LIC website.
How To Apply For LIC Saral Pension Yojana 2023
Here are the steps to apply online for LIC Saral Pension Yojana 2023 to secure your retirement:
- Visit the Official Website: Begin by accessing the official website of the insurance company or bank.
- Access the Home Page: Once on the website, the homepage will be displayed.
- Select Saral Pension Yojana: On the homepage, locate and click on the option for Saral Pension Yojana.
- Click on “Apply Now”: Within the Saral Pension Yojana section, find and click on the “Apply Now” link.
- Complete the Application Form: The application form will then open on your screen. Provide all the required information such as your name, age, mobile number, and any other requested details.
- Attach Necessary Documents: Upload all the essential documents as specified in the application.
- Submit Your Application: Once you’ve filled out the form and attached the required documents, click on the “Submit” option.
By following these steps, you will successfully complete the online application process for the Saral Pension Yojana, securing your retirement savings.